WorldRemit Raises $45m to Drive Next Phase of Growth

Latest financing by TriplePoint Venture Growth BDC Corp. and Silicon
Valley Bank brings total raised to nearly $200m

LONDON–(BUSINESS WIRE)–Money transfer service WorldRemit
has raised $45m in financing from TriplePoint
Venture Growth BDC Corp.
and Silicon
Valley Bank
. Pioneering a mobile-first approach to remittances,
WorldRemit will use the funds to support its rapidly growing transfer
volumes.

The WorldRemit app lets people send money straight from their
smartphone, instead of having to travel to a money transfer agent. Those
receiving money– often in developing countries – can collect the funds
as Mobile Money, bank transfer, for cash pickup or as a mobile airtime
top-up.

WorldRemit is the UK’s fastest-growing technology company (Deloitte
Technology Fast 50 2015). The money transfer service generated $39m in
revenue in 2015 – making it one of Europe’s biggest FinTech firms – and
currently enables around 400,000 transfers every month.

The latest financing will help WorldRemit expand its network of partners
across the world, increasing availability of instant money transfers to
customers. Remittances sent via traditional money transfer agents often
take days to arrive.

Sajal Srivastava, President of TriplePoint Venture Growth BDC Corp.,
explains: “We are delighted to join Accel Partners and Technology
Crossover Ventures in support of WorldRemit’s continued international
expansion. It is exciting to be involved with a service that delivers
real benefits to people around the world while demonstrating impressive
business growth.
WorldRemit represents what the FinTech
revolution has to offer: – innovation, empowerment to individuals and
new opportunities to the financial services industry.”

Phil Cox, Head of EMEA and President of UK Branch, at Silicon Valley
Bank: “We’re pleased to play a part in driving WorldRemit’s
impressive global expansion. Operating across the world gives WorldRemit
diversified revenue streams and a huge customer base. This is a great
story of tech for good – the social impact of connecting remittances to
Mobile Money services in the developing world has been huge and looks
set to continue.”

Ismail Ahmed, WorldRemit’s CEO & Founder, comments: “We want to
give people the power to share money anytime, anywhere. This latest
financing will help more people send instant money transfers to their
loved ones through the WorldRemit app. WorldRemit will continue to build
partnerships with Mobile Money services, banks and payout networks
around the world so that our service becomes universal.”

WorldRemit has now raised $192.7m in funding to date.

Note to editors

  • Images for press here

About WorldRemit

WorldRemit is changing the way people send money.

It’s easy – just open the app or visit the website – no more agents.

  • Transfers to most countries are instant – send money like an instant
    message.
  • More ways to receive (Mobile Money, bank transfer, cash pickup, and
    mobile airtime top-up).
  • Available in over 50 countries and 125+ destinations.
  • Backed by Accel Partners and TCV – investors in Facebook, Spotify and
    Netflix.
  • WorldRemit is the UK’s fastest-growing technology company (Deloitte
    Technology Fast 50 2015)

WorldRemit’s global headquarters are in London, UK with regional offices
in the United States, Canada, Japan, Australia and New Zealand.

Read more: About
us

About TriplePoint Venture Growth BDC Corp.

TriplePoint Venture Growth BDC Corp. (NYSE: TPVG) the leading financing
provider to venture growth stage companies backed by a select group of
venture capital firms in the technology, life sciences and other high
growth industries, is an externally managed, closed-end, non-diversified
management investment company that has elected to be regulated as a
business development company under the Investment Company Act of 1940,
as amended. It was formed to expand the venture growth stage business
segment of TriplePoint Capital LLC. The Company’s investment objective
is to maximize its total return to stockholders primarily in the form of
current income and, to a lesser extent, capital appreciation by
primarily lending with warrants to venture growth stage companies
focused in technology, life sciences and other high growth industries
backed by a select group of leading venture capital investors. More
information is available at http://www.tpvg.com.

About Silicon Valley Bank UK

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative
businesses and their investors move bold ideas forward, fast. With
commercial and international banking services, SVB helps address the
unique needs of innovators as they grow. SVB is unique in the UK, it’s
the only bank devoted to the needs of technology, life science, and
innovation businesses and their investors through every stage of their
life cycle. Learn more at svb.com/uk.

Silicon Valley Bank is registered in England and Wales at 41
Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is
authorised and regulated by the California Department of Business
Oversight and the United States Federal Reserve Bank; authorised by the
Prudential Regulation Authority with number 577295; and subject to
regulation by the Financial Conduct Authority and limited regulation by
the Prudential Regulation Authority. Details about the extent of our
regulation by the Prudential Regulation Authority are available from us
on request. Silicon Valley Bank is a subsidiary of SVB Financial Group
(NASDAQ: SIVB), a Delaware corporation and is an affiliate of SVB
Financial Group UK Limited.

SVB Financial Group UK Ltd is registered in England and Wales at 41
Lothbury, London EC2R 7HF, UK under No. 5572575 and is authorised and
regulated by the Financial Conduct Authority, with reference number
446159. SVB Financial Group and its subsidiary Silicon Valley Bank are
members of the Federal Reserve System and Silicon Valley Bank is a
member of the FDIC.

Contacts

Media:
WorldRemit
Ben Leong
media@worldremit.com