MMC Ventures has made a follow-on capital investment into portfolio company Small World Financial Services Group to support the further expansion of the independent money transfer operator in Europe.
The investment was made alongside new investor FF&P Private Equity.
Tom Hopkins, director of MMC, says: “This deal is a good example of the way MMC operates. We invested in Small World at an early stage in its development, supported it through a period of high growth and geographical expansion, and then brought in an appropriate partner to help exploit the full potential of the market opportunity. We remain excited by the Small World proposition and believe FF&P’s investment, alongside MMC, will provide the Small World team with the necessary resources to accelerate their growth strategy.”
MMC first backed the company in April 2007 and made a further round of investment in December 2008.
Small World has annual remittance volumes in excess of USD1bn from senders in seven countries. It has a pipeline of potential acquisitions and partnership agreements.
Nick Day, managing director of Small World, says: “This investment will enable us to take Small World to the next level. Our customer proposition is market-leading and this investment will support our rapid roll-out to new territories, as well as continued consolidation within our core markets.”