Tracxn - Remittance Startup Landscape

Copyright © 2019, Tracxn Technologies Private Limited. All rights reserved.Feed Report - Remittance - Jan 2019
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 January 9, 2019.
Remittance Feed Summary
4
Remittance > Feed Summary
Companies providing cross-border money transfer solutions & services to consumers and enterprises.
• 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
$3.3B
Funding
33
Mega
Companies
206901
FundedCovered on
Tracxn
7
Unicorns
21
Soonicorns
31
Minicorns
19
IPO’d Cos
63
Late Stage Cos
22
56
Acquisitions
96
DeadPooled
-
Acquihired
Series A+ Cos
Revolut
(2015, London, $361M)
MoneyGram
(1940, Dallas)
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)
$84M - Series B
Revolut (2015, London, $361M)
$250M - Series C
$80M - Series B
Airwallex (2015, Melbourne, $102M)
$115M - Series D
Remitly (2011, Seattle, $227M)
$62.1M - PE
Imperial FX (1980, London, $62.1M)
$110M - Series E
Circle (2013, Boston, $246M)
$57.5M - Angel
Uphold (2014, San Francisco, $83M)
$100M - Series D
Flywire (2009, Boston, $137M)
$40M - Series C
WorldRemit (2010, London, $220M)
Top Geos of InvestmentEntrepreneurial Activity Global Funding Trend
*YTD *YTD
Remittance > Feed Summary > Investment Trend Summary
Seed
Pantera Capital (#2), Fenway Summer Ventures (#2), ACE and
Company (#2)
Series A/B
Digital Currency Group (#4), Pantera Capital (#2), Greycroft
Partners (#2)
Series C+
Rakuten Capital (#2), Sapphire Ventures (#2), Digital Currency
Group (#1)
Incubators 500 Startups (#10), Startupbootcamp (#8), Techstars (#5)
Other Notable
Investors
Accion (#4), BnkToTheFuture (#3), Kima Ventures (#3)
Debt Investors Silicon Valley Bank (#6), Idinvest Partners (#2)
Most Active InvestorsRecent Investments
129
181
92
49
17
2014 2015 2016 2017 2018 2019*
Y-o-Y # of Companies Founded 40 50 55 41 30 1
$1.5B
$1.2B
$272M
$102M
$90.3M
Europe
US
Israel
Australia
SEA
$ Funding
$2M
$254M
$534M $554M
$751M
$838M
$2M
2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

Summary of exit outlook in Remittance
Exit Outlook Summary
66
Most Active AcquirersTop Investors in Exits
Index Ventures 2
Seedcamp 2
Accel Partners 2
OFX (1998, Sydney)
Draper Esprit 2
Herald Investment
Management
2
Earthport (1997, London)
eServGlobal (1983, Paris)
Jun 2018 Hyperwallet Systems Acq by PayPal for $400M
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
Mar 2015 Skrill Acq by Paysafe for $1.2B
Aug 2014 Moneycorp Acq by Bridgepoint Capital for $352M
Remittance > Feed Summary > Exit Outlook Summary
Ebix 3
Centrumforex (Apr 2018, $184M), Paul Merchants (Sep 2017,
$40.7M), Transcorp (Jan 2018, $7.4M)
PayPal 2
Xoom (Jul 2015, $890M), Hyperwallet Systems (Jun 2018,
$400M)
Palladium Equity 2 DolEx (May 2010), Europhil (May 2010)
Pin4 2 HalCash (Jun 2017), HalCash North America (Jun 2017)
peerTransfer 2 ScholarFX (Jan 2016), uni-pay (Oct 2015)
Recent IPOs Top Acquisitions
Xoom Feb 2013
International personal remittances
IPO MCap: $509M
Midpoint Dec 2010
Peer to peer Foreign Exchange and Interna…
IPO MCap: $1.9M
Peppermint Innovation May 2008
Proprietary Mobile Banking Technology pro…
IPO MCap: -
MoneySuperMarket Jul 2007
A comparison site for financial products.…
IPO MCap: -
IME Mar 2017
Online remittance service
IPO MCap: $210M
Paul Merchants Apr 2015
Remittance, forex and other financial ser…
IPO MCap: -
FairFX Aug 2014
Prepaid currency cards, travel cash and i…
IPO MCap: $51.3M
OFX Nov 2013
International money transfer service prov…
IPO MCap: $454M

FACTSHEET
Marketmap: Remittance
Overview
Companies 901
Funded 206 Series A+ 63
Funding $3.3B Last 2 yrs $1.6B
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 (10)
Top Cities
London 178 Cos $1.4B
Bay Area 37 Cos $444M
Feed in Numbers
Unicorns 7 Soonicorns 21
Minicorns 31 Editor Picks 130
Acquihired - Deadpooled 96
Top Companies
Ripple (2012, San Francisco, $90.5M)
MoneyGram (1940, Dallas)
Exits
IPOs 19 Xoom, OFX
Acquisitions 56 Skrill, Xoom
Top Acquirers Ebix, PayPal
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
* Upcoming Business Model
Funding data excludes Debt, Grants & Post-IPO rounds.
Excludes all details for Chinese companies.
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 264 $526M 11
B2B Payments >
Banking Channels 64 $215M 17
Retail Payments > Wallet Money >
Multi Currency Account 26 $407M 6
Retail Payments > Blockchain > Rebittance
>
Internet or Mobile First
47 $114M 4
Retail Payments >
Wallet Money 87 $59.1M 6
Sub Sectors
# Cos
Tracked
#
Funded
Total
Funding
Retail Payments
Companies that help individuals to transfer money
internationally
616 129 $2.3B
B2B Payments
Companies that offer cross border money transfer and
mass payout solutions to businesses
76 32 $801M
Enablers
Companies that offer APIs and technology to enable
remittance
59 19 $224M
Forex
Companies that enable users to compare and exchange
foreign currency
108 15 $9M
Aggregator
Companies that enable users to compare remittance
rates across various money transfer...
42 11 $4.1M
Remittance > Feed Summary > Summary of Key Markets

List of Notable Companies in Remittance
Notable Companies in the Sector (1/2)
9
Note: *(Founded Year, Location, Total Funding)
Remittance > Feed Summary > Notable Companies in the Sector
Public
OFX
(1998, Sydney)*
IME
(2001, Kuala Lumpur)
FairFX
(2006, London)
Midpoint
(1998, London, $1.1M)
Wave Systems
(2014, Lee, $825k)
Euronet Worldwide
(1994, Leawood)
MoneySuperMarket
(1993, Ewloe)
Transcorp
(1984, Jaipur)
Paul Merchants
(1984, Chandigarh)
Boss Revolution
(2008, Newark)
Public
eServGlobal
(1983, Paris)
Wall Street Finance
(1986, Mumbai)
Peppermint Innovation
(2014, Perth)
PRITHVI EXCHANGE
(1995, Chennai)
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
Earthport
(1997, London)
HiFX
(1997, Windsor)
Centrumforex
(2015, Mumbai)
Small World FS
(2005, London)
Unicorns
TransferWise
(2010, London, $397M)
Revolut
(2015, London, $361M)
Circle
(2013, Boston, $246M)

List of Notable Companies in Remittance
Notable Companies in the Sector (2/2)
10
Remittance > Feed Summary > Notable Companies in the Sector
Deadpooled
Zenbanx (2012, Wilmington)

List of Notable Companies by Market in Remittance
Notable Companies by Market (1/7)
12
Remittance > Feed Summary > Notable Companies by Market
Retail Payments
Local In-Local Out
International money transmitter based on currency
swaps
Unicorn. Stage: Series E
LHV, JPMorgan, NatWest and 68 Other Investors
Cross-border money transfer using banking
networks.
Soonicorn. Stage: Series D
Stripes Group, DFJ, DN Capital and 16 Other
Investors
Online remittance platform provider.
Soonicorn. Stage: Series C
LeapFrog Investments, Accel Partners, TCV and 10
Other Investors
Local In-Local Out
Xoom (2001, San Francisco, $106M)
Stage: Acquired
Sequoia Capital, New Enterprise Associates, DAG
Ventures and 7 Other Investors
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
Palamon Capital Partners, Corsair Capital
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
Editor's Pick. Stage: Acquired
CE Ventures

13
Retail Payments
Local In-Local Out
FairFX (2006, London)
Prepaid currency cards, travel cash and
international money transfer
Stage: Public
William Currie Group
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
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
Local In-Local Out
Telupay (2010, Makati)
Mobile and Payment making platform provider.
Stage: Acquired
Wallet Money
Internet-first bank
Unicorn. Stage: Series C
Index Ventures, Ribbit Capital, DST Global and 41
Other Investors
Multiple currency reserve and exchange platform.
Greg Kidd, Hard Yaka
Wave Systems (2014, Lee, $825k)
International remittance app
Y Combinator, Genesys Partners, Southeast
Interactive and 1 Other Investors
Skrill (2001, London)
Online money transfer and wallet provider
Unicorn. Stage: Acquired
CVC Capital Partners, Idinvest Partners

14
Retail Payments
Wallet Money
Mobile multi-currency account provider
Stage: Deadpooled
DCM Ventures, Recruit Strategic Partners
Blockchain
Digital currency wallet for global money transfers
Bitmain, Breyer Capital, General Catalyst Partners
and 18 Other Investors
Offline
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.
Great Hill Partners

15
Retail Payments
Offline
Paul Merchants (1984, Chandigarh)
Remittance, forex and other financial services
provider
Stage: Acquired
IME (2001, Kuala Lumpur)
Stage: Public
Western Union (1851, Englewood)
Money transfer service
Stage: Public
Alternative Remittance
Global money transfer in local currency
Temasek, Bain Capital Ventures, FPrime Capital
Partners and 11 Other Investors
Boss Revolution (2008, Newark)
Prepaid International Calling and Payment Services
Stage: Public
B2B Payments
Banking Channels
Payoneer (2005, Petah Tikva, $270M)
Cross-border payments platform
Soonicorn. Stage: Series E
CBC Capital, TCV, W Capital Partners and 11 Other
Investors
Ebury (2009, London, $119M)
B2B payment service provider.
NIBC, Vitruvian Partners, 83North and 2 Other
Investors
Cross-border payment platform for SMEs.
Tencent, Sequoia Capital, Hillhouse Capital Group
TransferMate (2008, Chicago, $59.9M)
International money transfer service
Soonicorn. Stage: Series A
ING, AIB Bank

16
B2B Payments
Banking Channels
Cambridge Global Payments (1992, Toronto,
$20M)
Efficient and customizable global payment services
Hyperwallet Systems (2000, California)
Mass Payout solution provider.
Primus Capital Partners, Primus Capital
Blockchain Platform
BitPesa (2013, Nairobi, $15.5M)
Bitcoin based remittance service provider.
Sompo Holdings, Greycroft Partners, Plug and Play
Tech Center and 11 Other Investors
Aggregator
Sender Fee
MoneySuperMarket (1993, Ewloe)
A comparison site for financial products.

17
Enablers
Enablers
Mobile Money & Mobile Financial Services
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
HU Investments, Herald Investment Management
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

18
Forex
Currency Exchange
Centrumforex (2015, Mumbai)
Foreign exchange services provider
Wall Street Finance (1986, Mumbai)
Foreign currency service provider
Stage: Acquired
PRITHVI EXCHANGE (1995, Chennai)
Foreign exchange service provider
Stage: Public

List of Notable Companies in Remittance in China
Notable Companies in the Sector in China
19
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
20
Remittance > Feed Summary > Recent News
Jan 2019 Kuwait Finance House Partners With Ripple, Coindelite
Jan 2019
PaySend revolutionising international money transfer with the
launch of PaySendLink, Financial IT
Jan 2019
Blockchain-Powered Remittance Platform REMIIT Enters a
Partnership Agreement With LEE KIM Consulting, Newswire
Jan 2019 Fintech firm WB21 caught in scam storm, Banking Technology
Jan 2019
Geoswift, UnionPay International and Western Union Extend Global
Tuition Payment Promotion for International Chinese Students,
Fintech Finance
Jan 2019
Digital Asset Platform Circle Reports 200 Million Transactions for
$75 Billion in Value During 2018, Crowdfund Insider
Jan 2019 EbixCash Acquires Essel Forex Limited, GlobeNewswire
Jan 2019
WeSwap targets trade with appointment of new BDM,
travelweekly.co.uk
Jan 2019
Circle’s OTC Desk Handled $24 Billion Worth Trades in 2018,
Finance Magnates
Jan 2019
MoneyGram Sends from Poland to Ukraine for only 5 PLN, PR
Newswire
Jan 2019
Ripple’s xRapid is Rapidly Expanding as 12 Institutions Confirm
interest in using the Technology, ZyCrypto
Jan 2019 Ebix to acquire Weizmann Forex, Seeking Alpha
Jan 2019
Stellar and Ripple Co-Founder Jed McCaleb: 90% of Crypto Projects
are Garbage, Coinspeaker
Key Recent News Key Recent News
Jan 2019 BitPesa Grabs New $2.2M Fund, Techgist Africa
Jan 2019
The Klein Law Firm Reminds Investors of Class Actions on Behalf of
Shareholders of ALGN, MGI, MDR and DXC, iCrowdNewswire
Jan 2019
DEADLINE ALERT: The Schall Law Firm Announces the Filing of a
Class Action Lawsuit Against MoneyGram International, Inc. and
Encourages Investors with Losses in Excess of $500,000 to Contact
the Firm, GlobeNewswire
Dec 2018
Travelex bolsters North American management team, HIRES Alex
Arnold as Vice President of Business Development, Hospibuz
Dec 2018
InstaRem enables business users to make multi-currency payments
in one go, Finextra
Dec 2018
MONEYGRAM SHAREHOLDER ALERT BY FORMER LOUISIANA
ATTORNEY GENERAL: KAHN SWICK & FOTI, LLC REMINDS
INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff
Deadline in Class Action Lawsuit Against MoneyGram International
Inc. – MGI, GlobeNewswire
Dec 2018
MGI INVESTOR ALERT: Rosen Law Firm Reminds MoneyGram
International, Inc. Investors of Important Deadline in First Filed
Case – MGI, GlobeNewswire
Dec 2018
Bragar Eagel & Squire, P.C. Reminds Investors That Class Action
Lawsuits Have Been Filed Against PPDAI, Boeing, and Ternium and
Encourages Investors to Contact the Firm, GlobeNewswire
Dec 2018
Largest Bank in Kuwait Integrates with Ripple for blockchain Cross-
Border Payments, ZyCrypto

Contents
Feed Summary
Investment Trends
Market Details
Exit Outlook
Investors
News
Appendix
21
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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Investments ($M) and number of rounds in Remittance; 2011-2018
Global Funding Trends (1/2)
23
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 16% # of Rounds67% $ Funding
12% # of Rounds
16% $ Funding
$2M
$39M $59M
$254M
$534M $554M
$751M
$838M
$2M
0
10
20
30
40
50
60
$0k
$100M
$200M
$300M
$400M
$500M
$600M
$700M
$800M
$900M
2012 2013 2014 2015 2016 2017 2018 2019*
$ Funding # Rounds

10 18 18 28 27 19 8
4 11
18
16 22
15 16
1
1 1 4 6
6
7 6
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
15
1
Total # of Rounds
$9M
$18M
$11M $16M $12M $14M $61M
$13M
$42M
$218M
$319M
$185M $216M
$246M
$2M
$17M $26M $199M $358M $522M
$530M
2012 2013 2014 2015 2016 2017 2018 2019 YTD
Seed Early Stage Late Stage
24
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 Club
Global Funding Trends (2/2)
Investments ($M) and number of rounds in Remittance; 2011-2018
Remittance > Investment Trends > Global Funding Trends
23
18
22
21
15
6
0
105
$2.0M
$2.7M
$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
2013 2014 2015 2016 2017 2018 2019 YTD Total
Entrants in Funding Club Avg. Ticket Size
$2M $2M $0.5M $2.5M $3.1M $9M - $2.7M
$0K $0K
$121M
$411M $420M
$665M
$747M
0
2
4
6
8
10
12
0
100000000
200000000
300000000
400000000
500000000
600000000
700000000
800000000
2012 2013 2014 2015 2016 2017 2018 2019 YTD
$ Funding # of Rounds
Mega Rounds
- - 4 8 7 8 11 -
$39M
$2M
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 1.4B 81
Bay Area 444M 43
Boston 383M 11
Petah Tikva 270M 9
Seattle 215M 7
Melbourne 102M 4
Singapore 71.2M 18
Chicago 59.9M 6
Paris 42.9M 6
Dublin 33.2M 6
Total Funding
112
95
13
5
36
7
1
6
# Rounds
$1.5B
$1.2B
$272M
$102M
$90.3M
$15.5M
$11M
$9.3M
Europe
US
Israel
Australia
SEA
Kenya
Bangladesh
Latam
Note: Excludes funding information of China companies

Trend of Average Deal Size ($M)
$1.1 $1.0 $0.7 $0.8 $0.7 $1.1
$10.2
2012 2013 2014 2015 2016 2017 2018
$3.3 $3.9
$13.2
$8.1
$5.0
$9.1
$11.5
$0.0
$6.4
$14.3
$32.7
$13.5
$23.8 $25.7
$17.0
$0.0 $13.0
$33.2
$59.6
$104.3
$88.3
Remittance > Investment Trends > Median Deal Size and Trend
Median and Average Deal Size in $M (per Stage) in Remittance; 2012-2018
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 $40.8M
$250K $100M
$825K $280M
$38.3M
$12.5M
$4M
$500K
Series C+
Series B
Series A
Seed
Stage

Note: 103 companies with undisclosed funding amount are not included
27
<$1M
$1-10M
$10-50M
$50-100M
$100M+
Funding Range
37
35
21
8
10
No. of Companies
Remittance > Investment Trends > Distribution of companies by Funding Range
No. of companies by funding range in Remittance; as of Jan 2019
Distribution of companies by Funding Range
$11M
$102M
$472M
$552M
$2.2B
$ Investment

Stage No. of Companies
Funding
Funnel
100%
23%
7%
4%
2%
28
Note: Numbers in the brackets show the count of companies
Time to raise
next round
22
39
63
206
901
Series C+
Series B
Series A
Funded
Founded
Next
Round
100M+
Valuation
Exits
Acqui-
Hired
Dead
Pooled
Others
23% 5%
(48)
4%
(35)
- 10%
(94)
67%
(601)
31% 19%
(39)
13%
(26)
- 8%
(17)
61%
(126)
62% 40%
(25)
13%
(8)
- 6%
(4)
32%
(20)
56% 56%
(22)
18%
(7)
- 3%
(1)
41%
(16)
- 77%
(17)
32%
(7)
- 5%
(1)
23%
(5)
Remittance > Investment Trends > Funding Funnel
Number of companies progressing to subsequent funding stages in Remittance
Funding Funnel
12 Months
14 Months
19 Months
Investment backedBootstrapped
21
7
28
13
28
6
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; Jan 2017-Jan 2019
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, Green
Bay Ventures, Virgin, Seedcamp, Vision Super,
Hostplus, Memorial Trust Plan, Warman, SHEPP,
Mei Friedman, Plumbing Pensions
$250M - Series C Apr 2018
Internet-first bank
Index Ventures, Ribbit Capital, DST Global, Sprints
Capital, Draper Esprit, Lakestar, Baring Vostok
$115M - Series D Oct 2017
networks.
Stripes Group, DFJ, DN Capital, PayU
LATE STAGE
$110M - Series E May 2018
Bitmain, Breyer Capital, General Catalyst Partners,
Accel Partners, Blockchain Capital, Digital Currency
Group, IDG Capital, Pantera Capital, Tusk Ventures
$100M - Series D Jul 2018
Global money transfer in local currency
Temasek, Bain Capital Ventures, FPrime Capital
Partners
$62.1M - PE Mar 2017
Imperial FX (1980, London, $62.1M)
Cash based leveraging agent to transfer money.
$40M - Series C Dec 2017
LeapFrog Investments, Accel Partners, TCV,
JPMorgan, Omidyar Network
LATE STAGE
$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
$20M - Series C Nov 2018
Instarem (2015, Singapore, $38M)
Business and personal purpose remittance service
provider
MDI Ventures, Beacon Venture Capital, Vertex
Ventures, GSR Ventures, Rocket Internet, SBI Ven
Capital

LATE STAGE
PE Mar 2017
company
Apis Partners
Series E Dec 2017
CBC Capital, TCV, W Capital Partners
EARLY STAGE
$84M - Series B Jul 2017
Internet-first bank
Index Ventures, Balderton Capital, Ribbit Capital,
DST Global, Digital Space Ventures, Future Shape,
TriplePoint Venture Growth, Frederick Esiri, Nicole
Junkermann, Vadim Kuchinsky, Peries Westerman,
Tom Priday, John Struck, William Armitage, Ian
Hannam, George Hadjigeourgiou, John Ayton
Tencent, Sequoia Capital, Hillhouse Capital Group,
Horizons Ventures, Central Capital Ventura, Square
Peg Capital
$35.4M - Series A Nov 2017
AIB Bank
EARLY STAGE
$30M - Series A Feb 2018
TransferGalaxy (2014, Orebro, $30M)
Mobile money remittance service
Alfven and Didrikson
$25M - Series B Sep 2018
Veem (2014, San Francisco, $69.3M)
B2B payment platform.
Goldman Sachs Investment Partners, GV, Kleiner
Perkins, Silicon Valley Bank, Extol Capital, Trend
Forward Capital Management, Pantera Capital
$24.5M - Series A Jul 2018
ING
$24M - Series B Mar 2017
Veem (2014, San Francisco, $69.3M)
Silicon Valley Bank, SBI Holdings, National Australia
Bank, GV, Kleiner Perkins

EARLY STAGE
$20M - Series A Jul 2018
PaySend (2015, Valletta, $20M)
Digital wallet provider to transfer money directly to
recipients' card
$17.6M - Series B Oct 2018
TransferGo (2012, London, $34M)
International remittance and payments
Hard Yaka, Vostok Emerging Finance, Revo Capital,
Practica Capital
provider
GSR Ventures, SBI Ven Capital, Vertex Ventures,
Fullerton Financial, Global Founders Capital
$13M - Series A May 2017
Tencent, Sequoia Capital, Mastercard
EARLY STAGE
$10.5M - Series B Oct 2017
WeSwap (2010, London, $33.1M)
Multi-currency travel mobile wallet.
IW Capital
$10M - Series B May 2018
Revo Capital
Kantox (2011, London, $27.3M)
Enterprise money transfer service provider using
P2P technology.
Idinvest Partners, Mundi Ventures, Partech
$6M - Series A Dec 2017
Square Peg Capital
EARLY STAGE
$5.3M - Series B Jul 2017
Internet-first bank
Seedrs
$5M - Series A Nov 2018
Sompo Holdings
$5M - Series A May 2017
Coins.ph (2013, Manila, $10M)
Bitcoin wallet for transactions in Philippines
Naspers
$4.5M - Series B Apr 2018
MFS Africa (2009, Port Louis, $14M)
Financial service provider in Africa.
LUN Partners, Goodwell
$4M - Series A Aug 2017
Greycroft Partners, Plug and Play Tech Center

EARLY STAGE
$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
$2.2M - Series A Jan 2019
$1.5M - Series A Dec 2017
Goodwell
Series B May 2017
NIBC
EARLY STAGE
Series B Oct 2018
LUN Partners, Goodwell, Equator Capital Partners,
FSD Africa
SEED STAGE
$57.5M - Angel Jan 2018
Greg Kidd
$1.6M - Seed Sep 2018
PayKii (2015, Arlington, $1.6M)
Cross border bill payment hub
$120k - Seed Oct 2017
Neema (2013, Tel Aviv, $370k)
Mobile wallet app provider to send money cross
borders.
Y Combinator
Angel Mar 2017
Internet-first bank
Seed Apr 2018
Kuan (2015, London, $32.6k)
P2P matching technology based money transfer
service provider.
Startupbootcamp

SEED STAGE
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
$115M - Series A Sep 2017
TNG Wallet (2013, Hong Kong, $115M)
Hong Kong-based mobile wallet
NewMargin Ventures
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 (Jan 2014-Jan 2019)
Most Active VC & PE Investors
35
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
BitPesa
4
Digital Currency Group
BitPesa
5
Blockchain Capital
BitPesa
6
IGNIA
AirTM
7
Aetius Capital
Toastme
8
NFT Ventures
Betalo
9
Beenext
Wallex
10
EARLY STAGE
Digital Currency Group (4 Investments)
Coins.ph, Veem, Ripple
1
Pantera Capital(2 Investments)
Coins.ph, Circle
2
Greycroft Partners (2 Investments)
Azimo, BitPesa
3
Beenext(2 Investments)
Coins.ph, Ayannah
4
Index Ventures
Revolut
5
Seedcamp
Revolut
6
Accel Partners
WorldRemit
7
Balderton Capital
Revolut
8
QED Investors
Remitly
9
GV
Veem
10
LATE STAGE
Rakuten Capital (2 Investments)
Azimo, Currency Cloud
1
Sapphire Ventures (2 Investments)
TransferWise, Currency Cloud
2
IDG Capital
Circle
3
TCV
Payoneer
4
Susquehanna Growth Equity
Payoneer
5
Circle
6
Andreessen Horowitz
TransferWise
7
Nyca
Payoneer
8
Bain Capital Ventures
Flywire
9
Stripes Group
Remitly
10

Remittance > Investment Trends > Most Active Ecosystem Investors
Top Ecosystem Investors in Remittance; Last 5 years (Jan 2014-Jan 2019)
Most Active Ecosystem Investors
INCUBATOR/ACCELERATOR
500 Startups(10 Investments)
Flywire, Bitrefill, Ayannah
1
Startupbootcamp(8 Investments)
Toastme, CurrenSeek, Zilra
2
Techstars(5 Investments)
Remitly, SimbaPay, B2B Pay
3
Boost VC(4 Investments)
Veem, Bitrefill, Volabit
4
Plug and Play Tech Center(3 Investments)
BitPesa, Bitwage, Fastacash
5
H2 Ventures(2 Investments)
Walnut Exchange, CurrencySpot
6
Level39(2 Investments)
Senit, Monuva
7
Life.SREDA(2 Investments)
Fastacash, Ayannah
8
Y Combinator
Neema
9
Chinaccelerator
BitNexo
10
OTHER NOTABLE INVESTORS
Accion(4 Investments)
Coins.ph, Azimo, NOW Money
1
Kima Ventures(3 Investments)
Afrimarket, Iban First, Neema
2
BnkToTheFuture(3 Investments)
BitPesa, Bitwage, AirTM
3
speedupafrica.com(2 Investments)
Mergims, VugaPay
4
JPMorgan(2 Investments)
WorldRemit, TransferWise
5
SBI Holdings(2 Investments)
Veem, Ripple
6
Seedrs(2 Investments)
Revolut, TransferGuru
7
TriplePoint Venture Growth(2
Investments)
WorldRemit, Revolut
8
Virgin
TransferWise
9
Tencent
Airwallex
10
DEBT INVESTORS
Silicon Valley Bank(6 Investments)
WorldRemit, Azimo, Veem
1
Idinvest Partners(2 Investments)
Kantox, Skrill
2

Remittance > Investment Trends > Investors in Unicorn club
Investors in Unicorn Club (1/4)

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
42
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
Nov 2018
Mobile Payments
Nov 2018
Crowdfunding
Nov 2018

FACTSHEET
Marketmap: Remittance
44
Remittance > Market Details > BlueBox

Key Sub Sectors
45
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)
616 129 $2.3B
B2B Payments
Companies that offer cross border money transfer and mass payout solutions to businesses
Cambridge Global Payments (1992,
Toronto, Acquired)
76 32 $801M
Enablers
Companies that offer APIs and technology to enable remittance
Fastacash (2012, Singapore, Acquired)
59 19 $224M
Forex
Companies that enable users to compare and exchange foreign currency
Centrumforex (2015, Mumbai, Acquired)
BookMyForex (2011, Gurgaon, $3.1M)
108 15 $9M
Aggregator
Companies that enable users to compare remittance rates across various money transfer
operators (MTOs)
MoneySuperMarket (1993, Ewloe, Public)
Monito (2013, Lausanne, $2.9M)
42 11 $4.1M
Remittance > Market Details > Key Sub Sectors

Detailed Sector Taxonomy (1/4)
46
Remittance > Market Details > Detailed Sector Taxonomy

47

48

49

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 264 | Funded 51 | Total Funding $1.2B)
$526M
(+$172M)
11
(-14)
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 64 | Funded 24 | Total Funding $709M)
$215M
(-$140M)
17
(+3)
Airwallex
(2015, Melbourne, $102M)
3
(-)
Retail Payments > Wallet Money > Multi Currency Account
Companies that offer multi-currency travel account with a prepaid debit card
$407M
(+$371M)
6
(-2)
Revolut
(2015, London, $361M)
4
(-)
Retail Payments > Wallet Money
Companies that enable money transfer using the currency stored in the mobile wallet
$59.1M
(+$53.8M)
6
(-2)
TransferGalaxy
(2014, Orebro, $30M)
50
Note: The numbers in the bracket represent the change in a 2 year period.
Top Markets by Funding in Remittance in last 2 years (January 2017 - December 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 64 | Funded 24 | Total Funding $709M )
1 Airwallex (2015, Melbourne, $102M)
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
51
Top Markets of Early Stage Investors
Top Markets where Early Stage Investors are investing in last 2 years (January 2017 - December 2018)
Remittance > Market Details > Top Markets of Early Stage Investors

Incubators Rocket Internet (#1), 500 Startups (#1)
Seed Seedcamp (#1), Index Ventures (#1)
Series A/B Accel Partners (#1), Hard Yaka (#1)
Series C+ Silicon Valley Bank (#2), Sequoia Capital (#1)
Telupay
IPO'd
Tranglo Oct - 2018
Acq by TNG FinTech Group for $27.6M
Thomas Exchange Global
Aug - 2018
Acq by Fexco for $12.8M
Small World FS Mar - 2018
Acq by Equistone Partners Europe for
$113M
RemitWisely Mar - 2018
Acq by Peppermint Innovation for $439k
TransferZero Feb - 2018
Acq by BitPesa
$20M - Series C
$17.6M - Series B
$20M - Series C
$10M - Series B
$40M - Series C
$5.4M - Series A
Betalo (2011, Stockholm, $8.1M)
Jan 2019 Fintech firm WB21 caught in scam storm, Banking Technology
Jan 2019 Ebix to acquire Weizmann Forex, Seeking Alpha
Dec 2018
InstaRem enables business users to make multi-currency
payments in one go, Finextra
Dec 2018
Transcorp warns of expected wider full-year loss, The
Business Times
Dec 2018
Ant Financial in talks to buy UK payments firm WorldFirst:
Sky News, Reuters
Dec 2018
InstaReM launches multi-currency payments for Australian
businesses, Fintech Finance
Dec 2018 WorldRemit partners BancABC, Telecompaper
Dec 2018
International money transfer company TransferGo scores
$17.6M Series B, TechCrunch
Dec 2018
Xoom Announces New Global Brand Ambassador Usain Bolt,
Business Wire
Dec 2018
Remitly expands coverage for mobile remittance program to
40 countries, nears 1K employee mark, GeekWire
Dec 2018
Moneycorp introduces cross-border payment service for
online merchants, Tamebay
Dec 2018 Easy Money Transfer You Really Can Count On, TechMoran
Dec 2018
EbixCash World Money starts its foreign exchange services
at Kannur International Airport, Travel Biz Monitor
Dec 2018 EbixCash Acquires AHA Taxis, Citybizlist
Dec 2018 Equistone Partners closes Small World Financial buy, PE Hub
Nov 2018
InstaReM CEO: We Are Looking to Acquire More Licenses in
APAC Region, Finance Magnates
News
22
12
18
51
264
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Retail Payments > Local In-Local Out: Market Factsheet
52
Exits
Recent InvestmentsCompanies that help individuals to
transfer money internationally via
bank partnerships
FairFX
(2006, London)
Xoom
Transcorp
(1984, Jaipur)
TransferWise
(2010, London, $397M)
Top Companies
#1 Top Markets of Investment Activity
Remittance > Market Details > Market: Local In-Local Out
Companies Created 264 | Funded 51 | Total Funding $1.2B
0
2
4
6
8
10
12
14
16
$0k
$100M
$200M
$300M
$400M
$500M
2014 2015 2016 2017 2018
YoY Funding Rounds
YoY Funding and Rounds
Market: Local In-Local Out

Retail Payments > Local In-Local Out: Top Companies
Market: Local In-Local Out (1/2)
Analyst’s Pick
swaps
LHV, JPMorgan, NatWest and 68 Other Investors
networks.
Stripes Group, DFJ, DN Capital and 16 Other
Investors
LeapFrog Investments, Accel Partners, TCV and 10
Other Investors
e.ventures, Frog Capital, Greycroft Partners and 14
Other Investors
Analyst’s Pick
provider
Minicorn. Stage: Series C
MDI Ventures, Beacon Venture Capital, Vertex
Minicorn. Stage: Series B
Hard Yaka, Vostok Emerging Finance, Revo Capital
CurrencyFair (2009, Dublin, $33.2M)
P2P international money transfers
Octopus Ventures, Frontline Ventures, Proxy
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
Palamon Capital Partners, Corsair Capital
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, Quintessentially Ventures
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
Finablr
Analyst’s Pick
SimbaPay (2013, London)
Digital money transfer provider to Kenya and
Nigeria.
Techstars, Maja Equity
SodaTransfer (2015, Seoul)
Online remittance solution in US-Korea corridor.
Big Basin Capital
CE Ventures
UAE Exchange (1980, Abu Dhabi)
Global Money Transfer
Finablr
Vianex (1999, Bethesda)
Online money transfer platform

Note: Overall Rating is a combination of Funding and Team rating, along with Execution, Size and Growth metrics
55
Retail Payments > Local In-Local Out: Leaderboard
Better than Market Average
Market: Local In-Local Out
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
Execution Quality Size Metrics 6M Growth Metrics
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 WorldRemit 2010 London Series C $220M 8 - 5 - - 16k 3M 28.9k 70 6.9k 31% 923 6%
5.0
TransferWis
e
2010 London Series E $397M 10 4 5 - - 55k 3M 41.1k 62 14.1k 52% 5.4k 11%
4.8 TransferGo 2012 London Series B $34M 6 - 4 - - 2.3k 300k 1.4k 11 670 98% 605 37%
4.8 Azimo 2012 London Series C $66.5M 6 - 5 - - 11k 300k 8.4k 27 2.9k 53% 149 1%
4.5 Xoom 2001
San
Francisco
Acquired $106M 6 - 4 - - 8.3k 3M 33.1k 16 4.4k 15% -15 -
4.4 Remitly 2011 Seattle Series D $227M 9 - 5 - - 9.5k 300k 6.9k 24 5.1k 273% -181 -2%
4.0 Remitr 2014 Mumbai Seed $1M 1 - 4 - - 1.1k 31k 243 2 89 58% 416 63%
3.9
Small World
FS
2005 London Acquired - 1 - 4 - - 749 300k 1.3k 3 367 41% 43 6%
3.8 Instarem 2015 Singapore Series C $38M 3 - 3 - - - 30k 414 22 295 248% - -
3.7 OrbitRemit 2009 Wellington Seed $2M 1 - 4 - - 311 30k 1.2k - 1.2k
-
5905
%
42 16%
3.6 Viamericas 1999 Bethesda Series B $12.6M 3 - - - - 204 - - 1 - - 50 32%
3.5 CurrencyFair 2009 Dublin Series B $33.2M 6 - 4 - - 5k 30k 200 11 24 14% -32 -1%
3.4 Betalo 2011 Stockholm Series A $8.1M 3 - 4 4 4 196 30k 172 2 57 50% 5 3%
3.4 FairFX 2006 London Public - - 5 4 - 3 3.7k 78k 810 20 145 22% 45 1%

Incubators Startupbootcamp (#1), Startup Wise Guys (#1)
Seed Fenway Summer Ventures (#1), Beenext (#1)
Series A/B Central Capital Ventura (#1), SGVC (#1)
Series C+ TCV (#1), Nyca (#1)
Hyperwallet Systems Jun - 2018
Acq by PayPal for $400M
Cambridge Global Payments
Aug - 2017
Acq by FleetCor Technologies for $690M
$17M - Series B
Iban First (2013, Paris, $28M)
Seed
Wallex (2015, Singapore)
$500k - Seed
Easy Pay Transfers (2017, Kuala
Lumpur, $500k)
$24.5M - Series A
$80M - Series B
Seed
$1.2M - Series A
Giroxx (2015, Frankfurt Am Main,
$1.2M)
$30M - Series C
$6M - Series A
Series E
Dec 2018
TransferMate buys Swiss FX payments firm Devisenwerk,
Finextra
Dec 2018 Payoneer shutting down escrow service, The Domains
Nov 2018
Airwallex eyes more SMEs for international payments
service, EJ Insight
Nov 2018 PayPal completes Hyperwallet purchase, Seeking Alpha
Nov 2018
iBanFirst raises $17 million to help companies move money
around the world, TechCrunch
Nov 2018
In brief: Fintech startup obtains remittance licence in
Singapore, Indonesia, Tech in Asia
Oct 2018
Transpay Introduces the Ultimate Guide to Local Bank
Transfers, PRWeb
Oct 2018
Money Mover strengthens bench with JPMorgan MD,
Cambridge Network
Oct 2018
Global Payables Automation Platform Tipalti Announces
Integration With Intuit Quickbooks Online, Crowdfund Insider
Oct 2018
Singapore cross-border payments startup Wallex raises Pre-
Series A funding from BEENEXT, E27
Oct 2018
How London can fend off the European hotspots vying for its
fintech crown, City A.M.
Sep 2018
CurrencyTransfer.com Integrates AFEX Onto Marketplace,
Expanding Service Into North America, ePRNews
Sep 2018
TransferMate Named as Official FX Specialist for Laver Cup,
Finance Magnates
Aug 2018
Tencent-backed fintech start-up looks to Hong Kong to
expand, CNBC
News
3
3
10
24
64
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
B2B Payments > Banking Channels: Market Factsheet
56
Exits
Recent InvestmentsCompanies that leverage bank
network to offer currency
exchange, trade finance, mass
payout services
Payoneer
(2005, Petah Tikva, $270M)
Ebury
(2009, London, $119M)
Airwallex
(2015, Melbourne, $102M)
TransferMate
(2008, Chicago, $59.9M)
Top Companies
Remittance > Market Details > Market: Banking Channels
Companies Created 64 | Funded 24 | Total Funding $709M
0
2
4
6
8
10
$0k
$50M
$100M
$150M
$200M
$250M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: Banking Channels

B2B Payments > Banking Channels: Top Companies
Market: Banking Channels (1/2)
Analyst’s Pick
Soonicorn. Stage: Series E
CBC Capital, TCV, W Capital Partners and 11 Other
Investors
NIBC, Vitruvian Partners, 83North and 2 Other
Investors
Tencent, Sequoia Capital, Hillhouse Capital Group
ING, AIB Bank
Analyst’s Pick
Automated online mass payment system and
account payable platform.
Minicorn. Stage: Series C
SGVC
Iban First (2013, Paris, $28M)
Payment institution offering cost effective
international payments.
Editor's Pick. Stage: Series B
Serena, Breega Capital, Kima Ventures
Kantox (2011, London, $27.3M)
Enterprise money transfer service provider using
P2P technology.
Silicon Valley Bank, Idinvest Partners, Mundi
$20M)
Analyst’s Pick
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
Covercy (2014, Tel Aviv, $1.5M)
Cross border money and forex service provider.
SGVC, Mindset ventures, Altair Capital
Giroxx (2015, Frankfurt Am Main, $1.2M)
Cross-border money transfer platform
Editor's Pick. Stage: Series A
Hessen

B2B Payments > Banking Channels: Top Companies
Market: Banking Channels (2/2)
Analyst’s Pick
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
Primus Capital Partners, Primus Capital
Analyst’s Pick
B2B Pay (2015, Helsinki)
European B2B payment transfer services
Minicorn. Stage: Funded
Techstars
Monuva (2016, London)
International payment service.
Level39, Startupbootcamp
Tramonex (2013, London)
Blockchain-based platform providing international
money transfers
Minicorn. Stage: Funded
UK Government
Amnis Treasury Services (2014, Zurich)
Currency exchange solution for SMEs.
Husky (2016, Remote)
International fund movement, accounting and
financial guidance.
Analyst’s Pick
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
Beenext, Central Capital Ventura, Indonusa
Dwitama and 2 Other Investors

59
B2B Payments > Banking Channels: Leaderboard
Market: Banking Channels
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Payoneer 2005 Petah Tikva Series E $270M 9 5 4 - - 36k 750k 11.2k 26 979 10% 717 2%
4.7 Airwallex 2015 Melbourne Series B $102M 4 - - - - 875 - - 10 - - 107 14%
4.6
TransferMat
e
2008 Chicago Series A $59.9M 2 - - - - 2.8k - - 9 - - 115 4%
4.5 Kantox 2011 London Series B $27.3M 6 - - - - 4.2k - - 15 - - 81 2%
4.5 Tipalti 2010 Palo Alto Series C $57M 3 - - - - 1.1k - - 13 - - 50 5%
4.5 Ebury 2009 London Series B $119M 4 - - - - 2.1k - - 15 - - 43 2%
4.4
Hyperwallet
Systems
2000 California Acquired - 1 - 5 - - 2.2k 332k 334 20 69 26% 33 2%
4.0
Money
Mover
2013 Cambridge Seed $2.2M 2 - - - - 5.5k - - 4 - - 307 6%
3.3 Iban First 2013 Paris Series B $28M 2 - 5 - - - 3k 4 3 - - - -
3.2
Cambridge
Global
Payments
1992 Toronto Acquired $20M - - - - 4 - - - 8 - - 89
-
100%
3.1 Traxpay 2009
Frankfurt
Am Main
Series B $19M 2 - - - 5 2.2k - - 1 - - -77 -3%
3.0 Covercy 2014 Tel Aviv Seed $1.5M 1 - - - - 492 - - 2 - - - -
2.8
Payment
Rails
2015 Toronto Seed $1.1M 1 - - - - 1.2k - - 5 - - -56 -5%

Incubators
Seed
Series A/B Seedcamp (#1), Index Ventures (#1)
Series C+ Draper Esprit (#1), Baring Vostok (#1)
Zenbanx Feb - 2017
Acq by Social Finance for $100M
$250M - Series C
$57.5M - Angel
$10.5M - Series B
$5.3M - Series B
$84M - Series B
Angel
$3M - Series B
$11.4M - Series A
$10M - Series B
$2.3M - Series A
$1.4M - Series A
Dec 2018
Centtrip grows its senior management team to leverage its
expertise in music and entertainment, Fintech Finance
Dec 2018 Revolut App approved for EU Banking, ADVFN
Dec 2018
Digital Finance Platform Uphold Launches Mobile App,
Crowdfund Insider
Dec 2018
Bitcoin-Friendly Revolut Receives European Banking
License, Aims to be ‘Amazon of Banking’, CCN
Dec 2018
Pro-Crypto Robinhood & Revolut Aim to Replace Bitcoin-
Hostile Banks, CryptoScoop
Dec 2018
UK fintech unicorn Revolut granted European banking
license, CNBC
Dec 2018
InComm Partners with Revolut to Launch Prepaid Cards at
wilko Stores in the UK, PR Newswire
Dec 2018
UK fintech startup Weswap pulls the plug on 2018 London
IPO plans, City A.M.
Nov 2018
Revolut is all set to Start Its Services in Japan and Singapore
by 2019, The Silicon Review
Nov 2018
Revolut reaches 100,000 users and transactions of EUR 400
mln in Romania, Business Review
Nov 2018
Revolut, the UK's $1.7 billion star fintech, has big dreams as
it takes on the American market, Business Insider
Nov 2018
Revolut cutting card fraud with new machine-learning
technology, The Irish Times
Nov 2018 UK neobank to launch in Australia, Fintech Business
Oct 2018
Google, Revolut found payment companies in Lithuania,
Telecompaper
News
1
1
3
7
26
M&A/IPO
Series C+
Series A+
Funded
Companies
Covered
Funding Funnel
Retail Payments > Wallet Money > Multi Currency Account: Market Factsheet
60
Exits
Recent InvestmentsCompanies that offer multi-
currency travel account with a
prepaid debit card
Revolut
(2015, London, $361M)
Uphold
WeSwap
(2010, London, $33.1M)
Manigo
(2015, London, $690k)
4X4U
(2016, London)
Top Companies
Remittance > Market Details > Market: Multi Currency Account
0
1
2
3
4
5
6
7
$0k
$50M
$100M
$150M
$200M
$250M
$300M
$350M
2014 2015 2016 2017 2018
YoY Funding Rounds
Market: Multi Currency Account

Retail Payments > Wallet Money > Multi Currency Account: Top Companies
Analyst’s Pick
Internet-first bank
Unicorn. Stage: Series C
Index Ventures, Ribbit Capital, DST Global and 41
Other Investors
Greg Kidd, Hard Yaka
Multi-currency travel mobile wallet.
IW Capital, Ascot Capital Partners, EC1 Capital
Manigo (2015, London, $690k)
International payment account with card.
Allegro Capital
DiPocket (2014, London)
Mobile wallet and a pre-paid card provider.
Analyst’s Pick
Globcoin (2015, London)
Multi-currency global account with a prepaid debit
card.
Hoopay (2016, Kuala Lumpur)
App based multi-currency account with physical
card for forex.
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

62
Retail Payments > Wallet Money > Multi Currency Account: Leaderboard
Overall
Rating
Company
Name
Year Location Stage
Funding
($M)
Funding
Rounds
Team
Rating
App
Rating
App UI
Web
UI
Social
Followers
Mobile
Downloads
Mobile
Reviews
News
Mentions
Mobile
Reviews
Social
Followers
Δ % Δ %
5.0 Uphold 2014
San
Francisco
Series B $83M 5 - 4 - - 19k 300k 1.3k 24 1.8k
-
344%
3.8k 24%
4.7 Revolut 2015 London Series C $361M 11 5 5 3 3 90k 3M 176.4k 109
102.2
k
138% 24.8k 38%
4.1 WeSwap 2010 London Series B $33.1M 5 - 4 - - - 300k 1.5k 15 331 31% - -
2.7 Centtrip 2013 London Funded - - - - - - 1.4k - - 8 - - 27 2%
2.3 Ipagoo 2009 London Funded - - 5 4 - - 142 3k 17 2 2 13% - -
2.1 DiPocket 2014 London Unfunded - - - 4 3 3 241 8k 164 1 39 31% 10 4%
2.1 CashDash 2015 Petah Tikva Unfunded - - - 3 - 4 4.4k 8k 49 2 5 11% - -
1.7 Wallet one 2007 Moscow Unfunded - - - 4 - - 2.1k 76k 958 - 30 3% -163 -7%
1.7 Easy FX 2004 London Unfunded - - - 4 4 3 342 8k 38 - 8 27% -4 -1%
1.5 Cuallet 2015 Monterrey Unfunded - - - 4 - - - 30k 47 - 7 18% - -
1.4 Globcoin 2015 London Unfunded - - - 4 - 3 267 3k 27 - 9 50% -6 -2%
1.4 Uber Remit 2016 London Unfunded - - - 4 4 4 149 3k 15 1 - - -6 -4%
1.4 Manigo 2015 London Funded $690k - - - - - - - - 3 - - - -
1.3 SwapX 2015 London Unfunded - - - 5 - - 2k 75 4 1 - - -138 -7%
1.2 Ozan 2015 London Unfunded - - - 5 - - - 750 14 - 2 17% - -

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

Public Companies
Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
66
Notable Acquisitions
Top Acquirers
Acqui-hires

Public companies (1/3)
68
Performance indicators of public companies in Remittance
IPO Date Company
IPO
Mcap
Exchange
Ticker
Mar 2017
IME (2001, Kuala Lumpur)
$210M NASDAQ:IMXI
Apr 2015
Paul Merchants (1984, Chandigarh)
Remittance, forex and other financial services provider
BOM:539113
Aug 2014
FairFX (2006, London)
Prepaid currency cards, travel cash and international money transfer
$51.3M LON:FFX
Nov 2013
OFX (1998, Sydney)
$454M OFX
Feb 2013
Xoom (2001, San Francisco)
$509M NASDAQ:XOOM
Aug 2011
MoneySwap (1999, Hong Kong)
Cross-border payment service provider.
LON:SWAP
Dec 2010
Midpoint (1998, London)
Peer to peer Foreign Exchange and International Payments Platform
$1.9M CVE:MPT
May 2008
Peppermint Innovation (2014, Perth)
Proprietary Mobile Banking Technology provider
ASX:PIL
Jul 2007
MoneySuperMarket (1993, Ewloe)
A comparison site for financial products.
LON:MONY
Oct 2006
Western Union (1851, Englewood)
Money transfer service
NYSE:WU
Remittance > Exit Outlook > Public Companies

69
IPO Date Company
IPO
Mcap
Exchange
Ticker
Oct 2005
Mobile Money & Mobile Financial Services
LON:ESG
Jun 2004
NASDAQ:MGI
Oct 2001
BOM:532410
Jun 2001
Wall Street Finance (1986, Mumbai)
Foreign currency service provider
BOM:511147
Jan 2001
Financial services organisation specialising in cross-border
payments
$14.7M LON:EPO
Sep 2000
PRITHVI EXCHANGE (1995, Chennai)
Foreign exchange service provider
BOM:531688
Boss Revolution (2008, Newark)
Prepaid International Calling and Payment Services
Wave Systems (2014, Lee)
International remittance app
Telupay (2010, Makati)
Mobile and Payment making platform provider.

70
IPO Date Company
IPO
Mcap
Exchange
Ticker
Foreign Exchange (2015, Hong Kong)
Online foreign currency exchange

Notable Acquisitions (1/2)
71
Notable Acquisitions in Remittance
Remittance > Exit Outlook > Notable Acquisitions
2018
Acquirer: Visa Deal: $251M
Financial services organisation specialising in cross-
border payments
Acquirer: PayPal Deal: $400M
Acquirer: Ebix Deal: $184M
Centrumforex (2015, Mumbai)
Foreign exchange services provider
Acquirer: Equistone Partners Europe
Deal: $113M
Small World FS (2005, London)
An international money transfer service provider
2017
Acquirer: Fintech Acquistion 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: Social Finance Deal: $100M
Mobile multi-currency account provider
Acquirer: Ant Financial Deal: $880M
2015
Acquirer: Palamon Capital Partners
Deal: $310M
Acquirer: PayPal Deal: $890M
Xoom (2001, San Francisco, $106M)
Acquirer: Paysafe Deal: $1.2B
Skrill (2001, London)
Online money transfer and wallet provider

Notable Acquisitions (2/2)
72
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
73
Remittance > Exit Outlook > Most Active Acquirers

Contents
Feed Summary
Investment Trend
Market Details
Exit Outlook
Investors
News
Appendix
74
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 (Jan 2014 - Dec 2018)
Index of Most Active VC & PE Investors
SEED STAGE
Fenway Summer Ventures (2 Investments)
ACE and Company (2 Investments)
Blockchain Capital
Beenext
IGNIA
Nyca
Aetius Capital
Ashby Point Capital
Beenos
Capstone Partners
Central Capital Ventura
Draper Associates
EARLY STAGE
Digital Currency Group (4 Investments)
Greycroft Partners (2 Investments)
Beenext (2 Investments)
Seedcamp
Accel Partners
Index Ventures
Hard Yaka
Anthemis Group
Balderton Capital
Blockchain Capital
QED Investors
Sequoia Capital
Wavemaker Partners
Breyer Capital
LATE STAGE
Rakuten Capital (2 Investments)
Sapphire Ventures (2 Investments)
IDG Capital
Blockchain Capital
Fenway Summer Ventures
GV
TCV
Andreessen Horowitz
Draper Esprit
Nyca
Oak Investment Partners
Stripes Group

Pantera Capital
77
Portfolio in Remittance | Exits | Funds Link | Website | LinkedIn | Twitter
Remittance > Investors > Pantera Capital
People
Investments
[Unicorn] Circle (2013, Boston, $246M, Series E)
[Soonicorn] BitPesa (2013, Nairobi, $15.5M, Series A)
[Minicorn] Veem (2014, San Francisco, $69.3M, Series B)
[Minicorn] Coins.ph (2013, Manila, $10M, Series A)
Bitcoin wallet for transactions in Philippines
Remittance Notable Portfolio
[Soonicorn] Bakkt (2018, Atlanta, $182M, Series C)
Bitcoin futures trading platform
[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] ErisX (2018, Chicago, $27.5M, Series B)
Cryptocurrency trading platform
[Minicorn] Ankr Network (2017, Berkeley, $16M, Series A)
Blockchain-based platform for distributed cloud computing
[Minicorn] Blockfolio (2014, Los Angeles, $14.5M, Series A)
Crypto portfolio manager app
[Minicorn] ShapeShift (2014, San Francisco, $12.5M, Series A)
Instant inter crypto currency conversion
[Editor's Pick] Basis (2017, Hoboken, $133M, Series B)
Stable Cryptocurrency
[Editor's Pick] Oasis Labs (2018, Berkeley, $45M, Funded)
Decentralized cloud computing platform
Other Notable Portfolio
Top Exits
Recent News on Fund & Portfolio
Dan Morehead
Founder & CEO
Geographical Spread Stage of Entry
Dec 2018
Veem Opens Global Payments Platform to Canadian
Market, PR Newswire
Oct 2018
GV pays another visit to Veem in $25m round, Global
Corporate Venturing
Sep 2018
Google-Backed Fintech Startup Uses Bitcoin for Cross-
Border Settlement, CryptoScoop
Sep 2018
Southeast Asia’s Biggest Crypto Exchange Adds 4 Million
Users in 2018, CryptoScoop
Aug 2018
Ripple Endorses 'Preferred' Crypto Exchanges for XRP
Payments, CoinDesk
May 2018 Coins.ph gets 5 million customers in 4 years, Rappler
May 2018
Veem Reaches 60K Small Businesses Served, Expands to
96 Countries, PRWeb
May 2018
America’s Credit Union Links SMBs To Veem Payment
Services, pymnts.com
Mar 2018
Veem Partners with BlueVine to Give Small Businesses
Access to Working Capital , PRWeb
Feb 2018 Veem announces initial API partners, Bankless Times
Feb 2018 Veem: Start-up uses blockchain, CNBC
None
2
1
2
1
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

78
Remittance > Investors > Fenway Summer Ventures
Investments
[Unicorn] Circle (2013, Boston, $246M, Series E)
[Minicorn] Veem (2014, San Francisco, $69.3M, Series B)
[Soonicorn] Prosper (2005, San Francisco, $405M, Series G)
P2P Lending Marketplace
[Soonicorn] Flexport (2013, San Francisco, $304M, Series C)
Online freight forwarder
[Soonicorn] Shift Technologies (2013, San Francisco, $183M,
Series D)
Online marketplace for buying and selling of used cars
[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, $73M, Series B)
Online peer-to-peer exchange for purchase and sale of residential
mortgage loans
[Minicorn] DriveWealth (2012, Chatham, $30.6M, Series B)
Investment platform and brokerage API provider
[Minicorn] Applied Data Finance (2014, New York City,
$25.3M, Series C)
Lender focused on non-prime and unbanked borrowers
[Minicorn] PayJoy (2015, San Francisco, $17.8M, Series A)
Online purchase financing platform.
[Minicorn] Wunder (2013, Boulder, $15.7M, Series B)
Financing for commercial solar PV systems
Top Exits Recent News on Fund & Portfolio
Dec 2018
Veem Opens Global Payments Platform to Canadian
Market, PR Newswire
Oct 2018
GV pays another visit to Veem in $25m round, Global
Corporate Venturing
Sep 2018
Google-Backed Fintech Startup Uses Bitcoin for Cross-
Border Settlement, CryptoScoop
May 2018
Veem Reaches 60K Small Businesses Served, Expands to
96 Countries, PRWeb
May 2018
America’s Credit Union Links SMBs To Veem Payment
Services, pymnts.com
Mar 2018
Veem Partners with BlueVine to Give Small Businesses
Access to Working Capital , PRWeb
Feb 2018 Veem announces initial API partners, Bankless Times
Feb 2018 Veem: Start-up uses blockchain, CNBC
Feb 2018
Veem Partners with Autoentry to Eliminate Data Entry ,
PRWeb
Jan 2018
Veem Partners with Cin7 to Better Manage Inventory and
Payments , PRWeb
Jan 2018
Veem Wins Emerging App Partner of the Year in Xero
Awards Americas , PRWeb
None
1
3
2013 2014 2015 2016 2017 2018
-
1
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed3
-
-
-
-
US

ACE and Company
79
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] Airbnb (2008, San Francisco, $3.4B, Series F)
Marketplace for vacation rental accommodations
[Unicorn] Pinterest (2009, San Francisco, $1.5B, Series G)
Visual social bookmarking service
[Unicorn] ChargePoint (2007, Campbell, $529M, Series H)
EV charging points and charging network operator
[Unicorn] Docker (2008, San Francisco, $273M, Series E)
LXC based OS-level virtualization technology and PaaS
[Unicorn] WME Entertainment (2009, Beverly Hills, $250M,
Funded)
Talent Agency
[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
[Minicorn] Samlino.dk (2014, Copenhagen, $24.8M, Series B)
Price comparison platform
[Editor's Pick] Uber (2009, San Francisco, $9B, Series G)
Mobile app that connects passengers with vehicle drivers for hire
[Editor's Pick] SpaceX (2002, Hawthorne, $2.4B, Series I)
Reusable Space launch vehicles
Top Exits
Recent News on Fund & Portfolio
Adam Said
Co-Founder & CEO
Christopher Kile
Co-Founder & Board
Member
Dec 2018
TransferWise keeps growing money transfers despite
global turbulence, TechCrunch
Dec 2018
TransferWise takes borderless account to Ireland,
Finextra
Nov 2018
European start-ups call for stock option reform to help
them compete with Silicon Valley, CNBC
Nov 2018 TransferWise opens API to Canadian businesses, BetaKit
Nov 2018
TransferWise: We Won’t Use Blockchain until More Banks
Use Ripple, CCN
Nov 2018
TransferWise Undermines the Potential Advantage of
Blockchain Technology, Coinspeaker
Nov 2018
TransferWise opens API access for businesses to integrate
money-transfer services into their own apps, VentureBeat
Nov 2018
Transferwise repackages its business banking with a
debit card, City A.M.
Nov 2018 NatWest leads £65m TransferWise funding, FStech
Nov 2018 TransferWise teams with bunq, fintechinshorts.com
Nov 2018
TransferWise partners with Dutch challenger bank Bunq,
TechCrunch
None
1
2013 2014 2015 2016 2017 2018
-
-
-
-
2
Undisclosed
Series C+
Series B
Series A
Seed1
1
-
-
-
Europe
SEA

80
Remittance > Investors > Digital Currency Group

Blockchain Capital
81
Remittance > Investors > Blockchain Capital

82
Remittance > Investors > Future Perfect Ventures

Beenext
83
Remittance > Investors > Beenext

IGNIA
84
Remittance > Investors > IGNIA

Nyca
85
Remittance > Investors > Nyca

Ashby Point Capital
86
Remittance > Investors > Ashby Point Capital

Central Capital Ventura
87
Remittance > Investors > Central Capital Ventura

Draper Associates
88
Remittance > Investors > Draper Associates

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

90

Pantera Capital
91
Remittance > Investors > Pantera Capital

Greycroft Partners
92
Remittance > Investors > Greycroft Partners

Beenext
93
Remittance > Investors > Beenext

Seedcamp
94
Remittance > Investors > Seedcamp

Accel Partners
95
Remittance > Investors > Accel Partners

Index Ventures
96
Remittance > Investors > Index Ventures

Hard Yaka
97
Remittance > Investors > Hard Yaka

Anthemis Group
98
Remittance > Investors > Anthemis Group

Balderton Capital
99
Remittance > Investors > Balderton Capital

Blockchain Capital
100

QED Investors
101
Remittance > Investors > QED Investors

Sequoia Capital
102
Remittance > Investors > Sequoia Capital

Wavemaker Partners
103
Remittance > Investors > Wavemaker Partners

Breyer Capital
104
Remittance > Investors > Breyer Capital

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

Rakuten Capital
106
Remittance > Investors > Rakuten Capital

Sapphire Ventures
107
Remittance > Investors > Sapphire Ventures

108

IDG Capital
109
Remittance > Investors > IDG Capital

Blockchain Capital
110

111
Remittance > Investors > Fenway Summer Ventures

GV
112
Remittance > Investors > GV

TCV
113
Remittance > Investors > TCV

Andreessen Horowitz
114
Remittance > Investors > Andreessen Horowitz

Draper Esprit
115
Remittance > Investors > Draper Esprit

Nyca
116
Remittance > Investors > Nyca

117
Remittance > Investors > Susquehanna Growth Equity

118
Remittance > Investors > Bain Capital Ventures

Oak Investment Partners
119
Remittance > Investors > Oak Investment Partners

Stripes Group
120
Remittance > Investors > Stripes Group

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; Q0 2014 - Q3 2018
Index of Ecosystem Investors
INCUBATOR
500 Startups (10 Investments)
Startupbootcamp (8 Investments)
Techstars (5 Investments)
Boost VC (4 Investments)
Plug and Play Tech Center (3 Investments)
H2 Ventures (2 Investments)
Level39 (2 Investments)
Life.SREDA (2 Investments)
Y Combinator
Chinaccelerator
CrossCoin Ventures
Fast Track Malmo
IdeaSpace Foundation
Kickstart Accelerator
Moneta
OTHER NOTABLE INVESTORS
Accion (4 Investments)
Kima Ventures (3 Investments)
BnkToTheFuture (3 Investments)
speedupafrica.com (2 Investments)
JPMorgan (2 Investments)
SBI Holdings (2 Investments)
Seedrs (2 Investments)
TriplePoint Venture Growth (2 Investments)
Virgin
Tencent
Baillie Gifford
Cabiedes & Partners
Fullerton Financial
Future Shape
Goldman Sachs
DEBT INVESTORS
Silicon Valley Bank (6 Investments)
Idinvest Partners (2 Investments)

Tracxn - Remittance Startup Landscape

Tracxn - Remittance Startup Landscape

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