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Monday, December 22, 2014

Somali tech star seeks £64m

(Medeshi)- By Kiki Loizou , Sunday Times - A YOUNG technology company that helps migrant workers and expatriates to send money home is gearing up for a potential $100m (£64m) fundraising.
WorldRemit, a four-year-old west London company that specialises in online transfers to developing countries, is thought to be rounding up investors for the cash injection.

Accel Partners, the venture capital giant that backed Facebook and Spotify, could add to its $40m investment in WorldRemit in March.
The fundraising would be one of the largest in Britain’s flourishing financial technology sector, and would crystallise a paper fortune for its founder.
WorldRemit was set up by Ismail Ahmed, 54, who came to Britain from Somalia 17 years ago to do research on remittances at Sussex University. Then he joined the United Nations, where he helped companies to comply with tough money transfer regulations introduced after 9/11 terrorist attacks in the US.
Keep reading at Sunday  Times