Remitly, a Seattle, WA-based online international money transfer service, raised $220m in financing.
The fundraising includes:
– $135m in Series E equity led by Generation Investment Management, with participation from Owl Rock Capital, Princeville Global, Prudential Financial, Schroder & Co Bank AG, and Top Tier Capital Partners, alongside existing investors, including DN Capital, Naspers’ PayU, and Stripes Group, and
– $85m syndicated debt financing coming from Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank.
The company intends to use the funds to accelerate international growth and expand customer reach.
Led by CEO and co-founder Matt Oppenheimer, Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, Central and South America. .
Remitly has growth teams based around the world, with major offices in London, Manila and Managua and this latest round will help to extend its presence internationally, and to bring the service to many more countries.
The compay is also investing in new businesses beyond remittances, in line with its goal of bringing financial services to everyone.