What is Remitly?
Remitly operates as a sophisticated digital remittance service designed to modernize the traditional money transfer process. By prioritizing speed, affordability, and transparency, the company addresses the friction points inherent in cross-border financial transactions. Headquartered in Seattle, Washington, Remitly has positioned itself as a disruptive force within the fintech ecosystem, leveraging proprietary technology to facilitate secure and efficient transfers for a global user base. Its market position is bolstered by a commitment to financial inclusion, providing a reliable alternative to legacy banking systems for individuals and businesses alike.
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 Trilogy International Partners, TomorrowVentures, Bezos Expeditions, Founders Co-Op, and QED Investors
Series B (2015): $12.5M with participation from DFJ Venture, Trilogy Equity Partners, DN Capital, and QED Investors
Debt (2015): $12M led by Silicon Valley Bank
Series C (2016): $38.6M supported by Trilogy Equity Partners, Stripes Group, DN Capital, Bezos Expeditions, and DFJ
Private Equity (2016): $38M featuring Trilogy Equity Partners, International Finance Corporation, Silicon Valley Bank, DN Capital, Stripes Group, Bezos Expeditions, QED Investors, and DFJ
Series D (2017): $115M backed by PayU, Draper Fisher Jurvetson (DFJ), DN Capital, and Stripes Group
Series E (2019): $135M with participation from Stripes Group, Owl Rock Capital, Generation Investment Management, Top Tier Capital Partners, Prudential Financial, DN Capital, Schroder & Co Bank AG, Princeville Capital, and Naspers’ PayU
Debt (2019): $85M led by Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank
Series F (2020): $85M, investors not publicly disclosed
Stock Issuance/Offering (2021): $523M, investors not publicly disclosed
Key Investors in Remitly
Stripes Group
Based in New York City, Stripes is a leading growth equity firm that invests in branded consumer and software companies, fueling the next generation of iconic businesses.
QED Investors
A global boutique venture capital firm focused on investing in early-stage, disruptive financial services companies across the U.S., U.K., Latin America, and Southeast Asia.
Draper Fisher Jurvetson (DFJ)
A prominent venture capital firm with a global presence, dedicated to identifying and providing capital to extraordinary entrepreneurs determined to change the world.
What's next for Remitly?
With the support of its latest capital infusion, Remitly is well-positioned to accelerate its strategic roadmap, focusing on deeper market penetration and the enhancement of its digital product suite. The company is expected to leverage these resources to further optimize its cross-border payment rails and potentially explore adjacent financial services that align with its core mission. As the demand for transparent and rapid international money movement continues to grow, Remitly's focus will likely remain on scaling its infrastructure to maintain its competitive edge against both traditional financial institutions and emerging fintech challengers. The firm's ability to maintain long-term partnerships with its diverse investor base suggests a sustained commitment to innovation and operational excellence in the years ahead.
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