Remitly Announces $85 Million Round as Digital Remittances Surge Globally

Jul 29, 2020•about 5 years ago

Amount Raised

$85 Million

Seattle

Description

Remitly, the mobile-first provider of remittances and financial services for immigrants, today announced a $85 million funding round to fuel the company’s growth as the global demand for digital remittances continues to surge during the COVID-19 pandemic. The funding will enable Remitly to expand its suite of digital financial services products at a time its customers need them most.

Company Information

Company

Remitly

Location

Seattle, Washington, United States

About

Founded initially to disrupt the nearly $600 billion global remittance industry, Remitly’s vision is to transform the lives of millions of immigrants and their families with the most trusted financial services products in the world. The mobile-first provider of remittances and financial services for immigrants, Remitly makes international money transfers faster, easier, more transparent and more affordable through its global network. Remitly’s reliable and easy-to-use mobile app eliminates the long wait times, complexities and fees typical of traditional remittance processes, returning millions of dollars in savings and spending power to immigrants every year. Established in 2011 and headquartered in Seattle, Remitly is backed by more than a dozen industry-leading investors, including Generation Investment Management, Prosus’ PayU, Stripes and Bezos Expeditions. The company operates from numerous offices around the world, in cities including London, Kraków, Manila and Managua. For more information, visit Remitly.com.

Funding Insights

Based on industry data

Tech investment trends

83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech