WorldRemit raises USD 40 mn to expand in Egypt

INVESTMENT WATCH- Digital money transfer service WorldRemit has raised USD 40 mn in Series C funding to finance expansion of its Egypt operation, the company said in a statement on Monday. The move comes on the back of a surge in remittances by Egyptian expats following the EGP float, which jumped nearly 40% in 1Q2017-18 to USD 6.0 bn, from USD 4.3 bn last year. The new funding will be used to expand the company’s partner network in Egypt as well as appoint a country manager and head of North Africa to lead the growth of the business. WorldRemit allows migrants to send remittances through their phones, cutting out high-priced middlemen such as traditional operator Western Union.