WorldRemit eyes $100M funding round

UK firm WorldRemit, which enables remittances to be sent and received via mobile devices, is hoping for another blockbuster fundraising round, according to The Sunday Times.

Following a $40 million investment by Accel Partners in March this year, the firm is now looking at a potential $100 million round, possibly with the venture firm involved again. Using mobile devices for P2P payments, including remittances, is attracting substantial interest from specialists such as WorldRemit and Azimo as well as heavyweight rivals such as Facebook and leading messaging players. The level of interest indicates entry barriers are relatively low, making differentiation harder for those in the market. Following WorldRemit’s earlier funding, CEO Ismail Ahmed (pictured) told Mobile World Live that the firm stands out because it offers more ways for customers to receive money. It is also present in more countries – both sending and receiving – than competitors. Just last month, it was reported that the firm was making its first big push into the US market. According to Financial Times, the firm opened an office in Denver and has secured regulatory approval to operate in ten States. It has plans to be fully licensed across the country next year.

Date: 22 December 2014

Source: Mobile World Live

By: Richard Handford

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