Original Story Published by: Paul Sawers, venturebeat.com
Photo Source: Venture Beat
(Above) WorldRemit Website
The global remittance market is showing no signs of slowing. Recent World Bank data showed that remittances — payments made by individuals working abroad to someone in their home country — hit $689 billion in 2018, a year-on-year increase of around 10%.
For context, remittances account for more global payments each year than foreign aid, serving as a crucial facet of international development financing.
Against this backdrop, we’ve seen a slew of investments in companies that help people move their money between countries. The latest is London-based WorldRemit, which just announced a $175 million series D round, led by Accel, TCV, and Leapfrog Investments. This takes the company’s total funding to more than $400 million and follows its $40 million series C round from back in 2017.
Founded in 2010, WorldRemit targets migrants with a global money transfer service that helps them send money back to their home country. Big-name incumbents such as Western Union and MoneyGram already offer such services, of course, but WorldRemit promises a number of advantages, such as clearer fees and speedier transfers.
Based in San Francisco — with offices in Ghana and Nairobi — Chipper Cash has processed 250,000 transactions for more than 70,000 active users, according to Serunjogi.
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