WorldRemit, a global online money transfer service, has closed a $40 million Series A investment from Accel Partners. According to the PitchBook Platform, the deal represents one of the largest Series A financings ever in the financial services industry.
WorldRemit's online platform enables migrants and expats from 35 countries to send quick, low-cost remittance payments to families and friends in over 100 destinations. The company, which currently enables more than 1.3 million annualized remittance transactions with the help of over 50 employees, expects to grow its staff to 200 employees by the end of the year. The funds will help expand the company into new geographies and develop additional products and services.