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WorldRemit to invest in the Philippines

19 December 2017

The Philippines will host the new regional center of WorldRemit, a leading digital money transfer service.

The company had earlier raised $40 million to drive its next phase of growth, starting with the setting up its Asia-Pacific regional center in the Philippines, its biggest receive market, to handle customer queries. A hundred jobs are expected to be created in the Philippines by the end of 2019.

Currently sending from over 50 countries to 148 destinations, WorldRemit will also use the funding to expand its mobile-first digital service into new markets.

The investment comes at a time of significant company growth across the APAC region which now accounts for more than 25% of WorldRemit’s global money transfers. In the Philippines, WorldRemit's largest receive market, the number of transactions has grown at more than 100% over the last year.

The new center in the Philippines, along with its existing operations in Denver and London, will ensure that WorldRemit customers have access to a round-the-clock service across the globe.
WorldRemit handles a growing share of the $600 billion migrant money transfer market, better known as remittances.

Michael Liu, Regional Director for APAC, comments: “WorldRemit was founded because we believed there was a better way for customers to send money home to their families and communities.”

He added: “This new funding will not only allow us to expand our network and service in the Philippines, but also build our regional centre which will allow us to create more jobs for the country’s economy as well as improve our service to customers globally. “

Since its last funding round in 2015, WorldRemit has launched 206 new services across the globe and has grown its transaction volume by 400%. Last month WorldRemit became Arsenal FC’s first-ever online money transfer partner. 

The Series C round was led by LeapFrog Investments - a dedicated equity investor in emerging markets, supporting fast-growth firms that deliver social impact alongside commercial returns. The round also had    significant participation from existing investors Accel and Technology Crossover Ventures (TCV).

This latest funding round follows a Series B investment raised from TCV in 2015 and a Series A from Accel and Project A in 2014 - then one of the largest ever Series A rounds in Europe. 

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