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.
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.