WorldRemit, a UK-based digital money transfer service, has raised $40m in a Series C funding round led by LeapFrog Investments to further expand its operations across the globe.
Other participants in the funding round included existing investors Accel and TCV.
WorldRemit plans to use the fresh capital to further expand its footprint in Asia by launching business in Indonesia.
The company added that it will also use the funds to deepen investment in existing markets, such as Norway, Sweden and Denmark.
The latest funding takes the total capital raised by the firm to $220m. The firm said that the capital supports its strategy to meet the needs of 10 million customers connected to emerging markets by 2020.
WorldRemit founder and CEO Ismail Ahmed said: “This new funding will fuel our growth, and help bring our service to millions more customers across the globe. We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours.”
Currently, WorldRemit enables people from 50 countries make fund transfers to 148 countries.