London-based mobile payments company WorldRemit has announced it has raised $175 million in its Series D funding round. The investment round was led by TCV, Accel and Leapfrog Investments.
Founded in 2010, its customer base has grown to almost 4 million customers, who now use WorldRemit's phone app to send $700 billion in remittances to their home country each year.
The firm currently operates in 50 “send” countries and 150 “receive” countries and, last year managed to secure licenses to operate in all 50 U.S. states.
With the new funding, the company is planning to continue global expansion. It is also planning to launch new products for both money transfer senders and recipients, as well as create a new solution for SME owners trading internationally.
“Our core purpose has been and continues to be to help migrants send money to their families, friends and communities,” said Breon Corcoran, Chief Executive Officer of WorldRemit.