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February 18, 2015updated 19 Aug 2016 3:59pm

WorldRemit to expand global reach with $100m funding

UK-based WorldRemit is now valued at $500m.

By CBR Staff Writer

UK-based online money transfer service provider WorldRemit has raised $100m from investors, with the funding led by Technology Crossover Ventures (TCV). This brings the total valuation of the company to $500m.

Existing investor Accel Partners also participated in the Series B funding round, with the company planning to use the funds to expand its global reach.

The process of expansion has already begun with a new office recently opened in Denver, Colorado where it is expected to employ more than 200 people.

WorldRemit presently operates in 50 countries where it allows users to pay into bank accounts, mobile wallets, or cash pick-up points to people across 117 countries.

WorldRemit founder and CEO, Ismail Ahmed said: "We have an amazing opportunity to shake-up a stale industry and to save our customers time and money."

"We are taking money transfers into the mobile age, where people send from apps and receive on Mobile Money services."

Founded in 2010 by remittance specialist Ismail Ahmed, WorldRemit allows users to send money in other countries on their smartphone, tablet or computer.

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TCV general partner John Rosenberg said: "The $550bn global remittance market is undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer."

"We are delighted to partner with Ismail and the WorldRemit team, who are at the forefront in offering convenient, low-cost solutions, backed by a market leading technology platform, compliance infrastructure, and geographic footprint."

Following the funding round, TCV’s John Rosenberg will join the WorldRemit board.

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