What is Remitly?
Remitly is a digital remittance service founded in 2010 and headquartered in Seattle, Washington. The company's core mission is to provide a faster, more affordable, and transparent money transfer process for its users. Operating in the competitive fintech landscape, Remitly has leveraged multiple rounds of financing to scale its operations and enhance its service offerings, positioning itself as a key player in the global financial technology market. The company's focus on user experience and competitive pricing has been central to its expansion.
How much funding has Remitly raised?
Remitly has raised a total of $1.1B across 14 funding rounds:
Series A
$3.8M
Series B
$12.5M
Debt
$12M
Series C
$38.6M
Private Equity
$38M
Series D
$115M
Debt
$85M
Series E
$135M
Series F
$85M
Stock Offering
$523M
Series A (2013): $3.8M backed by Bezos Expeditions, QED Investors, TomorrowVentures, Trilogy International Partners, and Founders Co-Op
Series B (2015): $12.5M with participation from QED Investors, DFJ Venture, DN Capital, and Trilogy Equity Partners
Debt (2015): $12M led by Silicon Valley Bank
Series C (2016): $38.6M supported by Bezos Expeditions, DN Capital, Stripes Group, DFJ, and Trilogy Equity Partners
Private Equity (2016): $38M featuring QED Investors, Stripes Group, Silicon Valley Bank, Bezos Expeditions, International Finance Corporation, Trilogy Equity Partners, DN Capital, and DFJ
Series D (2017): $115M backed by Draper Fisher Jurvetson (DFJ), PayU, Stripes Group, and DN Capital
Debt (2019): $85M with participation from Bridge Bank, Goldman Sachs, Barclays, and Silicon Valley Bank
Series E (2019): $135M led by Owl Rock Capital, Naspers’ PayU, Stripes Group, Generation Investment Management, Princeville Capital, DN Capital, Prudential Financial, Schroder & Co Bank AG, and Top Tier Capital Partners
Series F (2020): $85M, investors not publicly disclosed
Stock Issuance/Offering (2021): $523M, investors not publicly disclosed
Key Investors in Remitly
Bezos Expeditions
Bezos Expeditions is an investment firm founded by Jeff Bezos that focuses on a diverse range of sectors including technology, healthcare, and space exploration. The firm is known for its strategic investments in innovative companies such as Airbnb, Uber, and Twitter. Its intended clients include startups and established businesses seeking funding and support for growth. Additionally, Bezos Expeditions is involved in philanthropic efforts through initiatives like the Bezos Day One Fund and the Bezos Family Foundation.
TomorrowVentures
TomorrowVentures is a seed and early-stage venture capital firm focused on developing innovative ideas that have the power to change the way we live, interact, and thrive. Founded in 2009 with a unique approach to venture capital and an extensive, diverse base of experience and expertise, we add value far beyond capital. Our goal is to grow companies capable of transforming technology, lifestyle and philanthropy. The firm is currently evaluating new opportunities. TomorrowVentures is headquartered in Palo Alto, California and has an office in Denver, Colorado.
QED Investors
QED Investors is a global leading boutique venture capital firm based in Alexandria, VA. Founded by Nigel Morris and Frank Rotman in 2007, QED Investors is focused on investing in early stage, disruptive financial services companies in the U.S., U.K., Latin America and Southeast Asia. QED Investors is dedicated to building great businesses and uses a unique, hands-on approach that leverages our partners' decades of entrepreneurial and operational experience, helping their companies achieve breakthrough growth. Notable investments include Credit Karma, ClearScore, Nubank, SoFi, Avant, Remitly, GreenSky, Klarna, QuintoAndar, Loft, Konfio, Creditas, AvidXchange, Current and Mission Lane.
What's next for Remitly?
With a history of significant enterprise-level and strategic investments, Remitly is well-positioned for continued expansion and innovation. The substantial capital raised suggests a focus on scaling its global reach, enhancing its technological infrastructure, and potentially exploring new financial service verticals. Future strategic moves may involve further market penetration in underserved regions, development of new product features to meet evolving customer needs, and continued investment in compliance and security to maintain trust in its remittance services. The company's trajectory indicates a strong emphasis on sustained growth and market leadership.
See full Remitly company page
