WorldRemit seeks to raise fresh funds at a $5 billion valuation
WorldRemit, the fast-growing money transfer company, is said to be close to giant fundraising that values it at $5 billion.
Fresh funding for WorldRemit
WorldRemit is in the process of raising funds to help its accelerate its growth ahead of its potential initial public offering (IPO). The news was first reported by Bloomberg, which cited people familiar with the report.
The terms of the agreement and the venture capital firms involved in the transaction is not known. In the past, the firm has raised more than $407 million from a group of investors including LeapFrog Investments and TCV. The most recent funding happened in 2019 when the company raised $175 million at a valuation of slightly above $1 billion.
If the funding materializes, it will value the company at $5 billion and make it one of the biggest payment processors in the world.
WorldRemit has been in a fast growth path in the past few years. The company has increased its customers to more than 5.7 million. It also supports 70 currencies and allows customers in more than 130 countries to send and receive money.
Indeed, because of this growth, the firm completed a transaction to acquire SendWave in 2020. It spent $500 million to complete this transaction.
The news comes about two months after Wise, its biggest rival went public in London. The company is now valued at more than $10 billion.