What is Remitly?
Remitly is a digital remittance service founded in 2010 and headquartered in Seattle, Washington. The company's mission is to make the money transfer process faster, more affordable, and transparent for its users worldwide. By leveraging technology, Remitly aims to disrupt the traditional remittance market, offering a user-friendly platform for international money transfers. Its focus on customer experience and competitive pricing has positioned it as a key player in the fintech industry, facilitating billions in transactions and connecting individuals and families across borders.
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 TomorrowVentures, QED Investors, Trilogy International Partners, Bezos Expeditions, and Founders Co-Op
Series B (2015): $12.5M with participation from DN Capital, Trilogy Equity Partners, DFJ Venture, and QED Investors
Debt (2015): $12M led by Silicon Valley Bank
Series C (2016): $38.6M supported by Bezos Expeditions, DFJ, Trilogy Equity Partners, DN Capital, and Stripes Group
Private Equity (2016): $38M featuring DFJ, Bezos Expeditions, DN Capital, QED Investors, Stripes Group, Trilogy Equity Partners, International Finance Corporation, and Silicon Valley Bank
Series D (2017): $115M backed by Draper Fisher Jurvetson (DFJ), PayU, Stripes Group, and DN Capital
Series E (2019): $135M with participation from DN Capital, Top Tier Capital Partners, Prudential Financial, Naspers’ PayU, Stripes Group, Generation Investment Management, Schroder & Co Bank AG, Owl Rock Capital, and Princeville Capital
Debt (2019): $85M led by Bridge Bank, Goldman Sachs, Barclays, 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
DN Capital
DN Capital is a global early-stage venture capital firm founded in 2000, with offices in London, Berlin, and San Francisco. The firm focuses on investing in Seed, Series A, and select Series B opportunities across four key sectors: Software, AI, Fintech, and Consumer Internet. With a strong commitment to supporting entrepreneurs, DN Capital leverages its extensive global network and financial expertise to help portfolio companies grow.
Top Tier Capital Partners
Top Tier Capital Partners is an investment manager specializing in venture capital, with a focus on primary commitments to venture funds, LP and direct secondaries, and direct investments. With over two decades of experience, the firm has made over 160 global investments, supporting top investors and innovators.
Prudential Financial
Prudential Financial, Inc., together with its subsidiaries, provides insurance, investment management, and other financial products and services in the United States and internationally. It operates through PGIM, Retirement Strategies, Group Insurance, Individual Life, and International Businesses segments.
What's next for Remitly?
With a substantial funding history, Remitly is well-positioned for continued expansion and innovation in the global remittance market. The company's enterprise-level funding indicates a mature stage of development, likely focused on scaling operations, enhancing its technological infrastructure, and potentially exploring new markets or service offerings. Future strategic moves may involve further integration of AI for fraud detection and personalized services, expanding its network of payout partners, and solidifying its competitive advantage against both traditional financial institutions and emerging fintech rivals. The consistent backing from prominent investors suggests confidence in Remitly's business model and its capacity to capture a larger share of the growing digital remittance market.
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