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Fintech & Ecommerce

Popular money transfer service announces $85M fundraising

Jul 30, 2020

This investment further strengthens Remitly’s relationship with its investment partners

Remitly

Popular money transfer service announces $85M fundraising. Source: shutterstock.com

Remitly has announced an additional $85 million in the financing, bringing its valuation up to $1.5 billion. The funding will allow Remitly to expand its suite of financial services products and digital solutions.

PayU led the investment round, according to the report. Returning partners including DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier, joined as well.

As the current health crisis continues to devastate the global economy and disproportionately impact developing countries around the world, immigrants are increasingly turning to digital solutions to address their financial needs and ensure they are still able to send critical funds home to their loved ones. 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
Matt Oppenheimer, Remitly Co-founder and CEO

The company revealed that while global remittances are projected to decline by 20% this year, Remitly has seen 200% new customer growth.

We’ve reported that Warren Buffett has invested $813 million into Bank of America stock. The investment boosts his total holding in the lender by 3.6% to nearly 982 million shares or 11.3% of the business.

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Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.