What is Remitly? Remitly Review

Basic Introduction

Remitly is a mobile payment service that enables consumers to easily conduct person-to-person international money transfers from the United States and Canada. Its online service uses the latest technology and mobile devices to get rid of the forms, codes, agents, lengthy time and fees required by the traditional money transfer process. Remitly is an authorized money transmitter with locations in 49 states and Washington, D.C., and sends tens of millions of dollars to tens of thousands of customers each month. A Techstars company, Remitly is backed by Stripes Group, DFJ, QED, Trilogy Partnership, DN Capital, Founders Co-Op, Bezos Expeditions and TomorrowVentures. Remitly is headquartered in Seattle, Washington, with offices in the Philippines.

Basic Situation

Remitly is a mobile payment service that enables consumers to easily and conveniently send person-to-person international money transfers from the United States.

Remitly only has a simple remittance function, which allows you to use VISA or MasterCard or bank accounts to remit money to other countries and regions.

Remitly's online service uses the latest technology and mobile devices to disrupt the $588 billion per year industry by eliminating unnecessary forms, codes, agents, and extra time and fees from the traditional money transfer process. As a licensed money transmitter, Remitly currently operates in 49 states and Washington, D.C., and sends millions of dollars in remittances to thousands of customers each month.

Financing

In April 2012, Remitly raised $2.4 million in seed funding led by Founder's Co-op, with investors including Bezos Expeditions (Jeff Bezos's private investment company), TomorrowVentures (Eric Schmidt's investment vehicle), and angel investors Geoff Entress and Sujal Patel.

In January 2013, the US mobile payment platform Remitly (formerly known as BeamIt) recently raised $2.6 million from investment company Trilogy Equity Partnership, bringing its total financing to $5.1 million.

In April 2016, Remitly, the largest independent digital remittance company in the United States, announced today that it has raised $38.5 million in Series C funding. Stripes Group led the financing, and other participants included existing investors such as DFJ, DN Capital, Bezos Expeditions, Vulcan Capital and Trilogy Equity Partners.

In November 2017, Remitly, the largest independent mobile remittance company in the United States, announced this week that it had completed a $115 million Series D round of financing. This round of financing was led by PayU, a subsidiary of African media and Internet giant Naspers.

In July 2019, digital remittance company Remitly raised $220 million in equity financing, with Generation Investment Management, a sustainable investment management company co-founded by former US Vice President Al Gore, leading the participation through its Sustainable Solutions Fund.

In July 2020, it received a strategic investment of US$85 million from Generation Investment Management, Threshold, Owl Rock Capital Partners, Princeville Global, DN Capital, Top Tier Capital Partners, PayU, and Stripes. The post-investment valuation is US$1.5 billion.

Development

In November 2019, Remitly, an online remittance service with nearly 2 million users, and Xpress Money, a Finablr company, reached a cooperation to provide more cross-border payment options for customers in Asia and Africa.

References

• 1. Remitly completes $38.5 million Series C financing: Sohu [cited on 2016-04-26T16:00:00.000Z]
• 2. International remittances for seafarers are no longer a hassle: Sohu [cited on 2019-06-24T16:00:00.000Z]
• 3. US mobile payment platform Remitly raises $2.6 million: NetEase Mobile [cited on 2013-01-07T16:00:00.000Z]