Uganda, Dec 10 – Online money transfer service that provides international remittance services, WorlRemit pushed it financial limit to elasticity by raising $40 million that will be pivotal to reach its next level of global growth that seeks to reach at least 10 million customers that are in touch with the markets.
The exciting part is that half of the audience will be linked in Africa, with East Africa country Uganda part of the deal.
The new funding will catapult further development of the leading digital money transfer service, and increasing its networking services all around the globe. According to the founder and CEO, Ismail Ahmed, he believes there is still more to come in the coming era.
Reports suggest that money transfers to Africa account for more than half of WorldRemit’s total amount of transactions that take place. The merchandise holds a significance percentage of mobile money services that operate in Africa such as Airtel Money, MTN, Tigo Pesa among others.
This has been a key reason to why the company has been successful in Africa and a leader in mobile-to-mobile international money transfers.
Ahmed, began the company following a series of years of experience while working as a remittance specialist, as well as ex-compliance advisor to the United Nations. He was convinced that technology could better the transaction process at pocket friendly costs.
Experts believe that the CEO’s business worth is close to $700 million. In addition to the multibillion figures, revenues gained in 2017 are estimated to be over $80 million.
Born in Somali, Ahmed forecasts Africa as their important market in the coming ages and will utilize the market to open further branches and convey quality services to the customers. The company has enjoyed great benefits and achievements over the years and more is set to come.