Remitly provides mobile-first remittance and financial services aimed at immigrants and their families, using a digital app and global network to make international money transfers faster, more transparent, and more affordable. The company has expanded its receive footprint from 49 to over 100 countries since the start of 2020 and launched send functionality in Singapore. Its mobile wallet network also grew by more than 100% worldwide during the same period. Remitly emphasizes customer-centric service, real-time tracking of transfers, and integrations such as Visa Direct to enable real-time push payments to eligible Visa debit cards. The business accelerated digital adoption among customers during the COVID-19 pandemic and used prior funding to expand its product suite and geographic reach. Remitly was founded in 2011 and is headquartered in Seattle. Remitly operates a technology-driven remittance platform that enables virtual, non‑cash international money transfers across its network. The company launched Passbook, a neobank in partnership with Green Dot, and plans to expand its product set with services such as credit. Remitly reported customer growth of 200% year‑over‑year and has served roughly 3 million customers across 17 send‑from markets and 57 send‑to countries. Management said it is not disclosing the number of users but has received substantial customer feedback on banking products. The company is using new capital to double down on growth and broaden its financial‑services offering. PayU’s CEO described the business as mission‑driven and an “IPO type of company.” Remitly is monitoring blockchain developments but currently has no blockchain strategy or membership in Facebook’s Libra project. Remitly provides online and phone-based international money transfer services covering 16 send countries, 44 receive countries and roughly 700 corridors. Its core product is localized remittance delivery tailored to popular local payout formats in each market. The company plans to use new capital to both grow its remittance business and build additional financial services for immigrants and migrants, addressing gaps like credit history and access to banking. Management says average annual revenue growth has been around 100% each year for the past three years. The startup offers an "express" fast-send option and is using debt to pre-fund that growing service. CEO and founder Matt Oppenheimer emphasized transforming immigrant customers' financial lives as a strategic aim. Generation Investment Management’s investment reflects a mission-aligned interest in services that improve people’s financial health. Lucia Rigo of Generation will join Remitly’s board as part of the round. Remitly provides electronic remittance services allowing people in the U.S., U.K. and Canada to send money to recipients across Africa, South America and Asia. The company delivers funds to mobile phones and aims to serve customers who lack traditional bank accounts. Over the past year Remitly expanded into seven additional South American receiving markets (Guatemala, Honduras, El Salvador, Nicaragua, Colombia, Ecuador and Peru) and added the U.K. as a send-side market. That expansion helped grow its annual send volume to nearly $4 billion, up from $1 billion a year earlier. Remitly competes with incumbents like Western Union, MoneyGram and digital rivals such as WorldRemit, Azimo, TransferWise and Xoom. Management says the company plans to grow its global presence further and explore additional payments integrations (for example bill or point-of-sale payments) while not pursuing cryptocurrencies at this time. Remitly builds money transfer and related financial services targeted at people in developed countries sending funds to recipients in emerging markets and the 'unbanked'. The company emphasizes mobile-first features such as cash-pick and instant transfers to make transactions faster and cheaper for consumers. Remitly is expanding geographically—announcing expansion to seven more countries in Latin America—and already enables senders in the U.S. and Canada to send to Colombia, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, Peru, India and the Philippines. The new capital will be used to improve its money transfer service, speed transactions, and reduce costs as it grows its global footprint. Operationally, Remitly reported passing $1 billion in aggregate transaction volume nine months ago, is on track to reach $1.5 billion this year, processes north of 2 million transactions per year, and sees more than 90% of customers return. The company competes with incumbents like Western Union and challengers such as WorldRemit and Xoom in the mobile remittance market.

Total raised

$479M

Funding rounds

10

Latest round

Equity

Latest activity

Jul 2020