World Remit Revenue, Valuation, Funding & Investors
World Remit is valued at $900M as of June 2019, a 7.5x multiple on its last reported $120M revenue.
Last World Remit valuation
$900M
Series D · Jun 2019
Last World Remit funding round
$175M
Series D · Jun 2019
World Remit revenue
$120M
Series D · Jun 2019
Key investors in World Remit
Accel
TCV
LeapFrog Investments
Silicon Valley Bank
Project A Ventures
BDC Capital Corporation
About World Remit
WorldRemit is a London-headquartered digital remittance service operating in 130 countries with payouts to 5 billion bank accounts and 500,000 cash pickup points. Founded in 2010, it facilitates transfers via app or website in 70 currencies, serving 5 million customers annually. WorldRemit partners with banks like Santander and mobile wallets in Africa and Asia, emphasizing low fees averaging 0.5 percent and delivery in minutes. The company processed $10 billion in volume in 2023.
Founded
2010
HQ
LondonWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Revenue
$120M (Jun 2019)
Valuation
$900M (Jun 2019)
World Remit Valuation
World Remit is currently valued at $900M, based on its Series D in June 2019.
The $175M round was led by Accel, LeapFrog Investments and TCV.
World Remit's valuation has grown 1.8x from $500M at its Series B in February 2015 to $900M in June 2019, across 4 priced rounds.
World Remit valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2019 | Series D | $900M | 7.5x |
| Dec 2017 | Series C | $668M | - |
| Feb 2016 | Undisclosed stage | $500M | 12.8x |
| Feb 2015 | Series B | $500M | 13.9x |
World Remit Revenue
World Remit's latest recorded revenue is $120M, as of its Series D in June 2019. At a $900M valuation, that implies a 7.5x revenue multiple.
Revenue grew from $36M in February 2015 to $120M in June 2019, while the revenue multiple moved from 13.9x to 7.5x.
World Remit revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2019 | $120M | $900M | 7.5x | Series D |
| Feb 2016 | $39M | $500M | 12.8x | Undisclosed stage |
| Feb 2015 | $36M | $500M | 13.9x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
World Remit Funding History
World Remit has raised a total of $407M across 6 funding rounds.
World Remit's first fundraising round was a $7M seed round in March 2013. The most recent completed round was a $175M Series D in June 2019.
World Remit funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2019 | Series D | Accel (lead); LeapFrog Investments (lead); TCV (lead) | $175M | $900M | WorldRemit, a London-based fintech founded in 2010, specializes in digital money transfers via app and online, enabling expatriates and migrant workers in developed countries to send low-cost remittances to 150 receive countries from 50 send markets, with the US as its largest send market by 2018 after securing licenses in all 50 states. The company raised $175 million in a Series D funding round on June 3, 2019, led by returning investors TCV, Accel, and Leapfrog Investments, bringing total funding to around $386 million. A well-placed source cited by TechCrunch reported the post-money valuation at north of $900 million, up from under $670 million at the end of 2017 Series C, dismissing lower extension valuations as inaccurate and confirming no down rounds. WorldRemit served approximately 4 million users at the time, having doubled from 2 million in 2017, though behind its 2020 target of 10 million customers. In 2018, revenue exceeded £90 million, reflecting 50% year-over-year growth, capturing about 2% of Western Union's scale in a $700 billion global remittances market. Proceeds from the Series D were earmarked for global expansion, product diversification including a new solution for small and medium-sized businesses trading internationally in emerging markets, and enhancing speed, security, and value in transfers. The round underscored investor confidence amid rising mobile payments to emerging markets, which hit $528 billion in 2018. |
| Dec 2017 | Series C | LeapFrog Investments (lead); TCV; Accel | $40M | $668M | WorldRemit, a London-headquartered digital money transfer service, enables users to send money abroad via phone or computer, with recipients receiving funds as bank deposits, cash pick-ups, mobile money, or airtime top-ups. In December 2017, the company raised $40 million (£29.7 million) in a Series C round led by LeapFrog Investments, with participation from existing investors Accel Partners and Technology Crossover Ventures (TCV), bringing total funding to $220 million. Sources valued the company at just under £500 million (approximately $668 million), up nearly 50% from its prior £330 million valuation in 2015. The funds were earmarked for global expansion, including new markets, innovative products, US growth (where it saw 260% year-over-year increase and targeted 40% of global revenue by 2020), and scaling technology to reach 10 million customers connected to emerging markets by 2020. At the time, WorldRemit operated from over 50 countries to 148 destinations, processing 74% of international transfers to mobile money accounts. LeapFrog, focused on financial services in Africa and Asia, highlighted WorldRemit's scalable model and alignment with its 'profit with purpose' philosophy. This round followed a $45 million raise in February 2016 at a $500 million valuation. |
| Feb 2016 | Undisclosed stage | BDC Capital Corporation; Silicon Valley Bank; TriplePoint Venture Growth | $45M | $500M | WorldRemit is a London-based fintech startup founded in 2010, specializing in digital money transfers via mobile apps, targeting migrants sending remittances to emerging markets in Asia, Africa, and other developing regions. It competes with traditional players like Western Union by offering lower costs, faster transfers, and options like mobile money, bank deposits, cash pickup, or airtime top-ups, avoiding physical branches. By early 2016, it processed around 400,000 transfers monthly, nearly double from the prior year. On February 9, 2016, WorldRemit secured $45 million in debt financing from TriplePoint Venture Growth BDC Corp., Silicon Valley Bank, and BDC Capital Corporation (aligned with query investors). This followed a $100 million Series B equity round in 2015 led by Technology Crossover Ventures (TCV) and Accel Partners, which valued the company at $500 million post-money—a valuation reported as unchanged in the 2016 debt round per reliable sources. Total funding reached approximately $192.7 million, with proceeds earmarked for expanding payout networks, pre-funding accounts with mobile money partners, banks, and agents globally, including growth in origin markets like the U.S. In 2015, WorldRemit generated $39 million in revenue, up 56% from $24 million in 2014 (which was 168% growth from $9.3 million in 2013), though below earlier projections. UK accounts showed £27 million revenue in the last year reported (up from £15 million in 2014), with a £10 million loss in 2014. The company emphasized revenue growth and profitability paths amid public market pressures, positioning itself as a leader in mobile-first remittances to underserved markets, with ambitions to connect to more of the 265 live mobile money services worldwide. |
| Feb 2015 | Series B | TCV (lead); Accel | $100M | $500M | WorldRemit is a mobile money transfer service enabling cross-border remittances, specializing in sending money to mobile wallets, bank deposits, cash pick-up, and airtime top-ups across over 130 countries from 50+ origin markets. Founded in 2010 by Ismail Ahmed, Catherine Wines, and Richard Igoe, it partners with mobile wallet providers like M-Pesa, MTN, and bKash in 26+ countries. In February 2015, WorldRemit raised a $100 million Series B funding round led by TCV, with participation from Accel; TCV's John Rosenberg joined the board. In its 2015 fiscal year accounts filed with UK Companies House, WorldRemit reported revenues of £26.9 million, up from £15.1 million in 2014, driven by a jump in transfers from 1.9 million to 3.5 million with an average transaction size of around £200. The company incurred a £18.1 million loss, up from £10.1 million prior year, largely due to heavy marketing spend as its largest administrative expense. CEO Ismail Ahmed highlighted strong unit economics, high customer retention, and relational business model supporting growth investments. UK and Europe were its largest sending markets, followed by Australia and Canada; it employed 188 staff with £9.7 million in wage costs and gross margins improving to 54%. Looking ahead in 2016, WorldRemit targeted £42 million in revenues while maintaining investments for growth, with operating costs as a percentage of revenues declining and margins expected to reach 60%. The firm continued expanding, raising subsequent rounds including $40 million Series C in 2017 led by LeapFrog Investments and $175 million Series D in 2019 led by TCV, Accel, and Leapfrog. It later acquired Sendwave in 2021 to boost market share and revenues. |
| Mar 2014 | Series A | Accel (lead); Project A Ventures | $40M | - | WorldRemit is a London-based online money transfer platform founded in 2009 that enables customers in over 35 countries to send remittances to recipients in more than 100 destinations via computer, mobile, or tablet, with options for bank deposits, mobile wallets, airtime top-ups, or cash pickup. The company secured a $40 million Series A funding round on March 11-12, 2014, led by Accel Partners (with Project A Ventures also participating per later references), marking one of the largest Series A rounds in Europe at the time. This was WorldRemit's first major VC investment, following bootstrapping, with proceeds earmarked for geographic expansion to over 200 countries, product development, and rapid team growth from 50 to 200 employees by year-end. By early 2014, WorldRemit had demonstrated strong early traction with partnerships alongside major banks and mobile money networks, processing an alleged 1.3 million annual remittance transactions and achieving repeat usage of about 20 transactions per customer per year. The platform had gained popularity among expats, including 33% of transactions to Zimbabwe going to mobile accounts like EcoCash. Founders Ismail Ahmed (ex-UN compliance advisor with a PhD in economics) and Catherine Wines (former MD of First Remit) brought two decades of remittances industry experience, positioning WorldRemit to disrupt the traditionally offline $600 billion global remittance market by digitizing and democratizing payments. Accel partner Harry Nelis highlighted the company's robust technology, compliance, and user traction as key attractions. Post-2014, WorldRemit continued scaling with a Series B from TCV in 2015 and Series C led by LeapFrog in 2017-2018 ($40M, total raised $220M), launching hundreds of new services, growing transaction volume 400%, and becoming a leader in mobile-to-mobile transfers, especially to Africa where it handled 74% of remittances to major services like M-Pesa. |
| Mar 2013 | Seed | - | $7M | - | WorldRemit is a London-based digital money transfer company targeting remittances to emerging markets, competing with traditional players like Western Union. It facilitates cashless transfers from developed to developing regions using mobile and online platforms. The company reported $9.3 million in revenue in 2013, which grew 168% to $24 million in 2014 and $39 million in 2015. WorldRemit has raised multiple subsequent rounds, including a $175 million Series D in 2019 at $900 million post-money valuation and later rebranded to Zepz with a $5 billion valuation in a 2021 Series E. |
Who has invested in World Remit?
7 investors have backed World Remit across its funding rounds, including Accel, TCV, LeapFrog Investments, Silicon Valley Bank, Project A Ventures and BDC Capital Corporation.
Lead investors include Accel, LeapFrog Investments and TCV.
World Remit Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Palo Alto, CA | 4 | Lead | Mar 2014 | |
| San Francisco, CA | 3 | Lead | Feb 2015 | |
 Johannesburg | 2 | Lead | Dec 2017 | |
| United States | 1 | Participant | Feb 2016 | |
 Berlin | 1 | Participant | Mar 2014 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialWorld Remit Competitors
World Remit competitors include listed companies like Navient and Yixin Group, and private ones like Cashtopia LLC, Thunes, Turtlemint and Blaaiz.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Kampala | Private | - | - | $248M | - | |
 Singapore | Private | - | - | $900M | - | |
 Mumbai | Private | $72M | - | $900M | 12.5x | |
 Toronto | Private | - | - | $894M | - | |
| United States | Publicly listed | $610M | - | $924M | 75.0x | |
 China | Publicly listed | $1.7B | $287M | $934M | 2.7x |
World Remit Public Comps
World Remit is still privately-owned, but its public comps include Capricorn Group, Navient, Yixin Group, World Acceptance, Standard Chartered Bank Kenya, Standard Chartered Bank, Qfin Holdings, NICO Holdings, Arzan Financial Group and FinVolution Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $342M | - | 2.6x | - | - | - | |||
| $610M | - | 74.5x | 75.0x | - | - | |||
| $1.7B | $287M | 2.9x | 2.7x | 17.4x | 16.2x | |||
| $536M | - | 2.8x | 2.5x | - | - | |||
| $323M | - | 3.0x | - | - | - | |||
| $157M | - | 5.2x | - | - | - | |||
| $2.4B | - | 0.8x | 0.8x | - | - | |||
| $868M | $131M | 0.9x | - | 6.2x | - | |||
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Common questions about World Remit
| When was World Remit founded? | World Remit was founded in 2010. |
| Where is World Remit headquartered? | World Remit is headquartered in London, United Kingdom. |
| Is World Remit publicly listed? | No, World Remit is a private, VC-backed company. |
| What is World Remit's valuation? | World Remit was last valued at $900M in its Series D in June 2019. |
| How much funding has World Remit raised? | World Remit has raised $407M across 6 funding rounds. |
| What was World Remit's last funding round? | World Remit's last funding round was a $175M Series D in June 2019, led by Accel, LeapFrog Investments and TCV. |
| Who are World Remit's investors? | World Remit's investors include Accel, TCV, LeapFrog Investments, BDC Capital Corporation, Project A Ventures, Silicon Valley Bank and TriplePoint Venture Growth. |
| What is World Remit's revenue? | World Remit's latest recorded revenue is $120M (June 2019). |
| What is World Remit's revenue multiple? | World Remit's latest valuation implies a 7.5x revenue multiple ($900M valuation on $120M of revenue). |
| Which companies are comparable to World Remit? | Companies comparable to World Remit include Cashtopia LLC, Thunes, Turtlemint, Blaaiz, Navient and Yixin Group. |
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