Remitly, a Seattle, WA-based mobile-first provider of remittances and financial services for immigrants, raised $85m in funding.
The round was led by existing investor Prosus’s PayU at a $1.5 billion valuation with participation from returning partners Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures.
The company intends to use the funds to expand its suite of digital financial services products.
Established in 2011 and led by Matt Oppenheimer, CEO, Remitly provides immigrants and their families with financial services products to make international money transfers. The company is also expanding its portfolio to include additional critical financial services for immigrants. Its Passbook offering is a banking solution that eliminates fees and other common barriers to creating a bank account, and introduces new cross-border money transfer benefits. The company operates globally, with offices in London, Kraków, Manila and Managua.