International money transfer service WorldRemit on Wednesday announced that it had raised $45m in financing from TriplePoint Venture Growth BDC Corp and Silicon Valley Bank.
WorldRemit will use the funds to support its rapidly growing transfer volumes,said the press release from the company.
According to Deloitte Technology Fast 50 2015,WorldRemit is the UK’s fastest-growing technology company.
The latest financing will help WorldRemit expand its network of partners across the world, increasing availability of instant money transfers to customers. Remittances sent via traditional money transfer agents often take days to arrive.
“We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app. WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal,” said Ismail Ahmed, WorldRemit’s CEO & Founder in the release.
The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money– often in developing countries – can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.
WorldRemit has now raised $192.7m in funding to date.