WorldRemit is an online money transfer service that provides international remittance services to expatriates and migrant workers. The company was founded in 2010 by Ismail Ahmed and is backed by venture capital companies Accel Partners and Technology Crossover Ventures (TCV).
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History
WorldRemit was founded in 2010 by Ismail Ahmed, a former compliance advisor to the United Nations Development Programme. Mr Ahmed began developing World Remit while studying for an MBA at London Business School. He has said that the idea of an online money transfer service was partly influenced by his own frustrating experience of sending money to relatives in Somaliland using offline, agent-based services.
Funding
In March 2014, it was announced that WorldRemit had secured a Series A investment of $40m from Accel Partners, an early backer of Facebook and Spotify. Following the investment, Accel's Harry Nelis joined the WorldRemit board. In February 2015 WorldRemit announced a $100m Series B funding round led by TCV. It was also announced that TCV General Partner John Rosenberg would join the WorldRemit board.