London-based fintech scale-up WorldRemit has secured $175 million in a Series D funding round led by returning investors (TCV, Accel and Leapfrog Investments) – via TechCrunch.

Founded back in 2010, WorldRemit provides a low-cost alternative for smartphone and online payments, and is particularly suited for handling part of what it says is $700 billion worth of remittances sent each year by expats and migrant workers to their home countries.

WorldRemit says it currently serves almost 4 million customers.

Breon Corcoran, CEO of WorldRemit, said the company will continue to help migrants send money to their families, friends and communities, but also that there’s a solution in the works for small and medium-sized business owners who trade internationally, especially in emerging markets.

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