WorldRemit, a UK-based online money transfer service, recently announced that it has received an investment of USD 40 million from Accel Partners, a US-based venture capital firm, in exchange for an undisclosed stake in the company. The investment is intended to help WorldRemit expand its business into new markets internationally and to support the development of additional products and services. William Blair & Company, a US-based investment bank, acted as WorldRemit’s financial adviser for the transaction. The terms of the transaction have not been disclosed.
WorldRemit offers online, international money transfer services via mobile phones and tablets as well as traditional wire transfers. The company processes approximately 1.3 million annual transactions sent from 35 countries to 100 receiving countries. Financial data for the firm are not available. Accel Partners is a venture capital firm based in Palo Alto in the US state of California and has approximately USD 6 billion in assets under management. The firm also has offices in China, India and the UK. The firm typically makes investments in internet-based technology firms at the early stages of the corporate life-cycle.
By A’kos Szebeni, Research Associate
About WorldRemit
WorldRemit was incorporated in 2009 as an online money transfer service. It enables customers in 35 countries to send remittances via mobile phones or tablets to individuals in approximately 100 countries using a variety of payment options including debit cards and credit cards. The service offers several pay-out options including instant cash pickup, bank deposits, transfers to mobile wallets, door-to-door delivery and international airtime top-up. The company processes approximately 1.3 million payment transactions annually and has 50 employees as of March 2014. The firm’s financial information is not available.
About Accel Partners
Accel Partners is a venture capital firm based in Palo Alto in the US state of California. It has approximately USD 6 billion of assets under management (AUM) and offices in New York City, USA; London, UK; and Bangalore, India; as well as in China through a partnership with International Data Group Capital Partners, a China-based investment firm with USD 2.5 billion in AUM. Accel typically makes investments in internet-based technology firms at the early stages of the corporate life-cycle.
WorldRemit Press Release, “WorldRemit scoops $40 million investment from Accel Partners,” https://www.worldremit.com/en/news/world-remit-scoops-40-million-investment-from-accel-partners
MicroCapital, February 25, 2014, “Telecel Zimbabwe Introduces Debit Cards, International Remittances Via Telecash Mobile Banking Service,” https://www.microcapital.org/microcapital-brief-telecel-zimbabwe-introduces-debit-cards-international-remittances-via-telecash-mobile-banking-service/
MicroCapital, August 2, 2013, “CardPlanet Solutions of Kenya Inaugurates “Pesacard” to Enable Parents to Send Mobile Money to School Children,” https://www.microcapital.org/microcapital-brief-cardplanet-solutions-of-kenya-inaugurates-pesacard-to-enable-parents-to-send-mobile-money-to-school-children/
MicroCapital, July 30, 2013, “Ecobank, Lonestar Cell MTN Launch “Mobile Money School Fees Payment Service” in Liberia,” https://www.microcapital.org/microcapital-brief-ecobank-lonestar-cell-mtn-launch-mobile-money-school-fees-payment-service-in-liberia/
MicroCapital, April 9, 2013, “MoneyGram, Globe Telecom to Offer Remittances at G-Xchange Outlets in the Philippines,” https://www.microcapital.org/microcapital-brief-moneygram-globe-telecom-to-offer-remittances-at-g-xchange-outlets-in-the-philippines/
MicroCapital, February 11, 2013, “Payments, Settlements and Remittances Asia 2013, May 30 – 31, 2013, Manila, Philippines,” https://www.microcapital.org/microfinance-event-payments-settlements-and-remittances-asia-2013-may-30-31-2013-manilla-the-philippines
MicroCapital Universe Profile: WorldRemit, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=WorldRemit
MicroCapital Universe Profile: Accel Partners, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Accel+Partners
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