A global leader in digital remittances, also known as migrant money transfers, WorldRemit enables the transfer of funds to mobile money accounts – an emerging market technology where a customer’s mobile phone number acts like a bank account to hold funds.
Integrated with traditional means to transfer and receive money, such as bank deposit and cash pickup, WorldRemit has pioneered the digitising of remittances giving emerging consumers access to the global flow of funds from family and friends working overseas that is vital to their livelihoods.
It is a service close to founder, Ismail Ahmed’s, heart – as a student in the UK he struggled to send money home to support his family in Somalia, due to the inefficient, insecure and high-fee remittance systems of the past.
The LeapFrog Difference
LeapFrog invested in WorldRemit in 2017. Our investment will support the company’s plans for growth, which include continuing to deliver innovative products and services, and scaling the technology that underpins its mobile-first, digital model, to reach and improve the lives of millions of emerging market consumers. Expansion into new markets, both organically and via acquisition, is also on the cards; in 2020, WorldRemit acquired Africa-focused Sendwave, with further acquisitions set to follow.
WorldRemit is one of many financial services companies we have invested in. Learn more about the other innovative and impactful businesses LeapFrog has partnered with.