12-7-17 9:30 AM EST | Email Article

Fintech startup WorldRemit has raised $40 million in series C funding from Leapfrog Investments, Accel and TCV, according to a corporate release.

The sum brings the money-transfer firm’s total funding to $220 million and its valuation to $668 million — representing 34-percent growth over a $500 million valuation registered at the last funding round in February 2016, TechCrunch reported.

“This new funding will fuel our growth and help bring our service to millions more customers across the globe,” CEO Ismail Ahmed said in a press release.

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$450 Billion Makret

Specifically, it will expand services in Asia and allow remittance origination in more locations throughout Africa. The company primarily appeals to migrants with a wire service easing the remittance process, which represents a $450 billion market in developing countries and $596 billion market globally, according to estimates by World Bank.

However, WorldRemit presently limits outgoing services to 50 countries and incoming services to 148.

“I think the next phase of our growth is to turn those ‘receive’ countries into ‘send’ countries,” Ahmed told TechCrunch. “That’s the demand we’ve seen. In the past we didn’t want to do that because we didn’t want to transact in cash, but now because our users are making most digital transactions, we can.”

The London-based firm will also build up its Denver office, which has seen a 260-percent year-over-year swell in business, to support further growth in U.S. operations. The region is expected to contribute nearly half of WorldRemit’s revenue in the next three years.

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