Tracxn - Remittance Startup Landscape

Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Remittance - Jul 2018
Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
2
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Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
3
Feed Summary
Investment Trend Summary
Exit Outlook Summary
BlueBox
Summary of Key Markets
Notable Companies in the Sector
Recent News

Note: Mega Companies includes IPO’d companies, Mega Acquisitions and Unicorn. Data is taken from Tracxn Platform as on July 2, 2018.
Remittance Feed Summary
4
Remittance > Feed Summary
Cross border money transfer and bill payments.
• Inclusions: Companies which provide platforms to send
and receive money, recharge and pay bills across borders
and B2B payments. It covers companies which enable
cross border money transfer institutions (White label,
Network). Also covers B2C Forex data platforms.
• Exclusions: Cross border payment gateways
• Excludes funding information of Chinese companies
Feed in Numbers
Overview
$3.1B
Funding
26
Mega
Companies
182824
FundedCovered on
Tracxn
6
Unicorns
22
Soonicorns
32
Minicorns
13
IPO’d Cos
59
Late Stage Cos
21
13
Acquisitions
86
DeadPooled
31
Acquihired
Series A+ Cos
Revolut
(2014, London, $340M)
WorldRemit
(2010, London, $220M)
Ripple
(2012, San Francisco, $90.5M)
Top Companies

Investment Trend Summary
Summary of Funding Activity in Remittance
5
$280M - Series E
TransferWise (2010, London, $397M)
$110M - Series E
Circle (2013, Boston, $246M)
$250M - Series C
Revolut (2014, London, $340M)
$66M - Series B
$180M - Series E
Payoneer (2005, Petah Tikva, $270M)
$62.1M - PE
Imperial FX (1980, London, $62.1M)
$115M - Series D
Remitly (2011, Seattle, $227M)
$60M - Series D
$115M - Series A
TNG Wallet (2013, $115M)
$57.5M - Angel
Uphold (2014, San Francisco, $73M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Remittance > Feed Summary > Investment Trend Summary
Seed
ACE and Company (#2), Fenway Summer Ventures (#2), Pantera
Capital (#2)
Series A/B Digital Currency Group (#4), Accel Partners (#2), Beenext (#2)
Series C+
Rakuten Capital (#2), Sapphire Ventures (#2), Andreessen
Horowitz (#1)
Incubators 500 Startups (#9) Startupbootcamp (#8) Techstars (#6)
Other Notable
Investors
Accion (#4), BnkToTheFuture (#3), Kima Ventures (#3)
Debt Investors
Silicon Valley Bank (#6), Idinvest Partners (#2), Mercia
Technologies(#1)
Most Active InvestorsRecent Investments
35 39 51 51 43 11
$66M
$244M
$530M $552M
$850M
$485M
2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
$1.4B
$1B
$272M
$69.7M
$24M
Europe
US
Israel
SEA
Australia
$ Funding
73
124
168
89
31
4
2013 2014 2015 2016 2017 2018*
Y-o-Y # of Companies Founded

Summary of exit outlook in Remittance
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Index Ventures 2
Seedcamp 2
Herald Investment
Management
2
eServGlobal (1983, Paris)
Earthport (1997, London)
ACE and Company 1 TransferWise (2010, London, $397M)
Balderton Capital 1 Revolut (2014, London, $340M)
Jun 2018
Hyperwallet Systems Acq by PayPal Careers for
$400M
Apr 2018 Skrill Acq by Optimal Payments for $1.2B
Aug 2017
Cambridge Global Payments Acq by FleetCor
Technologies for $690M
Jan 2017 MoneyGram Acq by Ant Financial for $880M
Jul 2015 Xoom Acq by PayPal for $890M
Aug 2014 Moneycorp Acq by Bridgepoint Capital for $352M
Remittance > Feed Summary > Exit Outlook Summary
Bridgepoint
Capital
1 Moneycorp (Aug 2014, $352M)
PayPal 1 Xoom (Jul 2015, $890M)
Equistone
Partners Europe
1 Small World FS (Mar 2018, $113M)
First Data 1 Vigo Remittance Corporation (Oct 2005, $364M)
FleetCor
Technologies
1 Cambridge Global Payments (Aug 2017, $690M)
Recent IPOs Top Acquisitions
MoneySuperMarket Jul 2007
A comparison site for financial products.…
IPO MCap: - Current MCap: -
Western Union Oct 2006
Money transfer service
IPO MCap: - Current MCap: $9.3B
eServGlobal Oct 2005
Mobile Money & Mobile Financial Services
IPO MCap: - Current MCap: -
Transcorp Oct 2001
Remittance and other financial services p…
IPO MCap: - Current MCap: $14.4M
FairFX Aug 2014
Prepaid currency cards, travel cash and i…
IPO MCap: $51.3M Current MCap: -
OFX Nov 2013
International money transfer service prov…
IPO MCap: $454M Current MCap: -
Midpoint Dec 2010
Peer to peer Foreign Exchange and Interna…
Peppermint Innovation May 2008
Proprietary Mobile Banking Technology pro…

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
FACTSHEET
Overview
Companies 824
Funded 182 Series A+ 59
Funding $3.1B Last 2 yrs $1.5B
Most Active Investors
Seed Pantera Capital (2)
Series A/B Digital Currency Group (4)
Series C+ Rakuten Capital (2)
Others Accion (4)
Incubators 500 Startups (9)
Top Cities
London 169 Cos $1.3B
Bay Area 37 Cos $409M
Feed in Numbers
Unicorns 6 Soonicorns 22
Minicorns 32 Editor Picks 132
Acquihired 31 Deadpooled 86
Top Companies
Ripple (2012, San Francisco, $90.5M)
WorldRemit (2010, London, $220M)
Exits
IPOs 13 OFX, FairFX
Acquisitions 13 Hyperwallet Systems, Skrill
Top Acquirers Bridgepoint Capital, PayPal
Marketmap: Remittance
OFFLINE CHANNELS
AGENT NETWORK
INTERNATIONAL BILL PAYMENTS
EDUCATION PAYMENTS
UTILITY BILL PAYMENTS
BLOCKCHAIN
BLOCKCHAIN*
ENABLERS
REMITTANCE AS A SERVICENETWORK
BLOCKCHAIN*
ONLINE CHANNELS
BANKING CHANNELS
WALLET
Remittance > Feed Summary > BlueBox
7

Key Sub Sectors in Remittance Sector
Summary of Key Markets
8
Top Markets of Investment Activity
# Cos on
Platform
Last 2 Years
$ Invested # Round
Retail Payments >
Local In-Local Out 248 $537M 14
B2B Payments >
Banking Channels 58 $300M 15
Retail Payments > Wallet Money >
Multi Currency Account 28 $411M 9
Retail Payments >
Wallet Money 82 $119M 6
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Retail Payments
Companies that help individuals to transfer money
internationally
576 116 $2.2B
B2B Payments
Companies that offer cross border money transfer and
mass payout solutions to businesses
70 28 $645M
Enablers
Companies that offer APIs and technology to enable
remittance
56 17 $223M
Forex
Companies that enable users to compare and exchange
foreign currency
82 10 $8.3M
Aggregator
Companies that enable users to compare remittance
rates across various money transfer...
40 11 $1.6M
Remittance > Feed Summary > Summary of Key Markets

List of Notable Companies in Remittance
Notable Companies in the Sector
9
Note: *(Founded Year, Location, Total Funding)
Remittance > Feed Summary > Notable Companies in the Sector
Public
OFX
(1998, Sydney)*
FairFX
(2006, London)
Earthport
(1997, London)
Midpoint
(1998, London, $1.1M)
Wave Systems
(2014, Lee, $825k)
Euronet Worldwide
(1994, Leawood)
MoneySuperMarket
(1993, Ewloe)
Transcorp
(1984, Jaipur)
Boss Revolution
(2008, Newark)
eServGlobal
(1983, Paris)
Public
Peppermint Innovation
(2014, Perth)
Telupay
(2010, Makati)
Western Union
(1851, Englewood)
Acquired
Skrill
(2001, London)
Xoom
(2001, San Francisco, $106M)
MoneyGram
(1940, Dallas)
Cambridge Global
Payments
(1992, Toronto, $20M)
Hyperwallet Systems
(2000, California)
Vigo Remittance
Corporation
(1986, Sunrise)
Moneycorp
(1962, London)
Currencies Direct
(1996, London)
Intermex
(1994, Miami)
Acquired
HiFX
(1997, Windsor)
Small World FS
(2005, London)
Unicorns
TransferWise
(2010, London, $397M)
Revolut
(2014, London, $340M)

List of Notable Companies by Market in Remittance
Notable Companies by Market (1/6)
11
Remittance > Feed Summary > Notable Companies by Market
Retail Payments
Local In-Local Out
International money transmitter based on currency
swaps
Unicorn. Stage: Series E
Old Mutual Global Investors, IVP, Sapphire
Ventures and 39 Other Investors
Cross-border money transfer using banking
networks.
Soonicorn. Stage: Series D
Stripes Group, DFJ, DN Capital and 15 Other
Investors
Online remittance platform provider.
Soonicorn. Stage: Series C
LeapFrog Investments, Accel Partners, Technology
Crossover Ventures and 5 Other Investors
Local In-Local Out
Xoom (2001, San Francisco, $106M)
International personal remittances
Stage: Acquired
Sequoia Capital, New Enterprise Associates, DAG
Azimo (2012, London, $66.5M)
P2P money transfer provider
e.ventures, Frog Capital, Greycroft Partners and 14
Other Investors
CurrencyFair (2009, Dublin, $33.2M)
P2P international money transfers
Soonicorn. Stage: Series B
Octopus Ventures, Frontline Ventures, Proxy
Midpoint (1998, London, $1.1M)
Peer to peer Foreign Exchange and International
Payments Platform
Editor's Pick. Stage: Public
Local In-Local Out
Euronet Worldwide (1994, Leawood)
Electronic payments provider
Unicorn. Stage: Public
Innova Capital, Advent International, Euroventures
Currencies Direct (1996, London)
Foreign exchange and money transfer.
Soonicorn. Stage: Acquired
Corsair Capital, Palamon Capital Partners
Fexco (1981, Tralee)
Financial and Business solution provider.
Soonicorn. Stage: Unfunded
OFX (1998, Sydney)
International money transfer service provider.
Soonicorn. Stage: Public
Accel Partners, The Carlyle Group
Transcorp (1984, Jaipur)
Remittance and other financial services provider

12
Retail Payments
Local In-Local Out
Small World FS (2005, London)
An international money transfer service provider
Stage: Acquired
FF and P Private Equity, MMC Ventures, Stonehage
Fleming Private Equity and 2 Other Investors
FairFX (2006, London)
Prepaid currency cards, travel cash and
international money transfer
Stage: Public
HiFX (1997, Windsor)
Foreign exchange and international money transfer
Stage: Acquired
Moneycorp (1962, London)
Foreign exchange and international payments for
businesses and individuals.
Stage: Acquired
RBS Group, Pollen Street Capital
Telupay (2010, Makati)
Mobile and Payment making platform provider.
Stage: Public
Wallet Money
Cloud money app for currency exchange.
Unicorn. Stage: Series C
Index Ventures, Ribbit Capital, DST Global and 11
Other Investors
Hong Kong-based mobile wallet
Soonicorn. Stage: Series A
NewMargin Ventures
Multiple currency reserve and exchange platform.
Greg Kidd, Hard Yaka
Wave Systems (2014, Lee, $825k)
International remittance app
Y Combinator, Southeast Interactive, Genesys
Partners and 1 Other Investors
Wallet Money
Skrill (2001, London)
Online money transfer and wallet provider
Unicorn. Stage: Acquired
Idinvest Partners, CVC Capital Partners

13
Retail Payments
Blockchain
Digital currency wallet for global money transfers
Soonicorn. Stage: Series E
Bitmain, Breyer Capital, General Catalyst Partners
and 16 Other Investors
Offline
MoneyGram (1940, Dallas)
Leading Money transfer service
Unicorn. Stage: Acquired
Goldman Sachs, Blum Capital Partners
TransFast (1988, New York City)
International, money transfer and payments
company
Apis Partners, Comvest Partners
Intermex (1994, Miami)
Money transfer service provider
Banyan Mezzanine Funds
Vigo Remittance Corporation (1986,
Sunrise)
Money transfer rate comparison and agent search
platform.
Editor's Pick. Stage: Acquired
Great Hill Partners
Offline
Western Union (1851, Englewood)
Stage: Public

14
Retail Payments
Alternative Remittance
Flywire (2009, Boston, $43.2M)
Global money transfer in local currency
Bain Capital Ventures, Spark Capital, Accel Partners
Boss Revolution (2008, Newark)
Prepaid International Calling and Payment Services
Stage: Public
B2B Payments
Banking Channels
Global money transfer service
CBC Capital, Technology Crossover Ventures, W
Capital Partners and 11 Other Investors
Ebury (2009, London, $119M)
B2B payment service provider.
NIBC, Vitruvian Partners, 83North and 1 Other
Investors
Cambridge Global Payments (1992, Toronto,
$20M)
Efficient and customizable global payment services
Hyperwallet Systems (2000, California)
Mass Payout solution provider.
Primus Capital Partners, Raymond James, Primus
Capital
Blockchain Platform
BitPesa (2013, Nairobi, $10M)
Bitcoin based remittance service provider.
Soonicorn. Stage: Series A
Greycroft Partners, Plug and Play Tech Center,
Draper Associates and 10 Other Investors

15
Aggregator
Sender Fee
MoneySuperMarket (1993, Ewloe)
A comparison site for financial products.
Enablers
Enablers
Stage: Public
Herald Investment Management
Network
Open source payment protocol for cross border
money transfer.
Standard Chartered, SBI Holdings, Digital Ventures
PayCommerce (2006, Matawan, $22M)
Payment network through a consortium of banks
offering global ACH.
Tritium Partners
Financial services organisation specialising in
cross-border payments
Herald Investment Management, HU Investments

16
Enablers
Remittance-as-a-Service
Currency Cloud (2012, London, $63.5M)
Cross-border payment services provider
GV, Sapphire Ventures, Anthemis Group and 9
Other Investors
Peppermint Innovation (2014, Perth)
Proprietary Mobile Banking Technology provider
Stage: Public

List of Notable Companies in Remittance in China
Notable Companies in the Sector in China
17
Remittance > Feed Summary > Notable Companies in the Sector in China
Public
Foreign Exchange
(2015, Hong Kong)
MoneySwap
(1999, Hong Kong)

Recent News in Remittance Sector
Recent News
18
Jun 2018 Ripple Forges into India with the Help of a Major Bank, nulltx.com
Jun 2018
Payoneer Lights Up the Digital Marketing Industry with Rapid
Growth, Corporate Partnerships and Working Capital Offering,
GlobeNewswire
Jun 2018
UAE Exchange targets 10% remittance growth on higher liquidity,
The National
Jun 2018
Indian Bank Kotak Mahindra Announces RippleNet Integration,
Crypto News
Jun 2018
FairFX launches international business account for small
businesses, Finextra
Jun 2018
Crypto Startup Uphold Moves to Become Licensed U.S. Broker-
Dealer, globalbitcoin.co.uk
Jun 2018
Digital Money Platform Uphold to Acquire New York-Based Broker-
Dealer JNK Securities, Business Wire
Jun 2018 Fexco invests €500,000 in fintech firm Cambrist, Independent.ie
Jun 2018
Payoneer Teams Up with e-Residency for Cross-border Payments in
India, BW Businessworld
Jun 2018
Goldman Sachs-backed Circle sees boom in crypto demand from
institutional investors, despite bear market, CNBC
Jun 2018 RakBank, Xpress Money partner for payment service, Trade Arabia
Jun 2018
Fintech friends: Monzo partners with TransferWise for
international payments, Tech News Universe
Jun 2018 PayPal’s Xoom arm hikes remittance limit to India, Indiatimes
Key Recent News Key Recent News
Jun 2018 Business Mergers and Technology Updates, blogspot.com
Jun 2018
Wildflower Health Acquires Circle, an Innovative Mobile Health
Business Incubated by Providence St. Joseph Health, PR Newswire
Jun 2018
Ripple, Monero Find New Storage Option With Edge Mobile Wallet,
PR Newswire
Jun 2018
PayPal's investment case looks robust in the wake of Hyperwallet
Systems acquisition, says Wedbush, Proactive Investors
Jun 2018 Ding, Etecsa ink Cubacel SIM and handset deal, Telecompaper
Jun 2018
Crypto Startup Circle Reveals How It Chooses New Token Listings,
CoinDesk
Jun 2018
U.S. PayPal buys global payouts platform HyperWallet for $400 mln,
investsize.com
Jun 2018
PayPal Significantly Enhances Global Payout Capabilities With
Acquisition of Hyperwallet, Business Wire
Jun 2018 InstaReM launches in the UK, Finextra
Jun 2018
First Global Enters into Strategic Partnership to Expand Philippines
Remittances from Canada, CNW
Jun 2018
WorldFirst May Beat PayPal In Securing China Payment License,
PYMNTS
Jun 2018 Kwesé TV sealed deal with WorldRemit, NexTV News Africa
Jun 2018
Revolut App Update: Announces New Accounts, Analytics, &
Payment Screens, Crowdfund Insider
Remittance > Feed Summary > Recent News

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
19
Funding Trends
Median Deal Size and Trend
New Entrants in Funding Club
Distribution of companies by Funding Range
Funding Funnel of the Sector
Top Investments and Investors
Investors in Unicorn club

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Beauty Tech
Jun 2018
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Jun 2018
Virtualization
May 2018

$69M
$39M
$66M
$244M
$530M $552M
$850M
$485M
0
10
20
30
40
50
60
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
$900M
2011 2012 2013 2014 2015 2016 2017 2018*
$ Funding # Rounds
Investments ($M) and number of rounds in Remittance; 2011-2018
Global Funding Trends (1/2)
21
Note: Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Remittance > Investment Trends > Global Funding Trends
#Rounds
$Funding
3 Year CAGR
6 Year CAGR 3% # of Rounds52% $ Funding
26% # of Rounds
52% $ Funding

5 11 21 18 30 25 19 3
5
4 13
17
15
20
17
4
1 1 1 4 6 6 7 4
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
11 11
Total # of Rounds
$4M $9M
$18M
$11M $19M $15M $12M $59M
$40M
$13M
$48M
$207M
$313M
$179M $317M $17M
$25M $17M $26M $199M $358M $522M $410M
2011 2012 2013 2014 2015 2016 2017 2018 YTD
Seed Early Stage Late Stage
$45M
$0K $0K
$120M
$411M $420M
$762M
$468M
0
1
2
3
4
5
6
7
8
9
10
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
900000000
2011 2012 2013 2014 2015 2016 2017 2018 YTD
$ Funding # of Rounds
22
Note: Mega Rounds = rounds with size > $20M. Funding excludes Grant, Debt and Post IPO rounds. Excludes all details for Chinese companies
Stage-wise Number of RoundsStage-wise $ Invested
New Entrants in Funded ClubMega Rounds
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Remittance; 2011-2018
Remittance > Investment Trends > Global Funding Trends
16
15
18
22
17
17 105
$2.4M
$2.8M
$0.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
$8.0M
$9.0M
$10.0M
0
20
40
60
80
100
120
2012 2013 2014 2015 2016 2017 2018 YTD Total
Entrants in Funding Club Avg. Ticket Size
2 - - 4 8 7 9 5 $2.4M $2.1M $2M $0.5M $3M $9.5M - $2.8M
$69M
$485M
Total $ Invested

Remittance > Investment Trends > Funding Trends by Geography
Investments ($M) and number of rounds in Remittance
Funding Trends by Geography
Funding Trends by Geography Top Cities of Funding
City $ Funding # Rounds
London 1.3B 78
Bay Area 409M 41
Boston 289M 11
Petah Tikva 270M 9
Seattle 215M 7
Singapore 51.2M 15
Chicago 35.4M 5
Dublin 33.2M 6
Paris 25.9M 5
Leawood 25M 3
Total Funding
103
98
13
31
5
1
5
2
# Rounds
$1.4B
$1B
$272M
$69.7M
$24M
$11M
$6.6M
$6M
Europe
US
Israel
SEA
Australia
Bangladesh
India
Mauritius
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$0.9 $1.0 $1.0
$0.7
$0.9 $0.9 $1.0
2011 2012 2013 2014 2015 2016 2017
$3.0 $3.3 $3.9
$13.4 $10.2
$5.5
$21.5
$15.3
$0.0
$6.3
$14.3
$32.7
$13.5
$20.8
$25.0 $17.0
$0.0 $13.0
$33.2
$59.6
$104.3
Remittance > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Remittance; 2011-2017
Median Deal Size and Trend
Note: Excludes funding information of Chinese companies. *Graph not to scale
Median Deal Size and Range
$10.9K* $57.5M
$320K $115M
$250K $100M
$825K $280M
$38M
$10.8M
$4.5M
$603K
Series C+
Series B
Series A
Seed
Stage

Note: 82 companies with undisclosed funding amount are not included
25
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
34
33
22
6
9
No. of Companies
Remittance > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Remittance; as of Jul 2018
Distribution of companies by Funding Range
$10M
$101M
$491M
$413M
$2.B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
22%
7%
5%
3%
26
Note: Numbers in the brackets show the count of companies
Time to raise
next round
21
39
59
182
824
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
22% 5%
(41)
3%
(24)
4%
(33)
10%
(86)
63%
(523)
32% 19%
(34)
10%
(18)
7%
(13)
9%
(17)
51%
(93)
66% 39%
(23)
12%
(7)
8%
(5)
7%
(4)
19%
(11)
54% 51%
(20)
15%
(6)
5%
(2)
3%
(1)
38%
(15)
- 76%
(16)
29%
(6)
5%
(1)
5%
(1)
19%
(4)
Remittance > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Remittance
Funding Funnel
14 Months
15 Months
19 Months
Investment backedBootstrapped
22
6
12
8
Soonicorns
Unicorns
Acquisitions
IPOs

Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+, PE)
Remittance > Investment Trends > Notable Investments in last 24 months
Major funding rounds by Stage in Remittance; Jul 2016-Jul 2018
Notable Investments in last 24 months (1/5)
LATE STAGE
$280M - Series E Nov 2017
swaps
Old Mutual Global Investors, IVP, Sapphire Ventures,
Mitsui & Co, World Innovation Lab, Andreessen
Horowitz, Baillie Gifford, Richard Branson
$250M - Series C Apr 2018
Index Ventures, Ribbit Capital, DST Global, Draper
Esprit, Lakestar, Baring Vostok
$180M - Series E Oct 2016
Susquehanna Growth Equity, Technology Crossover
Ventures
LATE STAGE
$115M - Series D Oct 2017
networks.
Stripes Group, DFJ, DN Capital, PayU
$110M - Series E May 2018
Bitmain, Breyer Capital, General Catalyst Partners,
Accel Partners, Blockchain Capital, Digital Currency
Group, IDG Capital, Pantera Capital, Tusk Ventures
$62.1M - PE Mar 2017
Imperial FX (1980, London, $62.1M)
Cash based leveraging agent to transfer money.
$40M - Series C Dec 2017
Crossover Ventures, JPMorgan, Omidyar Network
LATE STAGE
$38M - Series C Sep 2016
networks.
IFC, Silicon Valley Bank
$30M - Series C Feb 2018
Tipalti (2010, Palo Alto, $57M)
Automated online mass payment system and
account payable platform.
$24.4M - Series D Mar 2017
Currency Cloud (2012, London, $63.5M)
Cross-border payment services provider
GV, Sapphire Ventures, Anthemis Group, Notion,
Rakuten Capital
$20M - Series C May 2018
e.ventures, Frog Capital, Greycroft Partners, Quona
Capital, Silicon Valley Bank, MCI Capital, Rakuten
Capital

LATE STAGE
PE Mar 2017
company
Apis Partners
Series E Dec 2017
Capital Partners
EARLY STAGE
$115M - Series A Sep 2017
Hong Kong-based mobile wallet
NewMargin Ventures
$66M - Series B Jul 2017
Index Ventures, Balderton Capital, Ribbit Capital
$55M - Series B Sep 2016
Open source payment protocol for cross border
money transfer.
Standard Chartered, SBI Holdings, Digital Ventures
$35.4M - Series B Nov 2017
TransferMate (2008, Chicago, $35.4M)
International money transfer service
AIB Bank
EARLY STAGE
$24M - Series B Mar 2017
Veem (2014, San Francisco, $40M)
B2B payment platform.
KPCB, Silicon Valley Bank, SBI Holdings, National
Australia Bank, GV
$22M - Series B Oct 2016
PayCommerce (2006, Matawan, $22M)
Payment network through a consortium of banks
offering global ACH.
Tritium Partners
$14M - Series B Sep 2016
SGVC
Instarem (2015, Singapore, $18M)
Business and personal purpose remittance service
provider
GSR Ventures, SBI Ven Capital, Vertex Ventures,
Fullerton Financial, Global Founders Capital

EARLY STAGE
$13M - Series A May 2017
Airwallex (2015, Melbourne, $24M)
Cross-border payment platform for SMEs.
Tencent, Sequoia Capital, Mastercard
$11.2M - Series B Sep 2016
Afrimarket (2013, Paris, $14.6M)
Cash based money transfer to Africa.
Global Innovation Fund
$10.5M - Series B Oct 2017
WeSwap (2010, London, $33.1M)
Multi-currency travel mobile wallet.
IW Capital
Ascot Capital Partners, EC1 Capital, IW Capital
EARLY STAGE
$9.1M - Series A Jul 2016
Balderton Capital, Index Ventures, Ribbit Capital,
Point Nine Capital, Seedcamp
$8.8M - Series B Nov 2016
Octopus Ventures, Frontline Ventures
Kantox (2011, London, $27.3M)
Enterprise money transfer service provider using
P2P technology.
Idinvest Partners, Mundi Ventures, Partech
$6M - Series B Dec 2017
Square Peg Capital
EARLY STAGE
$5.8M - Series A Dec 2016
Wyre (2013, San Francisco, $5.8M)
International money transfers using blockchain
Amway Southern Capital, Digital Currency Group,
Draper Associates, Baofoo, Seabed VC, Boost VC,
JiuFu
$5.3M - Series B Jul 2017
Seedrs
$5M - Series A May 2017
Coins.ph (2013, Manila, $10M)
Bitcoin wallet for transactions in Philippines
Naspers
$5M - Series A Oct 2016
Coins.ph (2013, Manila, $10M)
Accion, Innovation Endeavors, Pantera Capital,
Digital Currency Group, Wavemaker Partners,
Global Brain, Beenext, Rebright Partners, Kickstart
Ventures, IdeaSpace Foundation

EARLY STAGE
$4.5M - Series B Apr 2018
MFS Africa (2009, Port Louis, $6M)
Financial service provider in Africa.
LUN Partners, Goodwell
$3M - Series B Oct 2016
$2.5M - Series A Jan 2017
Draper Associates, Greycroft Partners, Blockchain
Capital, BnkToTheFuture, Digital Currency Group,
Pantera Capital, Zephyr Management, Colle Capital,
Future Perfect Ventures
$1.5M - Series A Dec 2017
MFS Africa (2009, Port Louis, $6M)
Financial service provider in Africa.
Goodwell
EARLY STAGE
Series B May 2017
NIBC
Series A Aug 2017
Greycroft Partners, Plug and Play Tech Center
SEED STAGE
$57.5M - Angel Jan 2018
Greg Kidd
$3M - Seed Jul 2016
Gobi Partners, Gravity Venture Capital
$1M - Seed Oct 2016
Remitr (2014, Mumbai, $1M)
Online platform cross border money transfer
SmartStartFund, Singapore Angel Network, Pravin
Gandhi, Vijay Shekhar Sharma, Kunal Shah, Sandeep
Tandon, Vishal Gondal, Japan Vyas, Yezdi Lashkari,
OperatorVC
$120k - Seed Oct 2017
Neema (2013, Tel Aviv, $370k)
Mobile wallet app provider to send money cross
borders.
Y Combinator

SEED STAGE
Angel Mar 2017
Seed Apr 2018
Kuan (2015, London, $32.6k)
P2P matching technology based money transfer
service provider.
Startupbootcamp
Seed Jun 2017
Paycase (2014, Toronto)
Universal banking platform that leverages
blockchain technology
Two Small Fish Ventures

Remittance > Investment Trends > Notable Investments in last 24 months in China
Notable Investments in last 24 months in China
EARLY STAGE
$1.5M - Series A Jul 2016
IPayLinks (2015, Shanghai, $1.5M)
Cross border payment platform
Series B Mar 2018
IPayLinks (2015, Shanghai, $1.5M)
Cross border payment platform
Tencent, Legend Capital

Most Active Investors (VC, PE) by Stage in Remittance; Last 5 years (Jul 2013-Jul 2018)
Most Active VC & PE Investors
33
Remittance > Investment Trends > Most Active VC & PE Investors
SEED STAGE
Pantera Capital(2 Investments)
Veem, BitPesa
1
Fenway Summer Ventures(2 Investments)
Veem, Sipree
2
ACE and Company(2 Investments)
TransferWise, Toastme
3
Seedcamp
Revolut
4
Digital Currency Group
BitPesa
5
Index Ventures
Revolut
6
Blockchain Capital
BitPesa
7
Balderton Capital
Revolut
8
Gobi Partners
Airwallex
9
NFT Ventures
Betalo
10
EARLY STAGE
Digital Currency Group (4 Investments)
Ripple, Veem, Coins.ph
1
Accel Partners (2 Investments)
WorldRemit, Circle
2
Pantera Capital (2 Investments)
Circle, Coins.ph
3
Greycroft Partners (2 Investments)
Azimo, BitPesa
4
GV (2 Investments)
Ripple, Veem
5
IGNIA(2 Investments)
Regalii, Pangea Money Transfer
6
Beenext(2 Investments)
Ayannah, Coins.ph
7
QED Investors
Remitly
8
Frontline Ventures
CurrencyFair
9
RRE Ventures
Ripple
10
LATE STAGE
Rakuten Capital (2 Investments)
Azimo, Currency Cloud
1
Sapphire Ventures (2 Investments)
TransferWise, Currency Cloud
2
IDG Capital
Circle
3
Susquehanna Growth Equity
Payoneer
4
Circle
5
Andreessen Horowitz
TransferWise
6
Nyca
Payoneer
7
Stripes Group
Remitly
8
Blockchain Capital
Circle
9
Fenway Summer Ventures
Circle
10

Remittance > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Remittance; Last 5 years (Jul 2013-Jul 2018)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(9 Investments)
Flywire, Ayannah, Qwikwire
1
Startupbootcamp(8 Investments)
Toastme, Kuan, CherryPay
2
Techstars(6 Investments)
Remitly, Moni, B2B Pay
3
Boost VC(4 Investments)
Veem, Wyre, Volabit
4
Plug and Play Tech Center(3 Investments)
Fastacash, BitPesa, Bitwage
5
Life.SREDA(2 Investments)
Fastacash, Ayannah
6
Y Combinator(2 Investments)
Regalii, Neema
7
Chinaccelerator
BitNexo
8
Fast Track Malmo
PlingPay
9
IdeaSpace Foundation
Coins.ph
10
OTHER NOTABLE INVESTORS
Accion(4 Investments)
Azimo, Coins.ph, Quippi
1
BnkToTheFuture(3 Investments)
BitPesa, Bitwage, AirTM
2
Kima Ventures(3 Investments)
Afrimarket, Iban First, Neema
3
Apax Partners(2 Investments)
Traxpay, Travelex
4
Level39(2 Investments)
Senit, Monuva
5
SBI Holdings(2 Investments)
Ripple, Veem
6
Seedrs(2 Investments)
Revolut, TransferGuru
7
SpeedUPAfrica(2 Investments)
Mergims, VugaPay
8
Technology Crossover Ventures(2
Investments)
Payoneer, WorldRemit
9
Tusk Ventures(2 Investments)
Ripple, Circle
10
DEBT INVESTORS
Silicon Valley Bank(6 Investments)
WorldRemit, Remitly, Azimo
1
Idinvest Partners(2 Investments)
Kantox, Skrill
2
Mercia Technologies
Kwanji
3

Remittance > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/3)

Remittance > Investment Trends > Unicorn Investors in the Sector
Unicorn Investors in the Sector

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
39
BlueBox
Key Sub Sectors
Detailed Sector Taxonomy
Top Markets of Early Stage Investors
Other Notable Markets
Market Deep Dive

Some more Sector Reports you might want to check out
Join 4000+ people taking sharper decisions with Tracxn
Banking Tech
May 2018
Crowdfunding
May 2018
Mobile Payments
May 2018

For any Feedback and Query reach out to MyAnalyst@tracxn.com
Copyright © 2018, Tracxn Technologies Private Limited. All rights reserved.* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds. Excludes all details for Chinese companies
FACTSHEET
Marketmap: Remittance
41
Remittance > Market Details > BlueBox

Key Sub Sectors
42
Key Sub Sectors in Remittance
Market Top Companies
# Cos
Tracked
#
Funded
Total
Funding
Retail Payments
Companies that help individuals to transfer money internationally
Xoom (2001, San Francisco, Acquired)
576 116 $2.2B
B2B Payments
Companies that offer cross border money transfer and mass payout solutions to businesses
Cambridge Global Payments (1992,
Toronto, Acquired)
70 28 $645M
Enablers
Companies that offer APIs and technology to enable remittance
Fastacash (2012, Singapore, Acquired)
56 17 $223M
Forex
Companies that enable users to compare and exchange foreign currency
Wall Street Finance (1986, Mumbai,
Acquired)
BookMyForex (2011, Gurgaon, $3.1M)
82 10 $8.3M
Aggregator
Companies that enable users to compare remittance rates across various money transfer
operators (MTOs)
MoneySuperMarket (1993, Ewloe, Public)
The Money Cloud (2014, London, $794k)
40 11 $1.6M
Remittance > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
43
Remittance > Market Details > Detailed Sector Taxonomy

44

45

46

Rank Market
Last 2 Years
$ Invested # Round Top Funded Company
1
(-)
Retail Payments > Local In-Local Out
Companies that help individuals to transfer money internationally via bank partnerships
(Companies covered 248 | Funded 42 | Total Funding $1.1B)
$537M
(-$25M)
14
(-50)
TransferWise
(2010, London, $397M)
2
(-)
B2B Payments > Banking Channels
Companies that leverage bank network to offer currency exchange, trade finance, mass payout services
(Companies covered 58 | Funded 20 | Total Funding $588M)
$300M
(+$32.5M)
15
(-11)
Payoneer
(2005, Petah Tikva, $270M)
3
(+1)
Retail Payments > Wallet Money > Multi Currency Account
Companies that offer multi-currency travel account with a prepaid debit card
$411M
(+$382M)
9
(-)
Revolut
(2014, London, $340M)
4
(-1)
Retail Payments > Wallet Money
Companies that enable money transfer using the currency stored in the mobile wallet
$119M
(+$75.9M)
6
(-8)
TNG Wallet
(2013, 0, $115M)
47
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Remittance in last 2 years (July 2016 - June 2018)
Remittance > Market Details > Top Markets of Investment Activity

Rank Market # Investments Key Investments
1
B2B Payments > Banking Channels
Companies that leverage bank network to offer currency exchange, trade finance, mass payout services
(Companies created 58 | Funded 20 | Total Funding $588M )
1 Airwallex (2015, Melbourne, $24M)
Note: Investors considered - Sequoia Capital, Accel Partners, Andreessen Horowitz, NEA, Greylock Partners, General Catalyst Partners, Benchmark Capital, KPCB, Khosla Ventures, Redpoint Ventures, Founders Fund, SV Angel, Index Ventures, Bessemer
Venture Partners, Lightspeed Venture Partners, Venrock, Draper Fisher Jurvetson, Institutional Venture Partners, Intel Capital, Battery Ventures
48
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (July 2016 - June 2018)
Remittance > Market Details > Top Markets of Early Stage Investors

Incubators 500 Startups (#1)
Seed Index Ventures (#1), IA Ventures (#1)
Series A/B Accel Partners (#1), Virgin (#1)
Series C+ Silicon Valley Bank (#2), Old Mutual Global Investors (#1)
Small World FS Mar - 2018
Acq by Equistone Partners Europe for
$113M
Currencies Direct Aug - 2015
Acq by Palamon Capital Partners for
$310M
Xoom Jul - 2015
Acq by PayPal for $890M
Moneycorp Aug - 2014
Acq by Bridgepoint Capital for $352M
FairFX Aug - 2014
IPO'd on LON
HiFX Mar - 2014
Acq by Euronet Worldwide for $242M
$20M - Series C
$10M - Series B
TransferGo (2012, London, $16.4M)
$40M - Series C
$5.4M - Series A
Betalo (2011, Stockholm, $8.1M)
$280M - Series E
$115M - Series D
Aug 2017
Firs, Etranzact Launch PayFIRS.net to help Government
Reach N5 trillion tax collection Target for 2017, Tech Moran
May 2013
P2P Currency Exchange TransferWise Raises $6M Led By
Peter Thiel’s Valar Ventures, With Participation From SV
Angel, Others, TechCrunch
Jun 2017
Nigeria’s Thrivesend online money transfer officially
launched, Innov8tiv
Aug 2017
eTranzact Gross Revenue Hits N10.4bn, Declares
DividendNaija247news, Naija247news
Jun 2017
Transferwise Updates on US Business Progress, Crowdfund
Insider
Nov 2017
Beyond Borders Japan Partners with Leading Currency
Exchange Company in Australia OFX, HITECH news articles
Jul 2017
Former CMC Veteran Leandra McPhillips Joins Global Reach
Partners, Finance Magnates
Oct 2017
TransferWise changes fees for GBP transfers, introduces
complicated flat transaction fees, Tech News Universe
Aug 2017
Thomas Cook India Partners Euronet Worldwide To Create
Next Generation Prepaid Travel Cards, BW Businessworld
Aug 2017 FCA consents to FairFX acquisition of CardOne, Digital Look
Aug 2017
England-based TransferWise brings its 'Borderless' bank
account to Canada, Financial Post
Jul 2017
Euronet Worldwide Reports Second Quarter 2017 Financial
Results, 4-Traders
Nov 2017 FEXCO Expands Further in the UK, Industry and Business
Nov 2017 WorldRemit expands service across Gulf, Trade Arabia
News
0
2
4
6
8
10
12
14
$0k
$100M
$200M
$300M
$400M
$500M
2014 2015 2016 2017 2018
YoY Funding Rounds
11
11
18
42
248
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Retail Payments > Local In-Local Out: Market Factsheet
49
Exits
Recent Investments
YoY Funding and Rounds
Companies that help individuals to
transfer money internationally via
bank partnerships
TransferWise
(2010, London, $397M)
Remitly
(2011, Seattle, $227M)
WorldRemit
(2010, London, $220M)
Azimo
(2012, London, $66.5M)
Top Companies
#1 Top Markets of Investment Activity
Remittance > Market Details > Market: Local In-Local Out
Companies Created 248 | Funded 42 | Total Funding $1.1B
Market: Local In-Local Out

Retail Payments > Local In-Local Out: Top Companies
Market: Local In-Local Out (1/2)
Analyst’s Pick
swaps
Unicorn. Stage: Series E
Old Mutual Global Investors, IVP, Sapphire
networks.
Stripes Group, DFJ, DN Capital and 15 Other
Investors
Crossover Ventures and 5 Other Investors
e.ventures, Frog Capital, Greycroft Partners and 14
Other Investors
Analyst’s Pick
Octopus Ventures, Frontline Ventures, Proxy
Instarem (2015, Singapore, $18M)
Business and personal purpose remittance service
provider
Minicorn. Stage: Series B
GSR Ventures, SBI Ven Capital, Vertex Ventures and
2 Other Investors
TransferGo (2012, London, $16.4M)
International remittance and payments
Editor's Pick. Stage: Series B
Revo Capital, Vostok Emerging Finance, Clive Kahn
Betalo (2011, Stockholm, $8.1M)
Cross border money transfer app
Editor's Pick. Stage: Series A
Nordea, NFT Ventures, Svea
Analyst’s Pick
Midpoint (1998, London, $1.1M)
Peer to peer Foreign Exchange and International
Payments Platform
Remitr (2014, Mumbai, $1M)
Online platform cross border money transfer
Minicorn. Stage: Seed
SmartStartFund, Singapore Angel Network, Pravin
Gandhi and 7 Other Investors
Innova Capital, Advent International, Euroventures
Corsair Capital, Palamon Capital Partners
Fexco (1981, Tralee)
Financial and Business solution provider.
Soonicorn. Stage: Unfunded

Retail Payments > Local In-Local Out: Top Companies
Market: Local In-Local Out (2/2)
Analyst’s Pick
OFX (1998, Sydney)
Soonicorn. Stage: Public
Accel Partners, The Carlyle Group
CurrencyOne (2009, Poznan)
Online currency exchange platform
Editor's Pick. Stage: Unfunded
FreemarketFX (2011, London)
A foreign exchange currency service and money
transfer service provider.
Editor's Pick. Stage: Funded
VentureFounders
Indigo FX (2012, London)
Foreign currency trading and transferring platform
Monty Global Payments (2004, Madrid)
Online money transfer services
Remit2India (2001, Mumbai)
Online money transfer service to India for NRIs
Analyst’s Pick
Rewire (2015, Tel Aviv)
Mobile remittance service provider.
SimbaPay (2013, London)
Digital money transfer provider to Kenya and
Nigeria.
Editor's Pick. Stage: Funded
Techstars
SodaTransfer (2015, Seoul)
Online remittance solution in US-Korea corridor.
UAE Exchange (1980, Abu Dhabi)
Global Money Transfer

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
52
Retail Payments > Local In-Local Out: Leaderboard
Better than Market Average
Market: Local In-Local Out
Overall
Rating
Company
Name
Foun
ded
Year
Location Stage Funding Team
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Betalo 2011 Stockholm Series A $8.1M - 4 4 4 1 2.1M 189 30k 147 836k 69% 47 46% 42 29%
5.0
Pangea Money
Transfer
2015 Chicago Series B $20k - 4 - 3 - 642k 1.1k 300k 1.4k 147k 28% 127 11% 5 -
5.0 Azimo 2012 London Series C $66.5M - 5 - - 13 63k 11k 300k 7.2k 15k 30% 1.9k 36% 412 4%
4.9 TransferWise 2010 London Series E $397M - 5 - - 41 4k 50k 3M 30.9k -1k -13% 6.8k 28% 9.1k 21%
4.9 Xoom 2001
San
Francisco
Acquired $106M - 4 - - 11 17k 8.4k 3M 32.2k 2k 7% 2.5k 8% 213 3%
4.9 WorldRemit 2010 London Series C $220M - 5 - - 51 16k 15k 3M 26.7k -4k -17% 5.4k 25% 2.2k 17%
4.9 Remitly 2011 Seattle Series D $227M - 5 - - 13 33k 9.7k 300k 4.9k -5k -13% 2.8k 134% 39 -
4.8 TransferGo 2012 London Series B $16.4M - 4 - - 2 55k 1.7k 300k 951 -7k -11% 559 142% 70 4%
4.8 Remitbee 2015
San
Francisco
Seed - - 5 - - 2 1.9M 134 3k 107 336k 23% 31 39% 6 4%
4.8 Remitr 2014 Mumbai Seed $1M - 4 - - 2 3.5M 643 30k 210 -470k -12% 68 47% 379 138%
4.8 Grosik 2005 London Unfunded - - 4 4 3 - 1.9M 38 9k 64 2M 234% 2 3% 24 155%
4.8 OrbitRemit 2009 Wellington Seed $2M - 4 - - - 162k 282 30k 475 6k 4% 166 53% 11 4%
4.7 CurrencyFair 2009 Dublin Series B $33.2M - 4 - - 7 109k 5k 30k 176 18k 19% 12 7% 122 2%
4.7 Valyou 2016
Kuala
Lumpur
Unfunded - - 5 3 3 - 1.9M 24 60k 402 - - 193 91% 30
-
532%
4.7 Sami Swoi 2010 London Unfunded - - 5 - - - 883k 200 30k 1.6k 523k 95% 184 14% 1 -

Incubators Startupbootcamp (#1), Startup Wise Guys (#1)
Seed FXStreet (#1), Lnzame (#1)
Series A/B SGVC (#1), Viola Group (#1)
Series C+ CBC Capital (#1), W Capital Partners (#1)
Hyperwallet Systems Jun - 2018
Acq by PayPal Careers for $400M
Seed
$30M - Series C
$6M - Series B
Series E
$35.4M - Series B
TransferMate (2008, Chicago, $35.4M)
$1.1M - Angel
Payment Rails (2015, Toronto, $1.1M)
Seed
Sipree (2011, San Francisco)
$6M - Series B
Series B
$647k - Angel
Money Mover (2013, Cambridge,
$2.2M)
$13M - Series A
Jun 2017
Tipalti Unveils New Capabilities For Future-Proof Accounts
Payable, Crowdfund Insider
Nov 2017
Online Payment Platform Hyperwallet Taps Former Paypay
Exec To Lead Apac Expansion, Staffing Industry Analysts
Nov 2017 Ebury opens Toronto office, Finextra
Nov 2015
Ebury raises $83m from Vitruvian Partners and 83North,
International Business Times
Dec 2017
Cintra and EQ Global Announce Partnership for a Smarter,
Global Delivery Model, Technology-Signals
Feb 2016
Covercy Closes $1.5 Million Seed Round, Led by Leverate
Founder Doron Cohen, Finance Magnates
Sep 2017
Hyperwallet Taps B2B Payments Veteran for Executive Role,
PRWeb
Jul 2017 Sipree, Inc. Closes New Funding, GlobeNewswire
Sep 2013 Ebury Partners Raises £3.5M in Funding, FinSMEs
Nov 2017
Payment service Hyperwallet opens first Australian office,
Which-50
Oct 2017 Fintech Startup Payment Rails Closes $1.1 Million, NewsCenter
Mar 2016
B2B payment service Payoneer acquires escrow-as-a-service
platform Armor Payments, TechCrunch
Dec 2017
AFEX Partners with Ascent Software to Simplify Payments
for Financial Services Firms, Bobsguide
Jul 2017 GCC Exchange moves HO to Deira Dubai, Trade Arabia
Sep 2012 Kantox raises 1.000.000€ to scale the business, Tumblr
Sep 2017
Solvay : Partners with Husky to Develop Verian HBP, 4-
Traders
News
0
2
4
6
8
10
$0k
$50M
$100M
$150M
$200M
$250M
2014 2015 2016 2017 2018
YoY Funding Rounds
2
3
9
20
58
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
B2B Payments > Banking Channels: Market Factsheet
53
Exits
Recent Investments
Companies that leverage bank
network to offer currency
exchange, trade finance, mass
payout services
Payoneer
(2005, Petah Tikva, $270M)
Ebury
(2009, London, $119M)
Tipalti
(2010, Palo Alto, $57M)
TransferMate
(2008, Chicago, $35.4M)
Top Companies
Remittance > Market Details > Market: Banking Channels
Companies Created 58 | Funded 20 | Total Funding $588M
Market: Banking Channels

B2B Payments > Banking Channels: Top Companies
Market: Banking Channels (1/2)
Analyst’s Pick
Capital Partners and 11 Other Investors
NIBC, Vitruvian Partners, 83North, Envestors
Minicorn. Stage: Series C
SGVC
Enterprise money transfer service provider using
P2P technology.
Silicon Valley Bank, Idinvest Partners, Mundi
Analyst’s Pick
Square Peg Capital, Tencent, Sequoia Capital and 3
Other Investors
$20M)
Traxpay (2009, Frankfurt Am Main, $19M)
A B2B Payment Platform
Earlybird Venture Capital, Apax Partners, Software
AG, Main Incubator
Money Mover (2013, Cambridge, $2.2M)
Foreign currency exchange and global payment
services
Editor's Pick. Stage: Seed
Andy Homer
Analyst’s Pick
Covercy (2014, Tel Aviv, $1.5M)
Cross border money and forex service provider.
SGVC, Mindset ventures
Payment Rails (2015, Toronto, $1.1M)
Global payment network for mass payouts.
Scott Thompson, Ferhan Patel
Kwanji (2012, London, $719k)
Facilitating international trade and payments for
businesses
Mercia Technologies, Midsummer Capital
P2P matching technology based money transfer
service provider.
Startupbootcamp, Startup Wise Guys, Startup Sauna

B2B Payments > Banking Channels: Top Companies
Market: Banking Channels (2/2)
Analyst’s Pick
Primus Capital Partners, Raymond James, Primus
Capital
B2B Pay (2015, Helsinki)
European B2B payment transfer services
Minicorn. Stage: Funded
Techstars
Monuva (2016, London)
International payment service.
Level39, Startupbootcamp
Tramonex (2013, London)
Ethereum tool based cross border payments to
SMEs
Minicorn. Stage: Funded
UK Government
Amnis Treasury Services (2014, Zurich)
Currency exchange solution for SMEs.
Analyst’s Pick
Husky (2016, Remote)
International fund movement, accounting and
financial guidance.
SettlePay (2015, Nottingham)
Online currency exchange service for businesses.
Transpay (2012, New York City)
B2B/B2P cross border money transfer
Wallex (2015, Singapore)
Cross-border payments enabler

56
B2B Payments > Banking Channels: Leaderboard
Market: Banking Channels
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Payoneer 2005 Petah Tikva Series E $270M - 4 - - 19 3k 35k 750k 10.5k 1k 16% 680 7% 1.8k 5%
4.9
Hyperwallet
Systems
2000 California Acquired - - 5 - - 19 107k 2.2k 91k 265 -43k -28% 62 31% 232 12%
4.8 Iban First 2013 Paris Series A $11M - 5 - - 1 616k 22 3k 4 -140k -18% 3 300% -2467 -99%
4.7 Husky 2016 Remote Unfunded - - 5 - - 2 6M 91 300 4 3M 86% 2 100% 11 14%
4.6
Pontual Money
Transfer
2005
Manhattan
Beach
Unfunded - - 5 - - - 10M - 375 1 12M 145% - - - -
4.5 SLCTransfer 2005 Poznan Unfunded - - 5 4 4 - - 17 75 1 - - - - - -4%
4.4 Traxpay 2009
Frankfurt
Am Main
Series B $19M - - - 5 - 3.8M 2.3k - - -164k -4% - - -5 -
4.4 TransferMate 2008 Chicago Series B $35.4M - - - - 5 247k 2.7k - - 4k 1% - - 101 4%
4.3 Kantox 2011 London Series B $27.3M - - - - 6 406k 4.1k - - 116k 36% - - 113 3%
4.2 Money Mover 2013 Cambridge Seed $2.2M - - - - 2 529k 5.2k - - 94k 22% - - 775 18%
4.1 Tipalti 2010 Palo Alto Series C $57M - - - - 6 114k 978 - - 28k 33% - - 68 7%
4.0
Cambridge
Global
Payments
1992 Toronto Acquired $20M - - - 4 6 975k - - - 236k 32% - - - -
3.9 Ebury 2009 London Series B $119M - - - - 11 388k 2.1k - - 79k 26% - - 68 3%
3.8 Airwallex 2015 Melbourne Series B $24M - - - - 5 1.8M 729 - - 2M 159% - - 102 16%

Incubators
Seed Point Nine Capital (#1), Index Ventures (#1)
Series A/B Seedrs (#1), Ribbit Capital (#1)
Series C+ DST Global (#1)
None
$250M - Series C
$57.5M - Angel
$10.5M - Series B
$5.3M - Series B
$66M - Series B
Angel
$3M - Series B
$10M - Series B
$9.1M - Series A
$1.4M - Seed
$1.9M - Series B
Nov 2017
Heleum Launches Automated Savings App On Uphold
Platform That Trades Between Cryptocurrencies And Fiat
Currencies, PR Newswire
Jul 2017
CashDash lets you withdraw cash from ATMs without a debit
card, The Next Web
Dec 2017
Bitstamp Partners with Revolut to Offer Instant In-app
Conversion of Three Cryptocurrencies, 4-Traders
Dec 2017
Revolut merges mobile banking with cryptocurrency
trading, Technology News Article
Oct 2015
Rebranding As Uphold, Bitreserve Says Goodbye To Bitcoin,
TechCrunch
Dec 2017
Fintech Innovator Humaniq and Digital Money Platform
Manigo announce a new partnership to make banking easier
and more accessible, PRWeb
Nov 2017
Nutmeg and Revolut investor launches new European fund,
AltFi
Dec 2017
94% of the World’s Population Now Has Access to Dash After
Uphold Partnership, ValueWalk
Oct 2017
Revolut starts handset insurance service in Lithuania,
Telecompaper
Oct 2017
Fintech startup Revolut is signing up 40 new business
customers every day, Business Insider
Oct 2017
London-based fintech startup Revolut signs up 16,000
European companies to its business service withing just 4
months, EU-Startups
Nov 2017
Digital Bank Revolut Prepares to Launch Cryptocurrency
Features, Crowdfund Insider
News
0
1
2
3
4
5
6
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2014 2015 2016 2017 2018
YoY Funding Rounds
-
1
3
6
28
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Retail Payments > Wallet Money > Multi Currency Account: Market Factsheet
57
Exits
Recent Investments
Companies that offer multi-
currency travel account with a
prepaid debit card
Revolut
(2014, London, $340M)
Uphold
(2014, San Francisco, $73M)
WeSwap
(2010, London, $33.1M)
4X4U
(2016, London)
CashDash
(2015, Petah Tikva)
Top Companies
Remittance > Market Details > Market: Multi Currency Account
Market: Multi Currency Account

Retail Payments > Wallet Money > Multi Currency Account: Top Companies
Analyst’s Pick
Unicorn. Stage: Series C
Index Ventures, Ribbit Capital, DST Global and 11
Other Investors
Greg Kidd, Hard Yaka
IW Capital, Ascot Capital Partners, EC1 Capital
DiPocket (2014, London)
Mobile wallet and a pre-paid card provider.
Globcoin (2015, London)
Multi-currency global account with a prepaid debit
card.
Analyst’s Pick
Hoopay (2016, Kuala Lumpur)
App based multi-currency account with physical
card for forex.
Manigo (2015, London)
International payment account with card.
Ozan (2015, London)
Multi-currency account with physical card for
travellers.
SwapX (2015, London)
Mobile wallet to make payment internationally for
travellers.
Waiv (2014, Melbourne)
Global remittance service with linked debit card

59
Retail Payments > Wallet Money > Multi Currency Account: Leaderboard
Overall
Rating
Company
Name
Foun
ded
Year
App
Rating
App
UX
Web
UX
News
Web
Traffic
Rank
Social
Follow
ing
Mobile
Downl
oads
# App
Revie
ws
Web Traffic
Rank
Mobile
Downloads
Social
Following
Δ % Δ % Δ %
5.0 Revolut 2014 London Series C $340M - 5 - - 52 23k 64k 3M 89.1k -7k -23% 56k 169% 28.8k 81%
4.8 Uphold 2014
San
Francisco
Series B $73M - 4 - - 10 36k 16k 300k 633 18k 103% 251 65% 8.7k 117%
4.6 DiPocket 2014 London Unfunded - - 4 3 3 1 1.7M 227 8k 118 -639k -28% 53 82% 30 15%
4.4 Easy FX 2004 London Unfunded - - 4 4 3 - 1.5M 351 3k 32 -24k -2% 12 60% 116 48%
4.2 Ipagoo 2009 London Funded - - 4 - - 1 3.6M 137 3k 17 187k 5% 3 21% 4 3%
4.0 WeSwap 2010 London Series B $33.1M - 4 - - 5 207k - 300k 1.3k 10k 5% 102 9% - -
3.8 Cuallet 2015 Monterrey Unfunded - - 4 - - - 4.7M 709 8k 40 2M 73% 11 38% 342 91%
3.5 Wallet one 2007 Moscow Unfunded - - 4 - - - 21k 2.3k 83k 982 4k 19% 42 4% -100 -4%
3.3 Globcoin 2015 London Unfunded - - 4 - 3 - 2M 273 750 24 502k 34% 4 20% -14 -5%
3.1 Centtrip 2013 London Funded - - 3 - - - 1.5M 1.4k 300 6 12k 1% - - 50 4%
2.9 Uber Remit 2016 London Unfunded - - 4 4 4 - 10M 155 3k 15 - - - - 10 7%
2.7 Ozan 2015 London Unfunded - - 5 - - - 4.8M - 300 14 2M 64% 3 27% - -
2.5 CashDash 2015 Petah Tikva Unfunded - - 4 - 4 2 1.9M - 8k 44 -1.6M -45% 6 16% - -
2.3 FiiiPay 2016
Kuala
Lumpur
Unfunded - - - - 5 - - 9 - - - - - - 6 200%
2.1 Hoopay 2016
Kuala
Lumpur
Unfunded - - - - 4 - - 17 - - - - - - - -

Remittance > Market Details > Market: Wallet Money
Market: Wallet Money

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
63
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies (1/2)
65
Performance indicators of public companies in Remittance
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Aug 2014
FairFX (2006, London)
Prepaid currency cards, travel cash and international money transfer
$51.3M $986M 279.45 LON:FFX
Nov 2013
OFX (1998, Sydney)
$454M $80.5M 24.52 ASX:OFX
Aug 2011
MoneySwap (1999, Hong Kong)
Cross-border payment service provider.
$397k LON:SWAP
Dec 2010
Midpoint (1998, London)
Peer to peer Foreign Exchange and International Payments Platform
$1.9M $209k CVE:MPT
Jul 2007
MoneySuperMarket (1993, Ewloe)
A comparison site for financial products.
$387M 22.21 LON:MONY
Oct 2006
Western Union (1851, Englewood)
$9.3B $5.4B 29.4 NYSE:WU
Oct 2005
$21.6M LON:ESG
Oct 2001
$14.4M $117M BOM:532410
Jan 2001
Financial services organisation specialising in cross-border
payments
$14.7M $30.1M LON:EPO
Peppermint Innovation (2014, Perth)
Proprietary Mobile Banking Technology provider
$7.9M $774k ASX:PIL
Remittance > Exit Outlook > Public Companies

Public companies (2/2)
66
Performance indicators of public companies in Remittance
IPO Date Company
Current
MCap
IPO
Mcap
Revenue P/E
Exchange
Ticker
Wave Systems (2014, Lee)
International remittance app
Boss Revolution (2008, Newark)
Prepaid International Calling and Payment Services
Telupay (2010, Makati)
Mobile and Payment making platform provider.
Foreign Exchange (2015, Hong Kong)
Online foreign currency exchange
Remittance > Exit Outlook > Public Companies

Notable Acquisitions (1/2)
67
Notable Acquisitions in Remittance
Remittance > Exit Outlook > Notable Acquisitions
2018 YTD
Acquirer: PayPal Careers Deal: $400M
Acquirer: Optimal Payments Deal: $1.2B
Skrill (2001, London)
Online money transfer and wallet provider
Acquirer: Equistone Partners Europe
Deal: $113M
Small World FS (2005, London)
An international money transfer service provider
2017
Acquirer: FinTech Acquisition
Deal: $260M
Intermex (1994, Miami)
Money transfer service provider
Acquirer: FleetCor Technologies
Deal: $690M
$20M)
Acquirer: MYPAY
Fastacash (2012, Singapore, $23.5M)
Payments via social networking sites
Acquirer: Ant Financial Deal: $880M
MoneyGram (1940, Dallas)
Leading Money transfer service
2015
Acquirer: Palamon Capital Partners
Deal: $310M
Acquirer: PayPal Deal: $890M
Xoom (2001, San Francisco, $106M)
International personal remittances

Notable Acquisitions (2/2)
68
Notable Acquisitions in Remittance
Remittance > Exit Outlook > Notable Acquisitions
2014
Acquirer: Bridgepoint Capital
Deal: $352M
Moneycorp (1962, London)
Foreign exchange and international payments for
businesses and individuals.
Acquirer: Euronet Worldwide
Deal: $242M
HiFX (1997, Windsor)
Foreign exchange and international money transfer
Before 2008
Acquirer: GCP Capital Partners
company
Acquirer: First Data Deal: $364M
Vigo Remittance Corporation (1986,
Sunrise)
Money transfer rate comparison and agent search
platform.

Most Active Acquirers
69
Remittance > Exit Outlook > Most Active Acquirers

Date Target
Jan-08 Payquik Acq by Citigroup
Apr-07
Maccorp Italiana S.p.A. Acq by PM &
Partners
May-06 Travelex Acq by Coinstar
Acqui-hires
70
List of Acqui-hires in Remittance
Excludes all details for Chinese companies
Date Target
Mar-18
RemitWisely Acq by Peppermint
Innovation
Feb-18 TransferZero Acq by BitPesa
Jun-17 HalCash North America Acq by Pin4
Aug-16 Pay2Global Acq by TerraPay
Jul-16 Paystar Acq by Net Element
May-16 Prabhu MoneyTransfer Acq by Telnor
Feb-16 XAPCASH Technologies Acq by BTL
Feb-16 Chitoro Acq by Cassava Remit
Jan-16 ScholarFX Acq by peerTransfer
Oct-15 Quippi Acq by Emida
Oct-15 uni-pay Acq by peerTransfer
Sep-15 Pinoy Express Acq by AUB
Jul-15
TransGlobal Payment Solutions Acq by
Equiniti
Jul-15 iSend Acq by ding.com
Date Target
Mar-15 Tranglo Acq by Ekuinas
Dec-14 Utiba Acq by Amdocs
Sep-14 MTI Money Transfer Acq by MoneyGram
May-14 WikiPay Acq by Cubed
Mar-14
i-Transfer Acq by Unidos Financial
Services INC
Feb-14 BlueKite Acq by Xoom
Jun-13 Payra Acq by VMoney
Nov-12
TimesOfMoney Acq by Network
International
Aug-10 TransferTo Acq by Ingenico
May-10 DolEx Acq by Palladium Equity
May-10 Europhil Acq by Palladium Equity
Aug-09 Wall Street Finance Acq by Spice Global
May-09 Custom House Acq by Western Union
Oct-08 Currency Online Acq by HiFX
Remittance > Exit Outlook > Acqui-hires
View all 31 Acqui-hired companies on Tracxn Platform

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
71
Details on VC & PE Investors
Seed Stage
Early Stage
Late Stage
Details on Top Ecosystem Players

Remittance > Investors > Index of Most Active VC & PE Investors
Index of Top Investors (VC, PE) by Stage in Remittance; Last 5 years (Jul 2013 - Jun 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Fenway Summer Ventures (2 Investments)
ACE and Company (2 Investments)
Index Ventures
Blockchain Capital
Seedcamp
Balderton Capital
Nyca
E.ventures
SGVC
Point Nine Capital
IGNIA
Gobi Partners
Beenos
EARLY STAGE
Digital Currency Group (4 Investments)
Accel Partners (2 Investments)
Greycroft Partners (2 Investments)
GV (2 Investments)
Beenext (2 Investments)
IGNIA (2 Investments)
Andreessen Horowitz
Ribbit Capital
IDG Capital
General Catalyst Partners
Breyer Capital
DFJ
DN Capital
Blockchain Capital
LATE STAGE
Sapphire Ventures (2 Investments)
Rakuten Capital (2 Investments)
Andreessen Horowitz
IVP
World Innovation Lab
IDG Capital
Baring Vostok
Draper Esprit
DST Global
Lakestar
Stripes Group
Blockchain Capital
GV

Pantera Capital
74
Portfolio in Remittance | Exits | Funds Link | Website | LinkedIn | Twitter
Remittance > Investors > Pantera Capital
People
Investments
[Soonicorn] Circle (2013, Boston, $246M, Series E)
[Soonicorn] BitPesa (2013, Nairobi, $10M, Series A)
[Minicorn] Veem (2014, San Francisco, $40M, Series B)
[Minicorn] Coins.ph (2013, Manila, $10M, Series A)
Remittance Notable Portfolio
[Soonicorn] Chain (2014, San Francisco, $43.7M, Series B)
Designing blockchain applications for organizations
[Soonicorn] Xapo (2012, Palo Alto, $40M, Series A)
Cold Storage Vault & Bitcoin Wallet
[Minicorn] Filament (2012, Reno, $35.6M, Series C)
Decentralized Internet of Things stack
[Minicorn] Abra (2014, Mountain View, $30M, Series B)
Fiat money remittance based on bitcoin
[Minicorn] ShapeShift (2014, San Francisco, $12.5M, Series A)
Instant inter crypto currency conversion
[Minicorn] Bitstamp (2011, London, $11.4M, Series A)
European Union bitcoin exchange
[Minicorn] Chronicled (2014, San Francisco, $5.3M, Series A)
Product authentication on blockchain
[Editor's Pick] Basis (2017, Hoboken, $133M, Series B)
Stable Cryptocurrency
[Editor's Pick] Polychain (2016, San Francisco, $10M, Series A)
Protocol level token oriented investment fund.
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Dan Morehead
Founder & CEO
Geographical Spread Stage of Entry
Jan 2018
Baidu seeks new investors for finance unit in up to $2 bn
deal, BTVI Live
Dec 2017 Circle's CENTRE Raises $20 Million in SAFT Sale, CoinDesk
Nov 2017
Circle to Launch Cryptocurrency Investment App in 2018
, CoinDesk
Oct 2017
Circle enables US Instant withdrawals for cross-border
bank transfers, Finextra
Oct 2017
Circle Acquires Trigger Finance To Help Deliver
Investment Products For Crypto Assets, Inside Bitcoins
Oct 2017
Circle Announces Open Source Project Centre And
Foundation, Coinspeaker
Oct 2017
Circle Is Building a Master Mobile Payments Network on
Ethereum, CoinDesk
Sep 2017
Circle pushes OTC crypto trading, launches in France and
Italy and adds group payments, International Business
Times
Jun 2017
Circle Launches Free Cross-Border Mobile Payments
Based on Blockchain, Crowdfund Insider
Oct 2016
Baidu just set up a $3 billion fund to back maturing
startups, TechCrunch
None
2
1 11
2
1
2013 2014 2015 2016 2017 2018
Follow On New Investments
-
-
1
1
2
Undisclosed
Series C+
Series B
Series A
Seed2
1
1
-
-
US
SEA
Kenya

Fenway Summer Ventures
75
Remittance > Investors > Fenway Summer Ventures
People
Investments
[Soonicorn] Circle (2013, Boston, $246M, Series E)
[Minicorn] Veem (2014, San Francisco, $40M, Series B)
[Soonicorn] Prosper (2005, San Francisco, $410M, Series G)
P2P Lending Marketplace
[Soonicorn] Flexport (2013, San Francisco, $304M, Series C)
Online freight forwarder
[Soonicorn] Future Finance (2013, Dublin, $111M, Series C)
Lending platform for Education Loans
[Minicorn] Nav (2012, San Mateo, $103M, Series C)
Business credit monitoring and financing
[Minicorn] MAX Exchange (2009, Atlanta, $18.1M, Series A)
Online peer-to-peer exchange for purchase and sale of residential
mortgage loans
[Minicorn] PayJoy (2015, California, $17.8M, Series A)
Online purchase financing platform.
[Minicorn] Wunder (2013, Boulder, $15.7M, Series B)
Financing for commercial solar PV systems
[Minicorn] Trunomi (2013, San Jose, $9.5M, Series A)
Enterprise KYC and onboarding solutions
[Editor's Pick] RevolutionCredit (2012, Irvine, $14.3M, Series A)
Credit scoring based on consumer behaviour
[Editor's Pick] LedgerX (2014, New York City, $11.4M, Series B)
Institutional derivatives exchange.
Top Exits
Raj Date
CEO & MD
Jan 2018
Baidu seeks new investors for finance unit in up to $2 bn
deal, BTVI Live
Dec 2017 Circle's CENTRE Raises $20 Million in SAFT Sale, CoinDesk
Nov 2017
Circle to Launch Cryptocurrency Investment App in 2018
, CoinDesk
Oct 2017
Circle enables US Instant withdrawals for cross-border
bank transfers, Finextra
Oct 2017
Circle Acquires Trigger Finance To Help Deliver
Investment Products For Crypto Assets, Inside Bitcoins
Oct 2017
Circle Announces Open Source Project Centre And
Foundation, Coinspeaker
Oct 2017
Circle Is Building a Master Mobile Payments Network on
Ethereum, CoinDesk
Sep 2017
Circle pushes OTC crypto trading, launches in France and
Italy and adds group payments, International Business
Times
Jun 2017
Circle Launches Free Cross-Border Mobile Payments
Based on Blockchain, Crowdfund Insider
Oct 2016
Baidu just set up a $3 billion fund to back maturing
startups, TechCrunch
None
1
3
2013 2014 2015 2016 2017 2018
-
1
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
US

ACE and Company
76
Remittance > Investors > ACE and Company
People
Investments
[Unicorn] TransferWise (2010, London, $397M, Series E)
International money transmitter based on currency swaps
[Editor's Pick] Toastme (2014, Singapore, $2.4M, Seed)
Mobile-based remittance solution leveraging local merchant network.
[Unicorn] Uber (2009, San Francisco, $22.5B, Series G)
Mobile app that connects passengers with vehicle drivers for hire
[Unicorn] Airbnb (2008, San Francisco, $3.4B, Series F)
Marketplace for vacation rental accommodations
[Unicorn] SpaceX (2002, Hawthorne, $2.2B, Series I)
Reusable Space launch vehicles
[Unicorn] Pinterest (2009, San Francisco, $1.5B, Series G)
Visual social bookmarking service
[Unicorn] WME Entertainment (2009, Beverly Hills, $250M,
Funded)
Talent Agency
[Unicorn] Docker (2008, San Francisco, $243M, Series E)
LXC based OS-level virtualization technology and PaaS
[Soonicorn] ChargePoint (2007, Campbell, $298M, Series G)
EV charging points and charging network operator
[Soonicorn] PlanGrid (2011, San Francisco, $66M, Series B)
Blueprints collaboration on web and mobile for field construction
[Soonicorn] GoCardless (2011, London, $47.5M, Series C)
Online payments solutions for recurring payments
[Soonicorn] GrubMarket (2014, San Francisco, $32.1M, Series B)
Open marketplace for farm to home deliveries
Top Exits
Adam Said
Co-Founder & CEO
Christopher Kile
Co-Founder & Board
Member
Dec 2017
A look through TransferWise’s early pitch deck,
TechCrunch
Nov 2017
TransferWise reports doubled revenue for last fiscal year,
AltFi
Oct 2017
TransferWise changes fees for GBP transfers, introduces
complicated flat transaction fees, Tech News Universe
Sep 2017
TransferWise founders to rake in millions from first share
sales, Business Matters
Aug 2017 TransferWise lines up investment round, Finextra
Aug 2017
IVC Poised to Invest in Fintech Unicorn Transferwise,
Crowdfund Insider
Aug 2017
England-based TransferWise brings its 'Borderless' bank
account to Canada, Financial Post
Aug 2017 TransferWise is said to seek new funding round, PE Hub
Aug 2017
Money Transfer Provider TransferWise Links With Apple
Pay, CryptoCoinsNews
Jul 2017
TransferWise CEO Hinrikus steps aside for co-founder
Käärmann, Finextra
Jun 2017
Transferwise Updates on US Business Progress,
Crowdfund Insider
None
1
2013 2014 2015 2016 2017 2018
-
-
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed1
1
-
-
-
Europe
SEA

Index Ventures
77
Remittance > Investors > Index Ventures

78
Remittance > Investors > Digital Currency Group

Blockchain Capital
79
Remittance > Investors > Blockchain Capital

Seedcamp
80
Remittance > Investors > Seedcamp

Balderton Capital
81
Remittance > Investors > Balderton Capital

Nyca
82
Remittance > Investors > Nyca

E.ventures
83
Remittance > Investors > E.ventures

SGVC
84
Remittance > Investors > SGVC

Point Nine Capital
85
Remittance > Investors > Point Nine Capital

IGNIA
86
Remittance > Investors > IGNIA

Gobi Partners
87
Remittance > Investors > Gobi Partners

Beenos
88
Remittance > Investors > Beenos

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
89
Seed Stage
Early Stage
Late Stage

90

Accel Partners
91
Remittance > Investors > Accel Partners

Pantera Capital
92
Remittance > Investors > Pantera Capital

Greycroft Partners
93
Remittance > Investors > Greycroft Partners

GV
94
Remittance > Investors > GV

Beenext
95
Remittance > Investors > Beenext

IGNIA
96
Remittance > Investors > IGNIA

Andreessen Horowitz
97
Remittance > Investors > Andreessen Horowitz

Ribbit Capital
98
Remittance > Investors > Ribbit Capital

IDG Capital
99
Remittance > Investors > IDG Capital

General Catalyst Partners
100
Remittance > Investors > General Catalyst Partners

Breyer Capital
101
Remittance > Investors > Breyer Capital

DFJ
102
Remittance > Investors > DFJ

DN Capital
103
Remittance > Investors > DN Capital

Blockchain Capital
104

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
105
Seed Stage
Early Stage
Late Stage

Sapphire Ventures
106
Remittance > Investors > Sapphire Ventures

Rakuten Capital
107
Remittance > Investors > Rakuten Capital

Andreessen Horowitz
108
Remittance > Investors > Andreessen Horowitz

IVP
109
Remittance > Investors > IVP

World Innovation Lab
110
Remittance > Investors > World Innovation Lab

111
Remittance > Investors > Susquehanna Growth Equity

IDG Capital
112
Remittance > Investors > IDG Capital

Baring Vostok
113
Remittance > Investors > Baring Vostok

Draper Esprit
114
Remittance > Investors > Draper Esprit

DST Global
115
Remittance > Investors > DST Global

Lakestar
116
Remittance > Investors > Lakestar

117

Stripes Group
118
Remittance > Investors > Stripes Group

Blockchain Capital
119

GV
120
Remittance > Investors > GV

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
121
Incubators
Other Notable Investors
Debt Investors

Remittance > Investors > Index of Ecosystem Investors
Index of Top Ecosystem Investors in Remittance; Q2 2013 - Q2 2018
Index of Ecosystem Investors
INCUBATOR
500 Startups (9 Investments)
Startupbootcamp (8 Investments)
Techstars (6 Investments)
Boost VC (4 Investments)
Plug and Play Tech Center (3 Investments)
Life.SREDA (2 Investments)
Y Combinator (2 Investments)
Chinaccelerator
Fast Track Malmo
IdeaSpace Foundation
Joyful Frog Digital Innovation
Kickstart Accelerator
Oasis 500
SOSV
SparkLabs
OTHER NOTABLE INVESTORS
Accion (4 Investments)
BnkToTheFuture (3 Investments)
Kima Ventures (3 Investments)
Apax Partners (2 Investments)
Level39 (2 Investments)
SBI Holdings (2 Investments)
Seedrs (2 Investments)
SpeedUPAfrica (2 Investments)
Technology Crossover Ventures (2
Investments)
Tusk Ventures (2 Investments)
JiuFu
AIB Bank
Baidu
Baillie Gifford
Baofoo
DEBT INVESTORS
Silicon Valley Bank (6 Investments)
Idinvest Partners (2 Investments)
Mercia Technologies

Tracxn - Remittance Startup Landscape

Tracxn - Remittance Startup Landscape

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