Remitly, a Seattle, WA-based mobile-first provider of remittances and financial services for immigrants, received an equity investment from Visa.
The amount of the deal was not disclosed.
Further advancing their partnership, Remitly is also extending an earlier partnership with Visa, to integrate Visa Direct, Visa’s real-time push payments platform, to help enable Remitly customers in the United States to send funds to eligible Visa debit cards in countries around the world. Through this extension, Visa and Remitly will continue to work together to further expand cross-border transfer services and provide customers secure money transfer solutions.
Led by Matt Oppenheimer, CEO, Remitly is a mobile-first provider of remittances and financial services for immigrants, which enables international money transfers through its global network. Since the start of 2020, Remitly has more than doubled its reach in the number of available receive countries, from 49 to over 100 – while also launching send functionality in Singapore. Remitly’s mobile wallet network also expanded by more than 100 % worldwide.
Established in 2011 and headquartered in Seattle, the company is backed by more than a dozen investors, including Generation Investment Management, Prosus’ PayU, Stripes and Bezos Expeditions. Remitly operates from numerous offices around the world, in cities including London, Kraków, Manila and Managua.
This new funding from Visa follows Remitly’s $85m Series F round in July 2020.