The funding was led by a new, strategic investor: Leap Frog Investments, the firm founded in 2007 and backed by billions from the likes of Prudential, JP Morgan and the Omidyar Network specifically to make investments into financial and healthcare businesses improving services in emerging markets, specifically in regions like Africa and Asia.Previous investors Accel, TCV and an unnamed individual backer also participated.We can identify what has been remitted and how much is liable for tax.
To date, World Remit has mainly grown organically, and that is what it plans to do here.
But there is a big opportunity to expand World Remit’s footprint by way of acquisition.
We find that the UK’s highly complex tax laws mean that clients frequently are unaware that using a credit card issued outside the UK to buy goods or services in the UK and using foreign income or gains to pay the credit card bill creates a taxable remittance.
Using credit cards paid from clean capital accounts can make a significant difference to the amount of tax payable.
I’m delighted that a world-class fintech company like World Remit is choosing Leap Frog as its partner for growth in the emerging markets.” The second area World Remit is hoping to expand is in Asia.
Specifically, the company is planning to open a new office in the Philippines with 100 more employees, to help build out its business in that region This is also notable.“World Remit’s model is uniquely suited to scale and offers a best in class service that is vital to the livelihood of millions of consumers in Leap Frog’s core markets.The company also has a huge potential to expand globally – a combination that puts it at the heart of our profit with purpose philosophy.The first of these is to increase the number of countries where payments will be able to originate.Currently, the company lets people 148 countries, and Ahmed wants to bring complete parity to those figures, so that people can transfer money from any country to any country where World Remit operates.Please contact us for further advice if you are likely to become UK tax resident in the future, need guidance on setting up segregated bank accounts appropriate for your specific financial circumstances or you need an analysis of mixed funds already brought to the UK.Business Tips Philippines: Business Owners and Entrepreneurs’ Guide Business Tips Philippines, an online entrepreneurship, management & marketing guide for Filipinos, business owners, leaders & entrepreneurs around the world.There are a number of startups competing with the likes of Western Union and Money Gram to provide lower-cost and faster remittance services globally, but interestingly, many of them have been building their services with relatively little overlap of the regions that they are targeting first.(Remitly, for example, has been focusing a lot on the business of sending money from the US to India, recently raising 5 million to double down on that opportunity.) “So far we have seen consolidation in the world of traditional money transfers, where the three largest players are still consolidating some of the smaller players,” Ahmed said.This means every day we trade with all the assorted currencies that are in use in Africa,” he explained.“I think the next phase of our growth is to turn those ‘receive’ countries into ‘send’ countries. In the past we didn’t want to do that because we didn’t want to transact in cash, but now because our users are making most digital transactions, we can.” He points out that 90 percent of World Remit’s customers — or 1 million out of 2 million users — are using smartphones for their transactions, and that money transfer services are a key driver of getting those smartphones in the first place (the other key driver? That is a pretty impressive statistic in itself, considering how low down African countries generally have been in world rankings for internet and telephony access.