WorldRemit

WorldRemit is an online money transfer business that provides international money transfer services in more than 50 countries. It was founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe. As of 2018, WorldRemit had around 3 million users.[2]

WorldRemit Ltd
IndustryFinancial services
Founded2010
FoundersIsmail Ahmed, Catherine Wines, Richard Igoe
Headquarters
London
,
United Kingdom
Key people
Breon Corcoran (CEO)
Ismail Ahmed (Executive Chairman)
Andras Mecser (CFO)
Revenue£85.83 million (2018)[1]
Number of employees
1000+ (2020)
Websitewww.worldremit.com

History

WorldRemit was founded in 2010 by Dr. Ismail Ahmed, a former compliance advisor to the United Nations Development Programme.[3] 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.[4]

In October 2018, WorldRemit announced that founder Ahmed would be stepping into the role of executive chairman and the company would be bringing in Breon Corcoran as CEO.[5]

Operations

WorldRemit was one of the first online money transfer start ups to focus heavily on mobile-to-mobile money transfer. From the outset, on the sending side WorldRemit has been 100% cashless. For those receiving money, WorldRemit offers a wide range of options including bank deposit, mobile money, mobile airtime top-up and cash collection.

While money transfer to developing countries reached an all-time high of $690 billion in 2018,[6] they have traditionally been costly and inconvenient for families worldwide that rely on these funds for education, healthcare, and basic survival.

WorldRemit helps address this issue with a network of 6,700 corridors – one of the biggest networks for digital money transfers worldwide. The company is connected to the major mobile money services globally, including M-Pesa (Kenya), MTN (Africa and Asia), and bKash (Bangladesh). Digital remittances reduce dependency on sending cash through informal channels such as the hawala system, and improve security to address with global compliance requirements.

As of October 2019, WorldRemit can send funds instantaneously to 115 different countries. WorldRemit also offers money transfer services to all African countries except for Sudan, South Sudan, Eswatini, Eritrea, Libya, and Algeria.[7]

Funding

WorldRemit is backed by venture capital companies Accel Partners[8] and Technology Crossover Ventures (TCV).[9]

In March 2014, WorldRemit secured a Series A investment of $40m from Accel Partners, an early backer of Facebook and Spotify, and Project A Ventures.[10] Following the investment, Accel's Harry Nelis joined the WorldRemit board.[11] In February 2015 WorldRemit announced a $100m Series B funding round led by TCV.[12] It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.[13]

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.[2]

In 2019, WorldRemit raised a $175 million Series D funding round, led by TCV, Accel and Leapfrog Investments.[14]

References
  1. "WorldRemit revenue". Craft. Retrieved 15 November 2019.
  2. Lunden, Ingrid (6 December 2017). "WorldRemit nabs $40M at a $670M valuation to boost its money transfer business". Techcrunch.
  3. "WorldRemit - About Us". World Remit.
  4. Smale, Will. "The man changing the world of remittances". BBC News.
  5. "WorldRemit brings in former Paddy Power boss as CEO". sky News. 22 October 2018.
  6. "Accelerated remittances growth to low- and middle-income countries in 2018". World Bank.
  7. "Send money to Africa". WorldRemit. Retrieved 2019-10-10.
  8. Lunden, Ingrid. "Money Transfer Startup WorldRemit Collects Its First Investment, $40M From Accel". TechCrunch.
  9. "Somali Entrepreneur Raises $100 Million For Money Transfer Startup WorldRemit". Forbes.
  10. "crunchbase Serias a Worldremmit".
  11. "Crunchbase profile - Harry Nelis". Crunchbase.
  12. "London money transfer startup just raised $100m". Business Insider.
  13. "WorldRemit announces John Rosenberg to its Board and having raised $100m in Series B funding round led by TCV". Talent4Boards.
  14. "WorldRemit raises $175m in Series D funding". WorldRemit.
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