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Money transfer service WorldRemit in a recent press statement to us,has raised $45m in financing from TriplePoint Venture Growth BDC Corp and Silicon Valley Bank. Pioneering a mobile-first approach to remittances,WorldRemit will use the funds to support its rapidly growing transfer volumes.The WorldRemit app lets people send money straight from their smartphone, instead of having to travel to a money transfer agent. Those receiving money– often in developing countries – can collect the funds as Mobile Money, bank transfer, for cash pickup or as a mobile airtime top-up.WorldRemit is the UK’s fastest-growing technology company (Deloitte Technology Fast 50 2015). The money transfer service generated $39m in revenue in 2015 – making it one of Europe’s biggest FinTech firms – and currently enables around 400,000 transfers every month.

The latest financing will help WorldRemit expand its network of partners across the world, increasing availability of instant money transfers to customers. Remittances sent via traditional money transfer agents often take days to arrive.Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp., explains: “We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion. It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the FinTech revolution hasto offer: – innovation, empowerment to individuals and new opportunities to the financial services industry.”

Phil Cox, Head of EMEA and President of UK Branch, at Silicon Valley Bank: “We’re pleased to play a part in driving WorldRemit’s impressive global expansion.Operating across the world gives WorldRemit diversified revenue streams and a huge customer base. This is a great story of tech for good – the social impact of connecting remittances to Mobile Money services in the developing world has been huge and looks set to continue.”

Ismail Ahmed, WorldRemit’s CEO & Founder, comments: “We want to give people the power to share money anytime, anywhere. This latest financing will help more people send instant money transfers to their loved ones through the WorldRemit app.WorldRemit will continue to build partnerships with Mobile Money services, banks and payout networks around the world so that our service becomes universal.”WorldRemit has now raised $192.7m in funding to date.

 

 

Kenneth Omeruo
Omeruo Ndukaku Kenneth is an Innovation Management expert,the CEO of Emerging Media,a new media company.He is a member of ISPIM - International Society for Professional Innovation Management and the US-Africa chamber of Commerce.He is the Founder of TechTrends Nigeria Blog,Nigeria Innovation Summit and the African Innovation Academy.Kenneth is a highly sought-after Internet Marketing Consultant who has through his seminars, articles, training and consulting, helped many organizations, Individuals, Businesses maximize the Internet for business purposes.Kenneth has also being featured as a guest on the TV show TODAY ON STV Nigeria and on Bloomberg Africa TV.He is the author of the best –selling Internet Book: How To Create Unlimited Internet Wealth. He is a syndicated columnist with the following Newspapers in Nigeria: Daily Independent, Financial Standard, PUNCH, BusinessDay, and Sun.Kenneth organises the EduNet Conference for Universities in Nigeria. Kenneth is a member of Institute of Software Practitioners of Nigeria( ISPON ) Roundtable For Capacity Development in Nigeria,member pre-selection committee for Nigeria at the UN World Summit Awards,a Panelist for Youth Enterprise With Innovation in Nigeria(YouWIN)-a Federal government initiative created by the ministry of finance,supported by ministries of Communications Technology,Youth Development,Worldbank and DFID. A 2013 Judge at the Google Cloud Developers Challenge for Sub Saharan Africa.He has been a contributing editor of Nigeria Communications Week,Africa Telecom and IT Business Magazine,ICT Today magazine,M2 magazine.Kenneth has been invited to the Commonwealth Telecommunications Organisation Forum, Oracle Open World Conference USA, Oracle Cloud World Dubai, and GITEX Dubai. He now lives in New York with his family and presently working on an Open Innovation project for Nigeria. You can contact Kenneth through email: (kenneth (at)techtrendsng.com) Facebook:www.facebook.com/Kenneth.omeruo On Twitter:www.twitter.com/kennethomeruo Skpe:Kenneth.Omeruo

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