London-based online cash transfer service WorldRemit has raised Sh4 billion ($40 million) to accelerate its growth globally.
WorldRemit targets to reach 10 million customers, half of whom are in Africa. The expansion plans will also enable customers in Africa to transfer money to 148 countries across the globe. Additionally, the move will enable countries receiving cash transfers via WorldRemit to send money.
The firm currently handles 74 per cent of remittances to popular mobile money services across Africa such as MTN, Ecocash, Tigo Pesa, M-Pesa and Airtel Money, making it the global leader in “mobile-to-mobile international money transfers.”
“This new funding will fuel our growth, and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit,” said WorldRemit founder and CEO, Ismail Ahmed.