London-based money transfer firm WorldRemit has received $175m investment in a Series D funding round led by TCV, Accel and Leapfrog Investments.

All the three investors in this round are existing backers.

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The deal is pending FCA approval.

In 2017, WorldRemit secured $40m in a Series C funding round.

TCV General Partner John Doran said: “In 2018, mobile and online payments to emerging markets reached a record high of $528 billion and we expect this number to increase.

“As WorldRemit handles a growing share of this market, we look forward to continue working with the company to scale its digital platform and expand its service to reach many new customers across the globe.”

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Using the new infusion, WorldRemit intends to ramp up growth and diversify its product line-up.

Currently, the firm tends to nearly four million customers, enabling them to send funds from 50 countries to 150 countries.

US ranked as the firm’s largest send market last year.

The firm has licenses to operate in all 50 US states.

In the coming days, the firm plans to introduce a remittance tool aimed at those small and medium-sized merchants who do business in emerging markets.

WorldRemit CEO Breon Corcoran said: “Our mission is to help them transfer money as securely and speedily as possible while reducing the cost to our customers. We will grow our business through differentiation on speed, service, security and value.”

“The leadership team is grateful to our investors for their continued commitment to the business.

“The new money will help us to further develop the offering and we will launch a solution for small and medium-sized businesses.”