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.
Therefore, we can offer to arrange your financial affairs prior to remitting funds in the future.
We can help you separate the different strands of your income into segregated bank accounts and ensure that the least tax need be paid when you bring money into the UK.
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.If money is brought into the UK from such a mixed fund bank account the HMRC applies strict ordering rules and different rates of tax are applied to different sources.Foreign income or gains earned prior to arrival in the UK are known as “clean capital” and are not taxable if remitted to the UK. Our team is highly experienced in analysing the different sources which make up any mixed funds which have been remitted.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.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.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.World Remit, a London-based startup with some 2 million users that offers a quick way for people to send money to each other with a focus on developing markets, has raised more funds to help it take on the likes of Western Union in the remittances market, estimated by the World Bank to be worth some 6 billion globally this year, and ramp its user number to 10 million.The company has picked up million — a Series C round that sources tell us brings the company’s valuation to around 8 million (or ‘just under £500 million’ in the figure we were given in local currency by our sources).