Compared to the valuations of the white colour money transfers such as transferwise, the value creation of the blue colour money remittance companies seem to have been more challenging. The company has to date focused on providing remittance services to individuals, specifically to help people living and working abroad to send money to friends and family back home, by way of an app. That business now covers 50 ‘send’ countries and 150 ‘receive’ countries, and some 4 million users, with the US (where it has a license to operate in all states) its biggest ‘send’ market today.
The value of remittances globally continues to rise, and today a startup that has built a business targeting money transfers into emerging markets has raised a large round of growth funding to capitalize on that. WorldRemit, the London startup that has focused on enabling competitively-priced, quick money transfers from migrant workers and immigrants living in developed countries back home, typically in developing countries, has raised $175 million in a Series D round of funding from TCV, Accel and Leapfrog.
