# WorldRemit

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/worldremit

- Industry: Financial Services
- Headquarters: London, UK
- Website: www.worldremit.com
- Total disclosed funding: $908M
- Latest round: Series F (Jun 13, 2024)
- Investors on record: 8

## About

Founded in 2010, WorldRemit Limited specializes in digital remittances, allowing individuals to transfer money online. The company has undergone strategic pivots to enhance its service offerings. Mark Lenhard is the CEO, who has previously been involved in other ventures. With a reported total of 16 funding deals, WorldRemit successfully raised GBP 209.345 mn in its latest Series F round led by Accel. The company has achieved a current valuation of GBP 4,870.216 mn.

WorldRemit specializes in providing fast, flexible, and secure international money transfer services, catering primarily to individuals seeking to send funds across borders. Their core offerings facilitate remittances through various methods, including bank transfers, mobile money, and cash pickups, which are designed to meet the diverse needs of their customer base. The platform allows users to send money from countries such as the United States, United Kingdom, Canada, and Australia to popular destinations, including the Philippines, Nigeria, India, and Ghana. WorldRemit’s services are particularly useful for expatriates and migrant workers who require a reliable means to support family members and friends in their home countries. Since its launch in 2010, WorldRemit has evolved its offerings to include enhanced features like real-time tracking and secure identity verification processes, ensuring a streamlined experience for both senders and receivers.

In 2023, WorldRemit generated revenue of GBP 274,163,303.6, while reporting an EBITDA loss of GBP 10,324,661.6. Revenue is primarily earned through transaction fees for its remittance services, which vary based on transfer amounts and delivery methods.

WorldRemit Limited has recently raised EUR 74 mn in venture debt funding from HSBC Bank, which will be utilized to support its expansion strategies. The company plans to introduce new products to enhance its service offerings and is targeting expansion into new markets, although specific regions have not been disclosed. The funding will help facilitate these initiatives and improve their platform's capabilities.

## Funding rounds

- Series F, Jun 13, 2024, $266M — Accel, Coller Capital, TCV, International Finance Corporation, LeapFrog Investments
- Series E, Aug 23, 2021, $260M — Accel, TCV, LeapFrog Investments, Farallon Capital Management
- Series D, May 28, 2019, $175M — Accel, TCV, LeapFrog Investments
- Series C, Nov 20, 2018, $26M — Accel, Emerging Consumer Associates
- Series C, Dec 29, 2017, $41M — Accel, TCV, LeapFrog Investments
- Series B, Feb 18, 2015, $100M — Accel, TCV
- Series A, Feb 20, 2014, $39M — Accel, Project A

## Investors

- Accel (https://capitalatlas.ai/funds/accel) — Series A, Series B, Series C, Series D, Series E, Series F
- Project A (https://capitalatlas.ai/funds/project-a) — Series A
- TCV (https://capitalatlas.ai/funds/tcv) — Series B, Series C, Series D, Series E, Series F
- LeapFrog Investments (https://capitalatlas.ai/funds/leapfrog-investments) — Series C, Series D, Series E, Series F
- Emerging Consumer Associates — Series C
- Farallon Capital Management (https://capitalatlas.ai/funds/farallon-capital-management) — Series E
- Coller Capital (https://capitalatlas.ai/funds/coller-capital) — Series F
- International Finance Corporation — Series F