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London, UK, 10 February 2016: Money transfer service WorldRemit has raised $45m in financing from TriplePoint Venture Growth BDC Corp. and Silicon Valley Bank. Pioneering a mobile-first approach to remittances, WorldRemit will use the funds to support its rapidly growing transfer volumes.


The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money– often in developing countries - can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.
WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015). The money transfer service generated $39m in revenue in 2015 - making it one of Europe’s biggest FinTech firms - and currently enables around 400,000 transfers every month.

The latest financing will help WorldRemit expand its network of partners across the world, increasing availability of instant money transfers to customers. Remittances sent via traditional money transfer agents often take days to arrive.

Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp., explains: "We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion. It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry."

Phil Cox, Head of EMEA and President of UK Branch, at Silicon Valley Bank: “We’re pleased to play a part in driving WorldRemit’s impressive global expansion. Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue.”

Ismail Ahmed, WorldRemit’s CEO & Founder, comments: “We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app. WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”

WorldRemit has now raised $192.7m in funding to date.

theyuusuf143 wrote:In my town all hawaalas charge me 10 earos per every hundred dollar I am sending. Worldremit is 50% cheaper they charge me less than 5 euro. All my transactions to Somaliland goes through worlremit. Unfortunately they don't send money To Somalia that's why I still use tawakal or Dahabshiil when I am sending money to galkacyo. I hope they will sign a deal with golis telecom.

AwRastaale wrote:

theyuusuf143 wrote:In my town all hawaalas charge me 10 earos per every hundred dollar I am sending. Worldremit is 50% cheaper they charge me less than 5 euro. All my transactions to Somaliland goes through worlremit. Unfortunately they don't send money To Somalia that's why I still use tawakal or Dahabshiil when I am sending money to galkacyo. I hope they will sign a deal with golis telecom.

I'm like you. I use them for SL and Ethio but I still use xawaala for the south.

I recommend they afford the south. Just
Look how much they drag Dahabshiil thru da mud. Why would sane guy want that for his busimess especially when his investors are non-Somalis who would warry of any Wanlawein propaganda.

Dr. Ismail done the right thing and we should lesrn from him.

The world is bigger than Konfuur.