Remitly Money Transfer Service Expands in Canada

Remitly Money Transfer Service Expands in Canada
29.04.2016 10:45 am

Remitly Money Transfer Service Expands in Canada

Transaction Banking , Payments

Remitly closed a $38.5 million Series C funding round. Stripes Group led this round and was joined by Vulcan Capital, both new investors in Remitly. Existing Remitly investors also contributed to the round including DFJ, DN Capital, Bezos Expeditions and Trilogy Equity Partners, among others. Stripes Group partner Ron Shah will join Remitly’s board of directors as part of the financing. The new capital will be used to grow Remitly’s team and continue the company’s global expansion.

As an important step in expanding Remitly’s global footprint, the company announced today that Remitly is now available to customers in Canada. Canada is home to more than 7.4 million immigrants, many of whom still have family overseas. Residents of Canada transfer more than $23 billion annually, with $2.9 billion going to India and $2.1 billion to the Philippines.

“Since day one our strategy has been to bring our service to the largest addressable remittance markets in the world,” said Remitly CEO Matt Oppenheimer. “With this new financing, we are able to continue executing against that strategy by building a global footprint in the largest remittance corridors.”

Instead of relying on third-party aggregators, Remitly has built a proprietary network of banks and cash pickup locations to deliver funds quickly and securely overseas. It also has created a scalable core remittance platform that offers the unique ability to reliably deliver on promises to customers residing in the largest remittance markets. Around the world, people send more than $588 billion in remittances every year. According to the World Bank, remittance companies charge an average of nearly 8 percent in fees, while Remitly’s best-in-class digital product enables it to charge a small fraction of that while delivering a fundamentally better customer experience than legacy operators.

Remitly’s efforts to date have proven successful. Its customers are now transferring more than $1 billion annually and the company grew over 400 percent in the first quarter of 2016 compared to the previous year. As Remitly accelerates its global expansion, the company is also introducing a new logo emblematic of its continued focus and commitment toward customers.

“Remitly’s rapid growth in a large and well-defined hundred-year-old market is a great example of how a new generation of companies is using technology and leveraging mobile adoption to deliver better, faster, and more secure solutions to increasingly discerning consumers – all at lower costs,” said Stripes Group partner Ron Shah. “By doing this, Remitly is impacting people’s lives in a significant way and we’re excited to join the team as they continue to expand their global footprint.”

Related News

NeoXam and ICE partner to bring ICE pricing and reference data to clients

NeoXam, a leading provider of financial data management and transaction software solutions, announced it has integrated ICE Data Services’ pricing and reference data... Read more »

Erste Bank Hungary Improves and Secures the Remote Banking Experience with OneSpan Mobile Security

OneSpan™ (NASDAQ: OSPN), the global leader in securing remote banking transactions, today announced that Erste Bank Hungary, a subsidiary of Erste Group Bank AG, one of the... Read more »

W2 looking to support all industries during challenging times ahead

W2, the leading provider of real-time digital solutions for global regulatory compliance, has announced today its help to regulated industries faced with challenges during the... Read more »

Ebury has switched to a remote first organisation in response to the coronavirus outbreak

In order to preserve the security of its employees and continue to provide high quality financial services to its customers, all of Ebury’s offices and operations have moved to... Read more »

Temenos and ClearBank Form Strategic Relationship to Provide Seamless Payments in the Cloud

Temenos (SIX: TEMN), the banking software company, and ClearBank, the cloud-based clearing bank, form a strategic relationship to provide banks with access to UK payment... Read more »

Ebury and Crédito Agrícola join forces to transform global transaction banking for corporates and SMEs

Crédito Agrícola and Ebury signed a partnership that will allow the bank's corporate clients to carry out foreign currency exchange and cross border transactions completely... Read more »

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