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Payment transfer service World remit has announced it has received $40 million fresh funding from a consortium of investors. Investors that participated in the fund raise are Leapfrog investments,  Accel and 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.

Where will the funds go to ?

WorldRemit will enable customers in Africa to transfer money to 148 countries as easily as sending an instant message, using the WorldRemit app. Countries in Africa which now receive remittances through WorldRemit will become send countries. Simply put, consumers in Africa will be able to send money to other parts of the world.

Most importantly, the new service will make sending money within Africa faster, easier and at low cost.

About  World Remit

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet. Money can be received as a bank deposit, cash pick-up, Mobile Money, or mobile airtime top-up. The company was founded in 2010 by Ismail Ahmed and is backed by venture capital companiesAccel Partners and Technology Crossover Ventures (TCV).

LeapFrog Investments, founded in 2007  by Jim Roth and Andrew kuper is a private investment firm that invests in high-growth financial services and healthcare companies in emerging markets. Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. Technology Crossover Ventures (TCV) founded by Jay Hoag in 1995 is a private equity and venture capital firm.