Remitly, a U.S.-based online money transfer service, announced on Wednesday it secured $85 million through its latest investment round, which was led by Prosus’s PayU, at a $1.5 billion valuation. Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures also participated in the funding round.
Founded in 2011, Remitly is an international payments company that leverages digital channels, including mobile phones, to send money internationally.
“Remitly’s digital products are fundamentally faster, less expensive, and far more convenient for customers to send money across borders.”
Speaking about the investment round, Matt Oppenheimer, Remitly Co-founder and CEO, stated:
“Remitly was born out of this necessity – to provide the underserved, underbanked and overlooked access to financial services anytime, anywhere. And our digital solutions have never been needed more than they are today. This latest round of funding will allow us to continue meeting our customers’ broad set of financial needs, and providing affordable, convenient and secure solutions as we navigate this uncertain time and beyond.”
Remitly then added that the investment further strengthens its relationship with its investment partners, all of whom share the company’s commitment to inclusive financial services and building sustainable businesses.