Denis Opudo
WorldRemit is a digital money transfer that operates from London to different towns globally. The company hopes at increasing the number of customers to 10 million by 2020 with half of the population coming from Africa. The company which is based in London makes it easier for its customers to transfer money home to their families and friends. The company has a vast customer base since it offers affordable services compared to other money transfer companies like MoneyGram (MGI.O) and Western Union (WU.N).
The company released a statement on 7th December 2017 and said that it’s targeting to attain a financial growth of $40 million in new funding from venture bankers and since it has double its revenue collection in the past two years it has made it financially self-reliable. All their revenue collections and the funding that they source from different companies give them an urge to expand their business more.
The company’s funding is led by the future market investor LeapFrog Investments with support from the current stakeholders Accel Partners and Technology Crossover Ventures (TCV). The company has been able to raise $220 million since the launch in 2010. WorldRemit is on the verge of generating 60 million pounds by the end of 2017 an increase from 40 million pounds in 2016 and 27 million pounds in 2015. The revenue has helped the company in funding its operations.
The company aims at enabling the transfer of money within the African borders less costly and reliable hence maintaining or even increasing the number of its African customers which is currently at 1 million. WorldRemit also aims at increasing its pool of customers in the US which will allow it to get 40% of its revenue from the country from the current 14%. Britain and Australia still stand out as its highest revenue generating countries at 20% each.
The larger share of the profit collected will be redirected to the expansion of the company making it invest more in the growth. The company is in a position of financing itself and is expecting to go public shortly.
