Private equity firm Leapfrog Thursday led a $40m (£30m) fundraising for digital money transfer firm Worldremit.
Existing investors Accel and TCV also participated in the capital raise.
Worldremit said it would use the proceeds to target 10m new emerging markets customers by 2020, according to report by City A.M.
WorldRemit last month became Arsenal football club’s first-ever online transfer partner. It handles a growing share of the $600bn migrant money transfer market – better known as remittances.
“This new funding will fuel our growth, and help bring our service to millions of 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,” said Worldremit founder Ismail Ahmed.
Since 2015 Worldremit has launched 206 new services and grown transactions by 400 per cent.