Leading digital money transfer service WorldRemit has raised $40 million to drive its next phase of global growth, aiming to serve 10 million customers connected to emerging markets. Half of these customers will be in Africa. Ismail Ahmed, founder and CEO at WorldRemit, said in a statement yesterday that the new funding will fuel our growth, and help bring our service to millions more customers across the globe. "Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting the benefits of our fast, secure online service.”

As part of the expansion, WorldRemit will enable customers in Africa to transfer money to 148 countries faster, easier and at a low cost, using the WorldRemit app, according the statement. According to the World Bank, inter-Africa transfers are among the most expensive in the world. Money transfers to Africa account for more than half of WorldRemit’s total volume of transactions.

The company currently handles 74 per cent of remittances to popular mobile money services across Africa like MTN, Ecocash, Tigo Pesa, Vodafone M-Pesa and Airtel Money, making it the global leader in mobile-to-mobile international money transfers.