UK money transfer startup WorldRemit raises $40m for Indonesia push

UK-based digital money transfer service WorldRemit has raised $40 million in a series C financing led by LeapFrog Investments, as it seeks to expand its presence in Indonesia, its largest market in the APAC region.

The funding brings total amount raised by the remittance firm to $220 million, according to an announcement. The round also saw “significant participation” from existing investors Accel and TCV.

WorldRemit plans to appoint its first Indonesia country manager following the investment.

“Indonesians are rapidly adopting WorldRemit’s digital first money transfer service which is more convenient and lower-cost than traditional operators. This new funding will allow us to expand our network and service in Indonesia. Having a country manager in place will help us drive our growth even faster,” Bryce Currie, Global Business Development Director in the region, said in a statement.

WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent. Its popularity across APAC now accounts for 25% of WorldRemit’s total revenue. Within that, Indonesia makes up about 40 per cent of WorldRemit’s transfers to the region.

WorldRemit handles a growing share of the $600 billion remittance market, currently sending from over 50 countries to 148 destinations. The company claims to have grown its transaction volume by 400 per cent since 2015, when it received its series B investment raised from TCV.

WorldRemit raised its series A round from Accel – early investor in Deliveroo, Dropbox, DJI, Etsy, Facebook, Flipkart, Slack, and Spotify – and Project A in 2014.

WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. In June 2017 WorldRemit added Android Pay to its service, and in November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.