Welcome!

News Feed Item

WorldRemit scoops $40 million investment from Accel Partners

WorldRemit today announces that it has closed a $40 million investment from Accel Partners, representing one of the largest Series A venture capital funding rounds completed in Europe. WorldRemit’s online platform enables migrants and expats to send quick, convenient and low cost 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.

According to The World Bank, $519 billion of remittance payments were made in 20121, mostly via traditional players such as Western Union and MoneyGram, as well as a plethora of smaller and informal operators. The majority of these payments are still conducted via a network of physical locations, resulting in an inefficient and expensive user experience. These traditional operators also create compliance risks associated with acceptance of cash at corner shops that leaves no audit trail.

WorldRemit with its online-only, cashless business model offers a more efficient, affordable and transparent remittance alternative to traditional money transfer operators2. Customers can send funds from 35 countries to families and friends in over 100 destinations. Senders can use WorldRemit’s online platform, also accessible via mobile phones and tablets, to make payments by debit or credit card, or via bank transfer. Recipients can receive funds via bank deposit, direct transfer to mobile wallets, cash pickup or delivery, as well as airtime top-up for their mobile phones.

Founded in 2009, WorldRemit has partnered with leading international banks, mobile operator hubs and mobile money transfer networks including M-PESA, as well as an array of fast, low cost local money transfer networks. The company currently enables more than 1.3 million annualised remittance transactions with the help of over 50 employees and expects to continue its rapid growth in 2014, expanding its staff to 200 employees by the end of the year.

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.”

William Blair & Company acted as exclusive financial adviser to WorldRemit in this transaction.

ENDS

About WorldRemit

WorldRemit is a global online money transfer business. Migrants and expats from 34 countries can make online payments to families and friends in over 100 destinations. WorldRemit offers a wide range of options to send and receive payments. Senders can make payments online, through smartphones or tablets, by debit or credit card, or via bank transfer. Recipients can get paid via bank deposit, direct transfers to mobile wallets, cash pickup or delivery, or airtime top-up for their mobile phones.

WorldRemit is headquartered in London, UK, and has regional offices in the USA, Canada, Australia, New Zealand and Hong Kong.

www.worldremit.com

About Accel Partners

Founded in 1983, Accel Partners has a long history of partnering with outstanding entrepreneurs and management teams to build world-class businesses. Accel today invests globally using dedicated teams and market-specific strategies for local geographies, with offices in Palo Alto, London, New York City and Bangalore, as well as in China via its partnership with IDG-Accel. Accel has invested in over 500 companies, many of which have defined their categories, including Angry Birds (Rovio), Atlassian, Braintree, Brightcove, CAN Capital, Cloudera, ComScore, Dropbox, Etsy, Facebook, Funding Circle, Groupon, Kayak, OzForex, QlikTech, Spotify, Supercell and Wonga.

www.accel.com

1 The World Bank Migration and Development Brief 21 – “Migration and Remittance Flows: Recent Trends and Outlook, 2013-2016 (2, October 2013)

2 CGAP, “How the poor can benefit from choice in the remittance market” by Wameek Noor & Rasesh Mohan (24 October 2013)

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
Cloud analytics is dramatically altering business intelligence. Some businesses will capitalize on these promising new technologies and gain key insights that’ll help them gain competitive advantage. And others won’t. Whether you’re a business leader, an IT manager, or an analyst, we want to help you and the people you need to influence with a free copy of “Cloud Analytics for Dummies,” the essential guide to this explosive new space for business intelligence.
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Qosmos has announced new milestones in the detection of encrypted traffic and in protocol signature coverage. Qosmos latest software can accurately classify traffic encrypted with SSL/TLS (e.g., Google, Facebook, WhatsApp), P2P traffic (e.g., BitTorrent, MuTorrent, Vuze), and Skype, while preserving the privacy of communication content. These new classification techniques mean that traffic optimization, policy enforcement, and user experience are largely unaffected by encryption. In respect wit...
ReadyTalk has expanded the capabilities of the FoxDen collaboration platform announced late last year to include FoxDen Connect, an in-room video collaboration experience that launches with a single touch. With FoxDen Connect, users can now not only engage in HD video conferencing between iOS and Android mobile devices or Chrome browsers, but also set up in-person meeting rooms for video interactions. A host’s mobile device automatically recognizes the presence of a meeting room via beacon tech...