LONDON—Money transfer startup WorldRemit Ltd. is seeking to raise cash at a valuation of about $5 billion ahead of a potential initial public offering, Bloomberg reported.
WorldRemit is in talks with investors about a funding round, though the deal hasn’t been finalized and terms may still change, Bloomberg said, citing sources familiar with the matter. The IPO could come as soon as 2022, sources told Bloomberg.
“The cross-border digital payments service was created in 2010, inspired by founder Ismail Ahmed’s frustration at the high transaction fees other services charged to send money to his family in East Africa,” Bloomberg reported.
In August 2020, WorldRemit bought Africa-focused remittance app Sendwave in a $500-million deal that valued the combined companies at more than $1.5 billion.”