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WorldRemit Raises $175m in Series D Funding

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Investment shows confidence in the vast global potential of mobile
payments.

LONDON–(BUSINESS WIRE)–Leading mobile payments company WorldRemit
has entered into a definitive agreement to raise $175 million in a
Series D funding round led by returning investors, TCV, Accel and
Leapfrog Investments.

Founded in 2010, WorldRemit is a global leader in smartphone and online
payments – providing a convenient, low-cost alternative to expensive
brick-and-mortar agents.

WorldRemit handles a growing share of the $700 billion remittances sent
each year by expatriates and migrant workers to their home countries.
Today, the company serves almost 4 million customers transferring money
from 50 “send” countries to 150 “receive” countries.

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Breon Corcoran, Chief Executive Officer of WorldRemit, said: For
more than eight years our core purpose has been and continues to be to
help migrants send money to their families, friends and communities. Our
customers play a key role in the economies where they work and their
remittances are important to their home countries.”

Our mission is to help them transfer money as securely and speedily
as possible while reducing the cost to our customers. We will grow our
business through differentiation on speed, service, security and value.”

The leadership team is grateful to our investors for their continued
commitment to the business. The new money will help us to further
develop the offering and we will launch a solution for small and
medium-sized businesses.”

The Series D funding round comes at a pivotal stage in the company’s
growth. In 2018, the USA became WorldRemit’s largest send market,
following the company becoming one of the first UK financial service
firms to secure licenses in all 50 states.

WorldRemit will use this new investment to further drive global growth
and diversify the company’s product offering for both money transfer
senders and recipients. The company is also set to launch a new money
transfer solution targeting small and medium-sized business owners who
trade internationally, especially in emerging markets. The transaction
is subject to customary closing conditions, including FCA approval.

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TCV General Partner John Doran said: Over the past eight
years, Ismail and his founding team have built a fantastic business that
offers customers a compelling solution and value proposition. Since
passing the reins to Breon and the new management team last year, the
business has continued to build on this platform and accelerated. We
believe the opportunity and proposition is larger than ever.”

In 2018, mobile and online payments to emerging markets reached a
record high of $528 billion and we expect this number to increase. As
WorldRemit handles a growing share of this market, we look forward to
continue working with the company to scale its digital platform and
expand its service to reach many new customers across the globe.”

Accel’s Harry Nelis said: Having first partnered with
the WorldRemit team in 2014, I have seen the company grow from a
London-founded startup to a global business pioneering the future of the
remittance market and making international mobile payments more
accessible and affordable for millions of individuals and businesses.
This investment and CEO Breon Corcoran’s experience leading consumer
service-oriented, global digital businesses will help fuel the next
phase of global growth. We are excited to deepen our relationship with
the team and help them fulfil the company’s vast potential.”

ENDS

About WorldRemit

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WorldRemit has disrupted an industry previously dominated by offline
legacy players by taking international money transfers online – making
them safer, faster and lower-cost. We currently send from 50 to 150
countries and operate in 6,500 money transfer corridors worldwide.

On the sending side WorldRemit is 100% digital (cashless), increasing
convenience and enhancing security. For those receiving money, the
company offers a wide range of options including bank deposit, cash
collection, mobile airtime top-up and mobile money.

Backed by Accel, TCV and Leapfrog – early investors in Facebook, Netflix
and Slack – WorldRemit’s headquarters are in London, UK with a global
presence including offices in the United States, Canada, South Africa,
Japan, Singapore, the Philippines, Australia and New Zealand.

About Accel

Accel is a leading venture capital firm that partners with exceptional
founders with unique insights, from inception through all phases of
private company growth. Atlassian, Algolia, Avito, Celonis, Cloudera,
Crowdstrike, Deliveroo, DJI, Dropbox, Etsy, Facebook, Flipkart, Funding
Circle, Kayak, Kry, QlikTech, Rovio, Slack, Spotify, Supercell, UIPath
and WorldRemit are among the companies the firm has backed over the past
35+ years. The firm seeks to understand entrepreneurs as individuals,
appreciate their originality and play to their strengths. Because
greatness doesn’t have a stereotype. For more, visit
www.accel.com
,
www.facebook.com/accel
or
www.twitter.com/accel
.

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About TCV

Founded in 1995, TCV provides capital to growth-stage private and public
companies in the technology industry. Since inception, TCV has invested
over $11 billion in leading technology companies and has helped guide
CEOs through more than 120 IPOs and strategic acquisitions. TCV has
invested over $1 billion in Europe. TCV’s investments include Airbnb,
Altiris, AxiomSL, Believe, Dollar Shave Club, EmbanetCompass, EtQ,
ExactTarget, Expedia, Facebook, Fandango, GoDaddy, HomeAway, LinkedIn,
Netflix, OSIsoft, RELEX Solutions, Rent the Runway, Sitecore, Splunk,
Sportradar, Spotify, TourRadar, Varsity Tutors, WorldRemit and Zillow.
TCV is headquartered in Menlo Park, California, with offices in New York
and London. For more information about TCV, including a complete list of
TCV investments, visit https://www.tcv.com/.

Media contact: [email protected]

About LeapFrog Investments

LeapFrog invests in extraordinary businesses in Africa and Asia. We
partner with their leaders to achieve leaps of growth, profitability and
impact. LeapFrog companies now operate across 33 markets reaching over
167 million people with financial services and healthcare. 135.9 million
are low-income consumers often accessing insurance, savings, pensions,
credit and healthcare for the first time. LeapFrog companies provide
jobs and livelihoods to almost 124,000 people. These companies have
grown on average by 39.2 per cent per annum since LeapFrog’s investment.
LeapFrog was recently named by Fortune as one of the top five companies
changing the world, the first private equity firm ever to be listed. www.leapfroginvest.com
@leapfroginvest

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Contacts

For more information:

WorldRemit
Jo Bancroft
[email protected]

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