Total amount raised
$526.7 Millions
Latest funding date
Location
Remitly has successfully raised significant funding through multiple rounds, attracting a diverse group of investors. The platform specializes in international money transfers, offering a range of delivery options and emphasizing security and transparency.
Keep reading to explore the intricacies of Remitly's fundraising journey and the investors backing this innovative platform.
What Is Remitly?
Remitly, founded in 2011 in Seattle, Washington, is a mobile payment service specializing in international money transfers. The company was established by Josh Hug, Matthew Oppenheimer, and Shivaas Gulati.
Remitly aims to disrupt the traditional money transfer industry by leveraging the latest technology to eliminate unnecessary forms, codes, agents, extra time, and fees. The platform offers a range of services, including multiple delivery options and secure transfers.
With a workforce of 1001-5000 employees, Remitly continues to grow, providing transparent and efficient money transfer solutions to users worldwide.
How Much Funding Has Remitly Raised?
- Series B
- Amount Raised: $12.5M
- Date: March 2015
- Lead Investors: Threshold
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand the company's services.
- Series C
- Amount Raised: $38.5M
- Date: April 2016
- Lead Investors: Stripes
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Debt Financing
- Amount Raised: $15M
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and growth.
- Series C
- Amount Raised: $23.5M
- Date: September 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's services and technology.
- Series D
- Amount Raised: $115M
- Date: October 2017
- Lead Investors: PayU GPO
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance service offerings.
- Series E
- Amount Raised: $135M
- Date: July 2019
- Lead Investors: Generation Investment Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and expand into new markets.
- Debt Financing
- Amount Raised: $85M
- Date: July 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and growth.
- Series F
- Amount Raised: $85M
- Date: July 2020
- Lead Investors: PayU GPO
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To fuel growth and expand digital financial services.
- Corporate Round
- Amount Raised: Not publicly disclosed
- Date: May 2021
- Lead Investors: Visa
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance strategic partnerships and expand services.
- Post-IPO Equity
- Amount Raised: $6.7M
- Date: January 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support post-IPO growth and operational needs.
Total Amount Raised: $516.2M. Current Valuation: $1.5 billion.
Key Investors
- Visa
- Details: Visa is a global payments technology company that facilitates electronic funds transfers worldwide. It is headquartered in Foster City, California.
- Investment Focus Areas: Financial services, payment solutions, fintech.
- Notable Investments: Square, Stripe, Plaid.
- Generation Investment Management
- Details: Generation Investment Management is an investment management firm focused on sustainable and environmental investments. It was co-founded by former U.S. Vice President Al Gore.
- Investment Focus Areas: Sustainable and environmental investments, technology.
- Notable Investments: Asana, DocuSign, Toast.
- Stripes
- Details: Stripes is a growth equity firm that invests in internet, software, and consumer businesses. The firm is based in New York City.
- Investment Focus Areas: Consumer products, technology, healthcare.
- Notable Investments: Snyk, Udemy, Monday.com.
- PayU GPO
- Details: PayU GPO is a global fintech and e-payments company that is part of Prosus, a global consumer internet group. It focuses on providing financial services in high-growth markets.
- Investment Focus Areas: Fintech, e-payments, financial inclusion.
- Notable Investments: Remitly, Kreditech, Citrus Pay.
- Threshold
- Details: Threshold Ventures, formerly known as DFJ Venture, is a venture capital firm that invests in early-stage technology companies. It is based in Menlo Park, California.
- Investment Focus Areas: Technology, healthcare, clean energy.
- Notable Investments: Tesla, SpaceX, Skype.
What's Next for Remitly?
Remitly stands at the cusp of significant opportunities, driven by the increasing demand for digital remittance solutions. The company has seen a 200% increase in new customer growth year-over-year, highlighting the vast potential in expanding its suite of digital financial services. This growth is fueled by the shift from traditional remittance methods to digital platforms, accelerated by the COVID-19 pandemic.
Future fundraising opportunities appear promising, given the strong investor interest demonstrated in recent funding rounds. With a valuation of $1.5 billion, Remitly is well-positioned to attract further investments to scale operations and enhance its technology. However, the company must navigate challenges such as economic uncertainties, regulatory hurdles, and intense competition from other fintech firms.
Use Clay to Get Funding Data
Sales professionals, take your strategy to the next level by leveraging Clay's platform to access comprehensive fundraising data on companies like Remitly and gather other critical business insights.
Sign up for free on Clay and start transforming your sales approach today.
