- Remitly — a mobile-first provider of remittances and financial services for immigrants — announced an $85 million funding round
Remitly — a mobile-first provider of remittances and financial services for immigrants — announced an $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. This round of funding will enable Remitly to expand its suite of digital financial services products at a time its customers need them most.
The company’s existing investor Prosus’s PayU led the round at a $1.5 billion valuation. And they were joined by existing partners Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures.
Even though the World Bank forecast global remittances to decline by 20% in 2020 due to the economic crisis, Remitly has seen 200% new customer growth year-over-year. And customers who once relied on traditional remittance providers are now faced with quarantines, the shuttering of brick and mortar locations, and limited access to traditional financial services.
With these challenges, customers are rapidly shifting to digital solutions to continue sending money to their loved ones across the world. And this investment further strengthens Remitly’s relationship with its investment partners, all of who share the company’s commitment to inclusive financial services.
KEY QUOTES:
“As the current health crisis continues to devastate the global economy and disproportionately impact developing countries, immigrants are increasingly turning to digital solutions to address their financial needs and ensure they are still able to send critical funds home to their loved ones. Remitly was born out of this necessity – to provide the underserved, underbanked, and overlooked access to financial services anytime, anywhere. And our digital solutions have never been needed more than they are today. This latest round of funding will allow us to continue meeting our customers’ broad set of financial needs, and providing affordable, convenient, and secure solutions as we navigate this uncertain time and beyond.”
“The future of remittances has always been digital, but that shift has accelerated rapidly over the past few months with the demand for safe and convenient solutions to send money. And with this investment, we are eager to continue innovating and building superior products that will meet our customers’ needs today and for years to come.”
— Remitly Co-founder and CEO Matt Oppenheimer
“Today’s investment in Remitly marks a further step in our mission to become the world’s leading fintech investor. Since we first invested in Remitly in 2017 we have been impressed by its consistent track record of growth, including during the recent COVID turbulence. The business has scaled into an international organization while keeping true to its mission of financial inclusion. Our vision of a world without financial borders where everyone can prosper means we are always looking for opportunities to unlock financial services for underserved populations. Remitly is one of those opportunities and we’re a proud partner and investor.”
— Laurent le Moal, PayU CEO and member of Remitly’s Board of Directors.
