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Tech Startup Nabs $100M for Money Transfer Biz

Eunice Baguma Ball | Venture Burn   in 
March 8, 2015

Founded in 2010 by Somali entrepreneur Ismail Ahmed, WorldRemit — a London-based tech startup providing low-cost international money transfers — made headlines a few weeks ago when it raised US$100-million in series B funding.

Having personally experienced the frustrations of using traditional money transfer agents, WorldRemit’s founder Ahmed set out to create a service that would use technology to improve the sending process, enhance compliance and reduce the costs for the customer.

I’m not surprised at all by the success that WorldRemit has achieved, and in my previous articleI urged African startups to look at the bigger picture: the opportunity presented by the remittances and international payments market.

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