London Startup Watch: WorldRemit

One of London’s startups has recently secure $45 million in new funding!

WorldRemit, a money transfer service landed the new funding from Silicon Valley Bank and TriplePoint Venture Growth BDC Corp. The startup prides itslef on being a low cost, fast, simple money transfer service, enabling people to “send money online, anytime, anywhere”.

The startup was founded by Ismail Ahmed during his time at university, as he tried to make it easier to send his family in Africa money. Since being founded the company has managed to secure $192.7 million in funding up to this point and upon receiving the new funding; the startup announced that they would be using it to support the company’s continual growth.

Also the CEO, Ahmed explained the idea behind the company, stating: We want to give people the power to share money anytime, anywhere.” The company enables people to do this by enabling money to be sent directly from a smartphone, negating the need for a money transfer agent.

On receiving the latest funding, Ahmed said it would “help more people send instant money transfers to their loved ones”. He added that WorldRemit planned to “continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”

The startup is attracting a lot of attention from investors. President of investor TriplePoint Venture Growth BDC Corp, Sajal Srivastava  explained why the decision to invest in WorldRemit was made: “It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. “

Srivastava commented on how the company was certain to continue expanding on an international basis and how TriplePoint Venture Growth BDC Corp was delighted to be part of WorldRemit’s journey within the FinTech sector: “WorldRemit represents what the FinTech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry.”

Why not keep an eye on this up and coming startup by checking them out on Twitter?