WorldRemit scoops USD40m investment from Accel Partners

remittance

WorldRemit has announced that it has closed a USD40 million investment from Accel Partners.

WorldRemit’s online platform enables migrants and expats to send remittance payments to families and friends abroad. The investment will support WorldRemit’s expansion into new geographies and the development of additional products and services.

Ismail Ahmed, Founder & CEO at World Remit, comments: “WorldRemit offers migrant workers and expats unparalleled speed, convenience and transparency when sending money home. We expect the online money transfer sector to account for approximately 30% of the remittance market in the next few years and that WorldRemit will be at the forefront of this change. We offer the most extensive range of pay-out options unmatched by any money transfer firm, including payments to mobile wallets and international airtime top up, which enable recipients to receive their money even where there is limited or no banking infrastructure.”

“Accel Partners with their global network and extensive expertise in the payments industry is the perfect fit for WorldRemit. We are excited to continue our rapid growth trajectory with their support.” added Ahmed.

Harry Nelis, Accel Partners says: “WorldRemit is moving remittance online, disrupting a traditionally offline business and democratizing payments. We are excited to be partnering with a team with the deep industry expertise that has enabled them to build the robust technology and strong compliance needed for a secure, trusted and world-class remittance business.”

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