Remitly to raise $115m for global expansion
Written by Chris Lemmon
North American digital remittance firm Remitly has agreed to raise up to $115 million in Series D funding, led by Naspers’ FinTech investment division PayU.
Remitly’s digital money transfer platform aims to make the process of sending money internationally faster and more transparent for users, while keeping fraud loss rates low. Customers of the digital remittance firm are sending almost $4 billion annually around the world.
Matt Oppenheimer, CEO and co-founder of Remitly, said: “Naspers’ PayU has a strong track record investing in and building payments businesses in high growth markets around the world that will be key as we continue our international expansion. This capital will supercharge our growth and help transform the lives of those who require cross-border transactions, including immigrants, by allowing us to offer them fundamentally better financial services.”
Laurent le Moal, CEO at PayU, added: “Hundreds of millions of households and small merchants across the globe don’t have access to traditional banking services, stifling opportunity. We believe in the enormous potential of technology to unlock financial services for these underserved populations and Remitly is ready to take the stage.
“We’re delighted to leverage our global network and local expertise, especially in markets like India, to help Remitly expand financial services through this substantial investment and we look forward to working together to develop new products and services for consumers.”