Digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, including an expansion of its Egypt operation.
WorldRemit handles a growing share of the $600 billion remittance market. Within that market, Egypt is a key target for the company. Egyptians living overseas transfer billions of dollars worth of remittances back home and earlier this year, the Central Bank of Egypt said that remittances had surged following the floatation of the currency.
WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent.
Currently sending from over 50 countries to 148 destinations, the new funding will be used to expand the company’s partnership network in Egypt as well as appoint a country manager and Head of North Africa to lead the growth of the business. Globally, the company intends to reach 10 million customers by 2020.
Andrew Stewart, Regional Director of Africa and the Middle East says : “Across the Middle East, customers are seeing the benefits ofWorldRemit’s lower-cost, fast digital service. This new funding will allow us to expand our network and service in Egypt and help us drive our growth even faster.”
Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner. Earlier in 2017 it announced a global integration with Android Pay.
The Series C round was led by LeapFrog Investments - a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had significant participation from existing investors Accel and TCV.
It follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe.