WorldRemit raises $100m to expand mobile money partnerships

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WorldRemit has raised $100 million in a Series B funding round led by Technology Crossover Ventures to fuel the company’s expansion through partnerships with mobile money providers in Africa, Asia and Latin America.

Existing investor Accel Partners also took part in the round.

The investment will allow the remittance service provider to expand the list of countries it allows to send and receive remittances online and via mobile money wallets and cash pick up.

In January 2015, the company announced a partnership with telecoms giant MTN, enabling transfers to all 16 of the company’s mobile money services. WorldRemit is also planning to use this latest round of funding to support more partnerships with mobile money wallets run by telecoms operators in Africa, Asia and Latin America.

The TCV-led Series B round comes less than 12 months after Accel Partners invested  $40m in WorldRemit. TCV’s John Rosenberg will join the WorldRemit board.

WorldRemit is just one of a string of online money transfer companies attempting to provide a low-cost alternative to expensive brick and mortar agents in an industry long-dominated by banks and the likes of Western Union. London-based Transferwise, which works on a peer-to-peer model, added the US dollar to its list of supported currencies as part of a planned US expansion yesterday.

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