Remitly Announces $85 Million Round as Digital Remittances Surge Globally

Remitly Announces $85 Million Round as Digital Remittances Surge Globally
31.07.2020 11:07 am

Remitly Announces $85 Million Round as Digital Remittances Surge Globally

Investment , Payments

Remitly, the mission-driven provider of remittances and financial services for immigrants, announced an additional $85 million in financing 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 financial services products and digital solutions at a time its customers need them most.

Returning investor Prosus’s PayU led the round at a $1.5 billion valuation. They were joined by returning partners DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier.

“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.”

While global remittances are projected to decline by 20 percent in 2020 due to the economic crisis, Remitly has seen 200 percent 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. As a result, they’re shifting to digital solutions to continue sending money to loved ones across the world.  

“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.

Related News

ESG Investment North America Virtual Summit – by Reuters Events Markets

Reuters Events hosts the leading, North American institutional investor forum bringing financially critical ESG insights to mainstream investors. Join a two-day agenda that... Read more »

ESG Investment Europe Virtual Summit – by Reuters Events Markets

Reuters Events hosts the leading institutional investor forum for delivering strategic ESG insights to drive forward-thinking investment policy. Join a two-day agenda that... Read more »

London Derivatives Exchange selects Exberry to deliver matching engine technology

Exberry, the exchange technology pioneer, has been appointed by London Derivatives Exchange (LDX) to provide matching engine technology. The... Read more »

FinecoBank expands UK offering with access to Algebris Funds

FinecoBank today announces the expansion of its investment products with a suite of funds from Algebris.

With the new funds from London... Read more »

First deposits of P2P investors increased significantly in June

Statistics of the P2P lending platform Robo.cash show that the size of the first deposit made by... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel