Mobile remittance firm WorldRemit raised $100 million in a Series B funding round led by Technology Crossover Ventures (TCV), with participation from existing investor Accel Partners.
The UK firm offers smartphone and web-based money transfers and has built up a head of steam with its handling of 250,000 transfers every month.
Proceeds from the round will enable WorldRemit to extend its existing reach of 50 send countries and 117 receive countries, as well as expand partnerships with mobile operators in Africa, Asia and Latin America.
WorldRemit’s service enables users in western countries to deposit funds on the mobile devices of users in the developing world.
The TCV-led Series B round comes less than 12 months after Accel Partners invested $40 milion in the firm. TCV also holds stake in Facebook and Netflix.
Despite the tens of millions of dollars raised, WorldRemit faces some formidable adversaries who have either launched, or are considering a foray into the sector. These include mobile operators, Facebook, Google, messaging apps such as LINE as well as other startups including Azimo.