Global cash transfer outfit WorldRemit laid out plans to launch a dedicated service for small- and medium-sized enterprises (SMEs) after raising $175 million in funding.
CEO Breon Corcoran said in a statement the SME service will form part of broader development of its international remittance services. The funding round was led by existing investors TCV, Accel and Leapfrog Investments: TechCrunch reported the sum brings WorldRemit’s total investment to $386 million and values the company at more than $900 million.
Corcoran said WorldRemit plans to “grow our business through differentiation on speed, service, security and value”. He highlighted the value it brings to users and the economies where they work.
The company said its SME service will target businesses trading across borders, especially in emerging markets. This will complement its efforts to grow globally and diversify the company’s product offering for those sending and receiving money transfers.
So far in 2019, WorldRemit has penned deals covering expansion into Ethiopia, South Africa and Nigeria. When Corcoran was appointed in October 2018, the company said it aimed to increase its user base from 3.5 million to 10 million by 2020.