London based money transfer startup WorldRemit has raised a $40M Series C round led by LeapFrog Investments.
This takes the company’s total funding to $220 million, including a $100 million round in early 2015 and a $45 million debt round a year later. The global remittance market contracted slightly last year according to World Bank data, dropping 1.2 percent to $575 billion globally, but it remains a huge market. Remittances received by developing countries amounted to around $429 billion. WorldRemit currently claims customers in more than 50 countries, sending remittances to 148 different locations, and with its latest cash injection it plans to expand its service into new markets and “deliver innovative products and services,” according to a press release.