Digital money transfer service WorldRemit has raised $40 million to drive its next phase of growth, supporting its plan to serve 10 million customers connected to emerging markets by 2020, according to a press release.

The Series C funding round brings the total amount raised to $220 million.

Currently sending from over 50 countries to 148 destinations, the funding will be used to expand WorldRemit's service into new markets, deliver innovative products and services, and scale the technology that underpins its mobile-first, digital model.

The Series C round was led by LeapFrog Investments, with significant participation from existing investors Accel and TCV.

"This new funding will fuel our growth, and help bring our service to millions more customers across the globe," Ismail Ahmed, founder and CEO at WorldRemit, said in the press release. "We are pleased to attract LeapFrog Investments, a strategic investor whose profit with a purpose mission is aligned with ours."