WorldRemit

Financial Services banks money transfer payments

WorldRemit is an online service that lets people send money to friends and family living abroad, using a computer, smartphone or tablet. It is a convenient, low-cost alternative to traditional money transfer companies that use high street agents and charge high fees. Money can be received as a bank deposit, cash pick-up, mobile money or mobile airtime top-up.

Revenue(FY, 2016)

£41.1 M

Market valuation(2017-12-08)

£500 M

Total Funding

$232.7 M

Type	Private
HQ	London, GB
Founded	2010
Size (employees)	398 (est)+3%
Website	worldremit.com

WorldRemit was founded in 2010 and is headquartered in London, GB

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Key People/Management at WorldRemit

Ismail Ahmed

Founder & Chief Executive Officer

Ian Cole

Group Chief Financial Officer

Russ Thornton

Chief Technology Officer

Alex OShaughnessy

Chief Marketing Officer

Tamer El-Emary

Chief Commercial Officer

Brion Nazzaro

Group Compliance Director and Chief Compliance Officer USA

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WorldRemit Office Locations

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WorldRemit has offices in Sydney, Greenwood Village, London, Longueuil and in 7 other locations

London, GB (HQ)

62 Buckingham Gate

Belconnen, AU

Level 1, 7 Beissel Street

Longueuil, CA

1079, Chemin De Chambly, Suite 207

Greenwood Village, US

6312 South Fiddlers Green Circle, Suite 300E

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WorldRemit Financials and Metrics

Summary Metrics

Founding Date	2010
WorldRemit total Funding	$232.7 m
WorldRemit latest funding size	$40 m
Time since last funding	9 months ago
WorldRemit investors	BDC Capital Corporation, TCV, TriplePoint Venture Growth, Project A Ventures, Silicon Valley Bank, Accel Partners

WorldRemit's latest funding round in December 2017 was reported to be $40 m. In total, WorldRemit has raised $232.7 m. WorldRemit's latest valuation is reported to be £500 m.

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WorldRemit Revenue

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WorldRemit's revenue was reported to be £41.05 m in FY, 2016 which is a 53.4% increase from the previous period.

Summary

GBP
Revenue (FY, 2016)	41.1 m
Revenue growth (FY, 2015 - FY, 2016), %	53.4%
Gross profit (FY, 2016)	24.3 m
Gross profit margin (FY, 2016), %	59.1%
Net income (FY, 2016)	(15.2 m)
EBITDA (FY, 2016)	(7.6 m)
EBIT (FY, 2016)	(10.2 m)
Market valuation	500 m
Cash (31-Dec-2016)	28.7 m

Source: Businessinsider
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Income Statement

GBP	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Revenue	86.4 k	1.2 m	5.5 m	15.2 m	26.8 m	41.1 m
Revenue growth, %				174%	77%	53%
Cost of goods sold	30 k	632 k	2.5 m	7 m	11.5 m	16.8 m
Gross profit	56.4 k	584.8 k	3 m	8.2 m	15.3 m	24.3 m

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Source: Businessinsider

Balance Sheet

GBP	FY, 2010	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Cash	172.6 k	256.7 k	440.1 k	1.7 m	7.9 m	16.1 m	28.7 m
Accounts Receivable	20.2 k	313			974.8 k	2.6 m
Current Assets	192.8 k	942.6 k	1.3 m	4 m	17.7 m	37.3 m	47.6 m
PP&E	4.4 k	11.9 k	23.5 k	366.4 k	214.2 k	2.4 m	2.2 m

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Cash Flow

GBP	FY, 2011	FY, 2012	FY, 2013	FY, 2014	FY, 2015	FY, 2016
Net Income	(612.1 k)	(747.7 k)	(2 m)	(10.2 m)	(18.2 m)	(15.2 m)
Cash From Operating Activities				(14.4 m)	(25.2 m)	5.7 m
Cash From Financing Activities				22.3 m	40.6 m	10.5 m
Net Change in Cash				2 m	8.2 m	12 m