TCV, Accel and Leapfrog Investments have agreed to invest $175m in a Series D round in a mobile payments company WorldRemit.

The transaction is subject to customary closing conditions, including FCA approval.

Founded in 2010, WorldRemit is a global leader in smartphone and online payments - providing a convenient, low-cost alternative to expensive brick-and-mortar agents.

WorldRemit handles a growing share of the $700bn remittances sent each year by expatriates and migrant workers to their home countries.

Today, the company serves almost four million customers transferring money from 50 “send” countries to 150 “receive” countries.

John Doran, TCV General Partner, said: “Over the past eight years, Ismail and his founding team have built a fantastic business that offers customers a compelling solution and value proposition. Since passing the reins to Breon and the new management team last year, the business has continued to build on this platform and accelerated. We believe the opportunity and proposition is larger than ever.” 

“In 2018, mobile and online payments to emerging markets reached a record high of $528bn and we expect this number to increase. As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”  

The Series D funding round comes at a pivotal stage in the company’s growth.

In 2018, the USA became WorldRemit’s largest send market, following the company becoming one of the first UK financial service firms to secure licenses in all 50 states.

WorldRemit will use this new investment to further drive global growth and diversify the company’s product offering for both money transfer senders and recipients.

The company is also set to launch a new money transfer solution targeting small and medium-sized business owners who trade internationally, especially in emerging markets.

Harry Nelis, Partner at Accel, said: “Having first partnered with the WorldRemit team in 2014, I have seen the company grow from a London-founded startup to a global business pioneering the future of the remittance market and making international mobile payments more accessible and affordable for millions of individuals and businesses. This investment and CEO Breon Corcoran’s experience leading consumer service-oriented, global digital businesses will help fuel the next phase of global growth. We are excited to deepen our relationship with the team and help them fulfil the company’s vast potential.”

Breon Corcoran, CEO of WorldRemit, added: “For more than eight years our core purpose has been and continues to be to help migrants send money to their families, friends and communities. Our customers play a key role in the economies where they work and their remittances are important to their home countries.”

“Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”

“The leadership team is grateful to our investors for their continued commitment to the business. The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”