Remitly Nabs $12.5 Million in Series B Round
March 23, 2015
Late last week, global remittance provider Remitly raised $12.5 million in Series B funding. The company said it will use the cash to hire new talent, increase marketing outreach and expand the service into new countries. The company currently enables transfers to the Philippines and India. The most recent funding round was led by DFJ with participation from DN Capital and several existing investors.
Remitly is built around digital delivery of remittances and intends to disrupt the legacy system by leveraging the mobile channel to offer cheaper fees and a better overall customer experience.
“While living in Africa, I saw firsthand the many barriers people faced when sending money to friends, family and businesses. It was incredibly difficult, expensive and the process was arduous and slow. We started Remitly because we knew we could change that,” said Remitly CEO Matt Oppenheimer. “Remittance is a $125 billion opportunity in the U.S. and $500 billion globally. We have earned the trust of tens of thousands of people by transferring their hard-earned wages back to the people they care most about. And we’re just getting started.”