Digital money transfer firm Remitly raises $38.5m
Digital money transfer firm Remitly has raised $38.5 million in a Series C funding round. Stripes Group led the round, which also included Vulcan Capital. Both firms are new investors in Remitly. Existing investors DFJ, DN Capital, Bezos Expeditions – the venture capital firm for Amazon founder and CEO Jeff Bezos – and Trilogy Equity Partners also took part.
Remitly said it will use the capital to fund new hiring and global growth. The company also announced that is has expanded its services to Canada, where that country’s estimated 7.4 million immigrants represent an appealing customer base.
“Since day one our strategy has been to bring our service to the largest addressable remittance markets in the world,” said Remitly CEO Matt Oppenheimer. “With this new financing, we are able to continue executing against that strategy by building a global footprint in the largest remittance corridors.”
Remitly said its customers transfer some $1 billion annually.