Remitly, a Seattle, Washington-based independent digital money transmitter in the United States, closed a $38.5m Series C funding round.
The round was led by Stripes Group with participation from Vulcan Capital, both new investors,with participation from existing investors DFJ, DN Capital, Bezos Expeditions and Trilogy Equity Partners, among others. In conjunction with the funding, Stripes Group partner Ron Shah will join Remitly’s board of directors.
The company will use the new capital to grow the team and continue the global expansion.
Led by CEO Matt Oppenheimer, Remitly is a mobile payments service that enables consumers to make person-to-person international money transfers from the United States and Canada. The Techstars company is a licensed money transmitter currently operating in 49 states and Washington, D.C.
Remitly, which has additional offices in the Philippines, has built a proprietary network of banks and cash pickup locations to deliver funds securely overseas as well as a core remittance platform that offers the ability to deliver on promises to customers residing in the largest remittance markets.