Remitly, Inc., a Seattle, WA-based mobile money transfer service that allows immigrants in the U.S. to send money home, completed the first close of a $5.5m Series A round.
The investment was led by QED, with participation from existing investors Trilogy Partnership, Founders Co-Op, TomorrowVentures, Bezos Expeditions, and various angel investors.
The company intends to use the funds to accelerate global growth.
Led by Matt Oppenheimer, co-founder and CEO, Remitly is a mobile payments service that enables consumers to make person-to-person international money transfers from the United States and eliminates the forms, codes, agents, extra time and fees tied to the traditional money transfer process.
Remitly is a licensed money transmitter operating in 21 states.
It currently focuses on customers sending money from the USA to the Philippines where it has additional offices.
02/01/2013: Remitly increases capital to $5.1m