WorldRemit

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WorldRemit Ltd
Industry E-commerce
Founded 2010
Founders Ismail Ahmed, Catherine Wines, Richard Igoe
Headquarters London, United Kingdom
Website worldremit.com

WorldRemit is an online money transfer service that provides international remittance services to expatriates and migrant workers. The company was founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe and is backed by venture capital companies Accel Partners[1] and Technology Crossover Ventures (TCV).[2] As of December 2017, the company had around 2 million users.[3]

History[edit]

WorldRemit was founded in 2010 by Ismail Ahmed, a former compliance advisor to the United Nations Development Programme.[4] Mr Ahmed began developing WorldRemit while studying for an MBA at London Business School. He has said that the idea of an online money transfer service was partly influenced by his own frustrating experience of sending money to relatives in Somalia using offline, agent-based services.[5]

Funding[edit]

In March 2014, it was announced that WorldRemit had secured a Series A investment of $40m from Accel Partners, an early backer of Facebook and Spotify. Following the investment, Accel's Harry Nelis joined the WorldRemit board.[6] In February 2015 WorldRemit announced a $100m Series B funding round led by TCV.[7] It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.[8]

In 2017, the company received a $40 million investment in their Series C round of funding. LeapFrog Investments was the lead investor for this round of funding.[3]

References[edit]

  1. ^ Lunden, Ingrid. "Money Transfer Startup WorldRemit Collects Its First Investment, $40M From Accel". TechCrunch.
  2. ^ "Somali Entrepreneur Raises $100 Million For Money Transfer Startup WorldRemit". Forbes.
  3. ^ a b Lunden, Ingrid (6 December 2017). "WorldRemit nabs $40M at a $670M valuation to boost its money transfer business". Techcrunch.
  4. ^ "WorldRemit - About Us". World Remit.
  5. ^ Smale, Will. "The man changing the world of remittances". BBC News.
  6. ^ "Crunchbase profile - Harry Nelis". Crunchbase.
  7. ^ "London money transfer startup just raised $100m". Business Insider.
  8. ^ "WorldRemit announces John Rosenberg to its Board and having raised $100m in Series B funding round led by TCV". Talent4Boards.