WorldRemit’s Meteoric Rise: 100 Million Pounds in Series B
What the heck? 100 million? Well, it turns out the London‑based money‑transfer startup has pulled off a pretty incredible fundraising haul. They just closed a Series B round that raised a whopping £100 million, with Technology Crossover Ventures leading the charge. The previous million‑making round in March last year was a nice £40 million led by Accel Partners – and guess what? Accel didn’t leave the table this time around.
Birth of a Global Citizen (Almost)
WorldRemit is the brainchild of Dr. Ismail Ahmed, a former UN compliance advisor and a two‑decade veteran of the money‑transfer world. He holds an MSc, a PhD from the University of London, and an Executive MBA from London Business School – basically a recipe for success. The company launched in 2010, and next to four years later, it’s claiming the world’s attention. A company that’s five years old and already generating global buzz?
What Does WorldRemit Do?
- Send money across borders with mobile money transfers and digital wallets – no need for a bank account to get started.
- Operates in 50 countries where people can send money, plus an additional 67 countries that can receive funds.
- Processes roughly 250,000 transfers a month – that’s a lot of love‑letters crossing borders.
Financial Snapshot (as of December 2013)
The firm raked in £5.5 million for the year ended December, a 354 % jump from the previous year. Numbers like that make even the most seasoned investors feel like they’ve stumbled onto a gold mine.
Offices & Global Footprint
Besides its London HQ, WorldRemit has opened offices in the U.S., Australia, and, as of December 2014, Canada. The company’s global presence now touches 117 countries in total.
Inside the Boardroom: How Ahmed Built the Empire
When we sat down with Dr. Ahmed a couple of weeks ago, he talked about:
- The power of mobile money for bridging financial gaps.
- “Pitching at this level is less about numbers and more about storytelling – and a bit of swagger.”
<li The future trajectory of London’s fintech scene – which is buzzing louder than a beehive.
It’s a testament that, even in a small market, grit, expertise, and a pinch of British humour can make a startup soar.
BUSINESS MODEL & THE COMPETITION
Business Model Breakdown
Picture a digital money‑transfer service that’s speed‑y, cost‑y, and almost as easy as ordering pizza.
How It Works
- Send it online – Choose from cash pick‑up, bank transfer, mobile money, or even top‑up your phone talk‑time.
- No brick‑and‑mortar hassle – Forget queuing at a floor‑to‑ceiling office. We use the power of the internet to cut out a lot of the old‑school red tape and extra charges.
- Low fees – We pocket just a small amount per transaction. That means your money does more of the moving work, less of the “you pay me” work.
Why Our Fees Are Lower
Old‑school big names charge steep fees because they’re in exclusive banking deals and have a hard‑to‑break offline moat. In contrast:
- We’re purely digital from day one.
- We’ve sourced open banking and partner networks that let us flow money with minimal overhead.
- Less bureaucracy = less cost, which we pass on to you.
Market Reach
While giants like Western Union and MoneyGram have been busy with paper and cash boxes for decades, we’re out there with lightning‑fast digital moves.
- Send money from 50 countries to 110+ destinations. That’s about twice the range of those old‑time titans.
- It’s all powered by software, not bricks, so we can launch new routes faster than them.
Bottom Line
Modern, affordable, and wide‑spanning… that’s the mantra. If you want to send money abroad without burning a hole in your wallet or spending hours at an office, go digital—our spicy picks come with less cost and more convenience.
Video:
How WorldRemit Works: A Quick & Quirky Guide
Ever wondered how you can send money overseas faster than a gossip spreads on social media? WorldRemit is the Willy‑Nelson of digital remittances—only it doesn’t play along, it actually works.
Step 1: Grab the Platform
- Mobile App or Web Form: Down with a phone or using your laptop, just head to the WorldRemit site or splash the app. Think of it as your personal money‑transfer GPS.
- Create an Account: No, you don’t need a secret handshake. A quick email, a password, and you’re in. Optional: add a photo to avoid that cardiac “Who’s sending the money?” conversation.
Step 2: Pick Your Destination
- Country & Currency: Choose the nation you’re sending to and the local currency. Result? The app will instantly pull the current exchange rate—no need to consult a fortune teller.
- Transfer Method: Options include bank transfer, mobile wallet, cash pickup, or even a prepaid card. Pick what’s easiest for the recipient. Think of it as “Gift a check, pay a card, or just give cash.”
Step 3: Money in Motion
- Fill in the Amount: Dash the figure you want to send. It will auto‑calculate the fee and the instant exchange rate. You’ll know exactly how much the recipient gets. No Easter hunts.
- Secure Payment: Pay with a card, debit, or even a bank transfer. WorldRemit’s encryption is tighter than a vault in a movie spy plot—so banksters won’t snoop in.
Step 4: Confirmation & Tracking
- Send Confirmation: You’ll get instant “Your transaction is on the way” vibes. The app or email will email a tracking number for mysterious short‑term curiosity.
- ETA (Estimated Time of Arrival): Most transfers hit within minutes; others take between 2‑4 hours, depending on method. Overnight? Yes. Just don’t expect the money to arrive in the next breath.
Step 5: Recipient’s Happiness
- Cash Pickup: Slap it on your mobile screens, get the QR or code, and drop it at a designated agent. They’ll hand you cash in as close as a local bank branch.
- Bank/Wallet Deposit: Give your bank address, and the dollars or local currency jump straight onto the recipient’s account. The recipient can do an instant “whoa! I just got my money.” moment.
Quick Tips & Friendly Reminders
- Check the Exchange Rate: Often there’s a tiny markup. The app lets you eyeball it before you finalize.
- Keep It Safe: 99% of user reviews say no fraud was detected—because their encryption is real.
- Ask if Confused: They’ve a 24‑hour help desk. We’re not kidding—no one has to wait for a bank reply.
In a nutshell, WorldRemit is a digital courier that takes your money, flings it through the internet, drips in the right currency, and delivers it with a smile in less than 60 minutes—minus the drama of a cash‑couch.
ATTRACTING FUNDING & BUSINESS GROWTH
WorldRemit’s Big Payday: From $40M Spark to $100M Fire
Just a few years ago, the CEO of WorldRemit bragged that a $40 million boost in March had catapulted them into the big league—led by none other than Accel Partners. Fast forward to now: a fresh, audacious $100 million round has landed. What’s the secret sauce?
1. Knowing the Industry Like Your Own Wallet
From days spent knee‑deep in the UN remittance program, the founder had a crystal‑clear vision of the industry’s pain points. “Modernise it… that’s what investors needed to hear,” he says. He even threw his own money into the pot—talk about believing in the dream.
2. The Honesty Hack
- No sugar‑coating. Pitching a company is like opening an unwrapping coupon tag: if you exaggerate, the surprise will be a disappointment later.
- Transparency wins the trust. Straight talk means fewer headaches for investors down the road.
3. The Pivot That Made the Moola Flow
WorldRemit’s “big idea” was all about mobile money. As that sector exploded, they were ready for the swell. The 2014 Accel injection let them hire big‑time talent—every hire was a stepping stone to a bigger, faster, happier team.
Team Growth Snapshot
- More than 100 people on board.
- Team tripled in size over the last year.
4. Recruiting the Right Creatives
- Cultural fit first. They look for hands that can create, collaborate, and keep the runway’s rhythm.
- Entrepreneurial spirit. “We all pull in the same direction,” says the CEO—so folks who like a challenge turn the whole office into a nimble, cross‑functional band.
In short, WorldRemit’s journey from a $40 m spark to a $100 m blaze hinges on clear insight, candid pitches, strategic pivots, and a killer team that can turn the big idea into a global success.
Inside WorldRemit HQ: A Relaxed Rundown
Think of this as the behind‑the‑scenes episode where we chat about what keeps our company humming, why we set up shop upstate, and how mobile money turns the world upside down.
Growth Lessons: Stretching, Not Sprawling
- Look beyond the horizon. We’re always spotting the next tech wave before it hits us.
- Leverage the present. No time to waste on “what if” — we ride every opportunity into full gear.
- Stay adaptable. The market shifts fast; staying lean keeps us ready.
Why Colorado? (And Not California)
Ever wondered why we called Denver our new HQ? Here’s the scoop:
- Talent pool. Denver’s money‑transfer pros are a treasure trove, far more aligned with what we need than the usual tech buzz of Silicon Valley.
- Friendly city vibes. Local officials practically rolled out the welcome mat, making the relocation a breeze.
- Business focus. The vibe here keeps us sharp on money transfers, not distracted by unrelated tech trends.
Mobile Money: The Heartbeat of Our Operation
We’ve turned the concept of mobile money into a core pillar. The numbers speak for themselves:
- Customers can send funds to 26 different mobile‑money services worldwide.
- In Africa, over 50% of transfers go straight to mobile money or airtime.
- We’re not just a service; we’re the global leader in this niche.
Economic Shake‑Ups in the Developing World
When you think of “developing” economies, banking comes to mind — but here’s the twist: mobile money opens doors that banks never did.
- Unbanked unlock. Mobile money extends finance to folks who never had a bank account.
- Rapid growth. 60 million active users last year vs. 30 million a year prior—talk about momentum!
- Potential reach. With 2.5 billion unbanked people globally and a billion already owning a phone, the next wave is massive.
Bottom line? Mobile money isn’t just a tech trend; it’s a leap toward a more inclusive economy. And at WorldRemit, we’re proud to be the gang that makes it happen.
Our Grand Vision: Turning Money Moves into a Global Game‑Changer
When people think of international money transfers, two names usually pop up: Western Union and a bank’s smelly back‑office. We’re on a mission to bring both the reach and speed of the former together with the low fees and clean compliance of a modern online service.
The End‑Goal: A One‑Stop, All‑Time, All‑People Money Service
- Global coverage that rivals the biggest wire‑transfer veteran.
- Every transaction at a fraction of the cost.
- Compliance that leaves regulators smiling and customers feeling safe.
- Instant validation – no one calls you in the middle of the night for extra documents.
Can Our Model Move Beyond the Pocket!?
Sure, you’ve probably napped on a flight, listened to a new album, or grabbed a quirky gadget all online. But banking and finance have been slower to jump on that tech train. We’re proud to be the “train button” that speeds them up.
On top of remittances, we’re eyeing any service that can become lighter, faster, and more user‑friendly.
- Travel – no more rummaging through straps for receipts.
- Music – watch pay‑walls crumble like a stale cookie.
- Shopping – think of a checkout that doesn’t daze you with hidden fees.
- Any industry that’s waiting on a decent, transparent money pipeline.
Why It Matters: Changing Lives, One Transfer at a Time
We’re not just chasing growth numbers – it’s the real, everyday impact on people sending money home, buying a ticket abroad, or paying for a concert streaming.
Bottom line: We’ll keep expanding, keep innovating, and keep making the financial world feel like a connected community.
LONDON’S FINTECH SCENE
Can London Keep Leading the Fintech Charge?
London has long sat at the crossroads of high finance and cutting‑edge technology, earning a reputation as the world’s fintech hot‑spot. But can this city stay ahead of every other global contender?
What Makes London So Irresistible for Fintech Start‑Ups?
- Talent Pipeline – The city churns out a steady stream of skilled professionals, from bankers to data scientists, that simply can’t be found elsewhere.
- Language & Time Zone – English is the lingua franca of business, and London’s GMT+0 sweet spot makes it easy to connect with partners across Europe, Asia, and the Americas.
- Global Outlook – Investors and regulators here are known for their open, yet practical, approach to new ideas.
Where Are the Wildcards?
Even a city as spry as London can run into roadblocks. The biggest are:
- Breaking Into the U.S. Market – The U.S. dominates remittance flows, but setting up operations requires navigating a maze of state‑by‑state licenses. That’s a pace‑slow deal.
- Government Incentives – London needs more than shiny screens; it’s got to offer tangible support so that innovators feel encouraged and protected.
How to Keep the Momentum Burning
To stay on top, London should:
- Streamline U.S. Licensing – Work with U.S. regulators to create a single federal pathway that reduces red tape for fintech.
- Boost Public R&D Funds – Allocate more grants to research centres devoted to blockchain, AI, and regulated tech.
- Modernize Legal Frameworks – Update laws that keep up with rapid technological shifts, ensuring compliance doesn’t stifle creativity.
When everyone around the globe keeps pulling their weight, London might just stay the financial and tech powerhouse we’ve all come to expect.
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