Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

London fintech start-up scoops £24m investment from Accel Partners

WorldRemit is an online money-transfer service for migrants and expats

Article comments

WorldRemit, an online money-transfer service that lets people send funds across the globe, has raised $40 million (£24 million) from venture capital (VC) firm Accel Partners. 

Founded in 2009 at London Business School, WorldRemit allows migrants and expats from 34 countries to make online payments to families and friends in over 100 destinations.

In addition to cutting costs by eliminating the branch networks of traditional operators such as Western Union and MoneyGram, WorldRemit claims that its account-to-account transfers reduce the money laundering risks linked to handling cash.

Accel's investment, which represents one of the largest Series A venture capital funding rounds completed in Europe, will be used to expand WorldRemit beyond the 34 markets it currently operates in and support the development of additional products and services. 

The VC, who has $8.8 billion (£5.3 billion) under management and has backed the likes of Facebook and Dropbox, is the first institutional investor in the Kensington-headquartered company, which previously raised $7.5 million (£4.5 million) from individuals, according to WorldRemit CEO Ismail Ahmed.  

Ahmed, who previously helped the UN crack down on money laundering among East African money transfer firms, said he expects the online money-transfer sector to account for approximately 30 percent of the remittance market in the next few years.

Harry Nelis, a partner at Accel Partners who will join the WorldRemit board, said: "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."


More from Techworld

More relevant IT news


Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *