Remitly announce an $85m financing round led by PayU

Remitly has announced an $85 million financing round led by PayU joined by returning partners DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier.

Remitly is an international digital remittance company established in 2011 and headquartered in Seattle, USA. It transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America

Remitly intends to use the funds to expand its suite of financial services products and digital solutions.

“As the current health crisis continues to devastate the global economy and disproportionately impact developing countries around the world, 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,” said Matt Oppenheimer, Remitly Co-founder and CEO. “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,” Oppenheimer said. “And with this investment, we are eager to continue innovating and building superior products that will meet our customers’ needs today and in years to come.”

This investment further strengthens Remitly’s relationship with its investment partners, all of whom share the company’s commitment to inclusive financial services and building sustainable businesses.

“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 organisation 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,” said Laurent le Moal, PayU CEO and member of Remitly’s board of directors.

PayU is the payments and fintech business of Prosus, a global consumer internet group and one of the largest technology investors in the world.