WorldRemit says it has attracted additional $100m funding to drive global growth of its online money transfer services.
The online money transfer service says the Series B funding round led by Technology Crossover Ventures (TCV), with participation from existing investor Accel Partners further reflects massive potential of online money transfers.
WorldRemit is a global leader in smartphone and web-based money transfers – providing a convenient, low-cost alternative to expensive brick-and-mortar agents.
The fresh injection of funding followed a January 2015 pact between the online money transfer service and MTN Group of South Africa under which WorldRemit enables transfers to all 16 of the company’s Mobile Money services.
[su_quote cite=”John Rosenberg, TCV General Partner, “]The $550bn global remittance market is undergoing significant disruption with a clear shift to online and mobile solutions for international money transfer.[/su_quote]