Remitly raises $220 million in funding to boost international expansion

July 10, 2019

Remitly, a digital money transfer service, said it raised $220 million in financing that will be used to accelerate the company's international expansion and also expand into new businesses. 

The funding includes $135 million in Series E equity financing led by Generation Investment Management and $85 million in debt financing. 

"Remitly will grow our online offering to more customers around the world and continue growing our physical presence," co-founder and CEO Matt Oppenheimer told Mobile Payments Today via email. "This helps us provide high quality customer service to users of Remitly, maintain relationships with our disbursement and other partners, and do local marketing — introducing people to the Remitly service." 

Remitly has offices in London, Managua, Nicaragua and Manila, where the company just moved into larger offices. 

The company is planning to expand into financial services that would help migrants and other underserved communities, he said. 

The total amount of funding raised to date is $311.6 million, according to the company. 

 

Topics: Mobile Apps, Money Transfer / P2P

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