Remitly, a Seattle, WA-based independent digital remittance company, is to raise up to $115m in Series D funding.
The financing – subject to applicable third party and regulatory approvals – will be led by Naspers’ fintech investment division PayU, a global online payment service provider, with participation from existing investors Stripes Group, DFJ, and DN Capital. In conjunction with the funding, Laurent le Moal, PayU CEO, will join Remitly’s board of directors.
The company intends to use the funds to expand its financial services and to develop new products and services for consumers.
Led by Matt Oppenheimer, CEO and co-founder, Remitly provides a digital money transfer platform featuring a mobile app, which makes the process of sending money faster, easier, more transparent and less costly by eliminating forms, codes, agents, extra time and fees typical of the traditional process. Customers in the United States, United Kingdom, and Canada are sending nearly $4 billion annually around the world via Remitly.
The company, backed by World Bank’s International Finance Corporation (IFC), Silicon Valley Bank, Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures, also operates additional offices in London, the Philippines, and Nicaragua.