LeapFrog Investments, a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns, has led a Series C investment round in digital money transfer service WorldRemit.

WorldRemit has raised $40m to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets.

The round also had significant participation from existing investors Accel and TCV.

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe.  

Stewart Langdon, Partner at LeapFrog Investments, said: “This investment is an opportunity to bring a global leader in digital remittances into the LeapFrog portfolio. WorldRemit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in LeapFrog’s core markets.” 

“The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy. I’m delighted that a world-class fintech company like WorldRemit is choosing LeapFrog as its partner for growth in the emerging markets,” he said.

As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. 

Countries in Africa which now receive remittances through WorldRemit, will become send countries. 

Most importantly, the new service will make sending money within Africa faster, easier and low cost. According to the World Bank, inter-Africa transfers are amongst the most expensive in the world.

Money transfers to Africa account for more than half of WorldRemit’s total volume of transactions. 

The company currently handles 74% of remittances to popular mobile money services across Africa like MTN, Ecocash, Tigo Pesa, Vodafone M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. 

Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner.  

Ismail Ahmed, founder and CEO at WorldRemit, said: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.”