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.