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WorldRemit raises US$40 million with plans to move into Indonesia

WorldRemit
WorldRemit raises US$40 million with plans to move into Indonesia

WorldRemit

WorldRemit, a London-based money transfer startup is raising up to US$40 million in its Series C financing led by LeapFrog Investments, as it looks to expand its presence in one of the largest market in the Asia Pacific region Indonesia.

LeapFrog is the largest dedicated equity investor in financial services and healthcare for emerging market consumers, supporting fast-growing firms that deliver social returns and commercial returns by empowering low-income consumers.

“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,” said Bryce Currie, the Global Business Development Director in the region.

The round saw significant participation from existing investors Accel and TC which brings the total amount raised by the remittance firm to reach US$220 million.

Besides, the remittance firm is also planning to appoint its first Indonesia country manager to help drive the company’s growth even faster.

Founded in 2010 by Ismail Ahmed, WorldRemit adopts a mobile-first, digital model which allows migrants to send money is a few taps directly from their phones or online. This replaces the tedious process and problems of sending money through bricks and mortars agents.

In fact, the popularity of this digital model is spread across Asia Pacific and now accounts for 25 percent of WorldRemit’s total revenue. Within that, Indonesia makes up about 40 percent of WorldRemit’s transfers to the region.

So far, WorldRemit sends from over 50 counties to 148 destinations – managing a growing share of a US$600 billion migrant money transfer market – better known as remittance. Since 2015, the company has also claimed to have grown its transaction volume by 400 percent.

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.

InterVest, Kejora near to closing US$100 million venture fund

InterVest, Kejora Ventures
South Korean venture capital firm InterVest Co. and its Indonesian counterpart Kejora Ventures have recently announced the closing of its first round of funding for their new Southeast Asian fund, having secured more than half of the fund’s targeted US$100 million. Korea Venture Investment Corp., a trust backed by Korea Development Bank and other investors has altogether contributed US$60 million to the InterVest Start Southeast Asia Growth Fund I which is aimed to help Korean startups to expand in the region. “Southeast Asia is a promising market for Korean ventures,” said Kim Sang-Soo, the head of Southeast Asia at Korea Venture Investment. “The fund will seek to bridge them with local partners so they can grow and expand the region.” Seoul-based InterVest was one of the first South Korean venture firms to turn its attention to Southeast Asia, home to 620 million people where growth is accelerating. In fact, the region’s internet economy is estimated to reach US$200 billion by 2025 with the surging adoption of smartphones, according to a report by Google and Temasek Holdings Pte. This InterVest Start Southeast Asia Growth Fund will provide growth-stage startups with capital, which is lacking in Southeast Asia. “Part of our strategy is to bring experienced founders and technology here and help them with our capital and network so they can quickly become No.1 in that sector,” said Andy Zain, the founding partner of Kejora Ventures. Founded in 2014, Kejora is an early-stage investor in Indonesia. It has invested in about 30 startups including financial technology firms C88 Fintech Group and Investree. The company is backed by Indonesia’s Barito Pacific, the family that owns Thai conglomerate Charoen Pokphand Group and Germany's Hubert Burda Media. In another development, Kejora is planning to close its own second Southeast Asian fund early next year at a targeted amount of US$80 million.

InterVest, Kejora Ventures

South Korean venture capital firm InterVest Co. and its Indonesian counterpart Kejora Ventures have recently announced the closing of its first round of funding for their new Southeast Asian fund, having secured more than half of the fund’s targeted US$100 million.

Korea Venture Investment Corp., a trust backed by Korea Development Bank and other investors has altogether contributed US$60 million to the InterVest Start Southeast Asia Growth Fund I which is aimed to help Korean startups to expand in the region.

“Southeast Asia is a promising market for Korean ventures,” said Kim Sang-Soo, the head of Southeast Asia at Korea Venture Investment. “The fund will seek to bridge them with local partners so they can grow and expand the region.”

Seoul-based InterVest was one of the first South Korean venture firms to turn its attention to Southeast Asia, home to 620 million people where growth is accelerating.

In fact, the region’s internet economy is estimated to reach US$200 billion by 2025 with the surging adoption of smartphones, according to a report by Google and Temasek Holdings Pte.

This InterVest Start Southeast Asia Growth Fund will provide growth-stage startups with capital, which is lacking in Southeast Asia.

“Part of our strategy is to bring experienced founders and technology here and help them with our capital and network so they can quickly become No.1 in that sector,” said Andy Zain, the founding partner of Kejora Ventures.

Founded in 2014, Kejora is an early-stage investor in Indonesia. It has invested in about 30 startups including financial technology firms C88 Fintech Group and Investree.

The company is backed by Indonesia’s Barito Pacific, the family that owns Thai conglomerate Charoen Pokphand Group and Germany’s Hubert Burda Media.

In another development, Kejora is planning to close its own second Southeast Asian fund early next year at a targeted amount of US$80 million.