WorldRemit

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WorldRemit Ltd
IndustryFinancial services
Founded2010
FoundersIsmail Ahmed, Catherine Wines, Richard Igoe
Headquarters
London
,
United Kingdom
Key people
Breon Corcoran (CEO), Ismail Ahmed (Founder, Executive Chairman)
Number of employees
600+ (2018)
Websiteworldremit.com

WorldRemit is an online money transfer service that provides international remittance services to migrant communities around the world. Founded in 2010 by Ismail Ahmed, Catherine Wines and Richard Igoe, the company is backed by venture capital companies Accel Partners[1] and Technology Crossover Ventures (TCV).[2] As of 2018, the company had around 3 million users.[3]

History[edit]

WorldRemit was founded in 2010 by Dr. 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 Somaliland using offline, agent-based services.[5]

In October 2018, WorldRemit announced that founder Ismail Ahmed would be stepping into the role of Executive Chairman and the company would be bringing in Breon Corcoran as CEO.[6]

How it Works[edit]

As one of the first online money transfer firm to focus heavily on mobile-to-mobile remittances, on the sending side WorldRemit is 100% cashless. For those receiving money, WorldRemit offers a wide range of options including bank deposit, cash collection and mobile airtime top-up and mobile money.

While remittances to developing countries reached an all-time high of $690 billion in 2018 .[7] Mr, they remain costly and inconvenient for families worldwide that rely on these funds for education, healthcare, and basic survival.

WorldRemit tackles this problem through its network of 6700 corridors – one of the biggest network for digital money transfers worldwide. The company is connected to the major mobile money services globally, including M-Pesa, MTN, and BKash. Digital remittances eliminate the need to send cash through informal channels, and improve security to address with global compliance requirements.

Funding[edit]

In March 2014, WorldRemit 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.[8] In February 2015 WorldRemit announced a $100m Series B funding round led by TCV.[9] It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.[10]

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. ^ "WorldRemit brings in former Paddy Power boss as CEO". sky News. 22 October 2018.
  7. ^ "World Bank: Accelerated Remittances Growth to Low- and Middle-Income Countries".
  8. ^ "Crunchbase profile - Harry Nelis". Crunchbase.
  9. ^ "London money transfer startup just raised $100m". Business Insider.
  10. ^ "WorldRemit announces John Rosenberg to its Board and having raised $100m in Series B funding round led by TCV". Talent4Boards.