WorldRemit Raises $45m to Drive Next Phase of Growth
10 February 2016 - 04:01PM
Business Wire
Latest financing by TriplePoint Venture Growth BDC Corp. and
Silicon Valley Bank brings total raised to nearly $200m
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.
Note to editors
About WorldRemit
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more
agents.
- Transfers to most countries are instant
– send money like an instant message.
- More ways to receive (Mobile Money,
bank transfer, cash pickup, and mobile airtime top-up).
- Available in over 50 countries and 125+
destinations.
- Backed by Accel Partners and TCV –
investors in Facebook, Spotify and Netflix.
- WorldRemit is the UK’s fastest-growing
technology company (Deloitte Technology Fast 50 2015)
WorldRemit’s global headquarters are in London, UK with regional
offices in the United States, Canada, Japan, Australia and New
Zealand.
Read more: About us
About TriplePoint Venture Growth BDC Corp.
TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) the leading
financing provider to venture growth stage companies backed by a
select group of venture capital firms in the technology, life
sciences and other high growth industries, is an externally
managed, closed-end, non-diversified management investment company
that has elected to be regulated as a business development company
under the Investment Company Act of 1940, as amended. It was formed
to expand the venture growth stage business segment of TriplePoint
Capital LLC. The Company’s investment objective is to maximize its
total return to stockholders primarily in the form of current
income and, to a lesser extent, capital appreciation by primarily
lending with warrants to venture growth stage companies focused in
technology, life sciences and other high growth industries backed
by a select group of leading venture capital investors. More
information is available at http://www.tpvg.com.
About Silicon Valley Bank UK
For more than 30 years, Silicon Valley Bank (SVB) has helped
innovative businesses and their investors move bold ideas forward,
fast. With commercial and international banking services, SVB helps
address the unique needs of innovators as they grow. SVB is unique
in the UK, it’s the only bank devoted to the needs of technology,
life science, and innovation businesses and their investors through
every stage of their life cycle. Learn more at svb.com/uk.
Silicon Valley Bank is registered in England and Wales at 41
Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley
Bank is authorised and regulated by the California Department of
Business Oversight and the United States Federal Reserve Bank;
authorised by the Prudential Regulation Authority with number
577295; and subject to regulation by the Financial Conduct
Authority and limited regulation by the Prudential Regulation
Authority. Details about the extent of our regulation by the
Prudential Regulation Authority are available from us on request.
Silicon Valley Bank is a subsidiary of SVB Financial Group (NASDAQ:
SIVB), a Delaware corporation and is an affiliate of SVB Financial
Group UK Limited.
SVB Financial Group UK Ltd is registered in England and Wales at
41 Lothbury, London EC2R 7HF, UK under No. 5572575 and is
authorised and regulated by the Financial Conduct Authority, with
reference number 446159. SVB Financial Group and its subsidiary
Silicon Valley Bank are members of the Federal Reserve System and
Silicon Valley Bank is a member of the FDIC.
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version on businesswire.com: http://www.businesswire.com/news/home/20160209006901/en/
Media:WorldRemitBen Leongmedia@worldremit.com