WorldRemit, a digital money transfer service, will invest $40 million as it seeks to reach an additional 10 million people in emerging markets with half coming from Africa.
In a statement sent to The Observer on Monday, the company said customers in Africa will now be able to send money instantly to 148 countries worldwide through their service.
"This new funding will fuel our growth and help bring our service to millions more customers across the globe. Africa is a crucial market for us and over the next few years, we will expand our services so customers can send and receive with WorldRemit, getting benefits of our fast, secure online service," Ismail Ahmed, the founder and CEO at the company, said in the statement.
The statement further notes that money transferred to Africa accounts for more than half of the company's total volume of transactions. Up to 74% of remittances are sent through popular mobile money services across the continent like MTN, M-Pesa, and Airtel money.
In an email to The Observer on Monday, Sharon Kinyanjui, the head of East & Central Africa at WorldRemit, said that next year the company will open an office in Uganda so as to deliver "an even-better service."
"Since launching our services in Uganda in 2012, WorldRemit has been growing rapidly in the market," Kinyanjui said. "Ugandans living and working abroad have been fast to adopt our digital service and are the company's most frequent senders of remittances - transacting on average four times a month."