MEA December 2017

30 MEA MARKETS / December 2017 , Series C funding round brings the total amount raised to $220m. WorldRemit Raises $40m and Targets Egypt Expansion Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, including an expansion of its Egypt operation. WorldRemit handles a growing share of the $600 billion remittance market. Within that market, Egypt is a key target for the company. Egyptians living overseas transfer billions of dollars’ worth of remittances back home and earlier this year, the Central Bank of Egypt said that remittances had surged following the floatation of the currency. WorldRemit’s mobile-first, digital model allows migrants to send money in a few taps directly from their phones or online instead of going to a bricks and mortar agent. Currently sending from over 50 countries to 148 destinations, the new funding will be used to expand the company’s partnership network in Egypt as well as appoint a country manager and Head of North Africa to lead the growth of the business. Globally, the company intends to reach 10 million customers by 2020. Andrew Stewart, Regional Director of Africa and the Middle East, discusses the move and how it will affect the MEA region. “Across the Middle East, customers are seeing the benefits of WorldRemit’s lower-cost, fast digital service. This new funding will allow us to expand our network and service in Egypt and help us drive our growth even faster.” Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner. Earlier in 2017 it announced a global integration with Android Pay. The Series C round was led by LeapFrog Investments - a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had significant participation from existing investors Accel and TCV. It follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe. Since inception the firm has enjoyed strong growth and exciting developments. WorldRemit was founded in 2010 by Ismail Ahmed, a remittance specialist and former compliance advisor to the United Nations. Personal experience of using money transfer agents convinced Ismail that technology could improve the sending process, enhance compliance and reduce costs to the customer. In November 2017 WorldRemit became Arsenal FC’s first-ever online money transfer partner in a global sponsorship deal for all Premier League, League Cup and FA Cup games. In June 2017 WorldRemit added Android Pay to its service, offering a new way for WorldRemit’s Android Pay users to safely and securely send money to 130 million mobile money accounts accessible via its network. WorldRemit has secured $220 million in funding backed by Accel and TCV – early investors in Facebook, Spotify, Netflix and Slack - and LeapFrog. WorldRemit’s global headquarters are in London, UK with offices in the United States, Canada, South Africa, Japan, Singapore, the Philippines, Australia and New Zealand.