London fintech startup World Remit raises $45m from Triple Ventures Growth BDC and Silicon Valley Bank
Star London fintech startup World Remit has landed another multi-million pound round of funding from investors.
Triple Ventures Growth BDC and Silicon Valley Bank have invested $45m (£31m) in the form of debt financing to fuel expansion plans.
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The remittances startup lets people send and receive money online and via mobile and is targeting the $600bn a year industry dominated by traditional companies such as Western Union.
"We are delighted to join Accel Partners and Technology Crossover Ventures in support of WorldRemit’s continued international expansion," said TriplePoint's president Sajal Srivastava.
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"It is exciting to be involved with a service that delivers real benefits to people around the world while demonstrating impressive business growth. WorldRemit represents what the fintech revolution has to offer: – innovation, empowerment to individuals and new opportunities to the financial services industry."
The cash follows a $100m series B round of funding raised this time last year from TVC and Accel Partners which valued the firm at $500m. It brings WorldRemit's funding to date to $192.7m.