Matt Oppenheimer, Remitly CEO and Co-founder

Washington based Remitly a mobile payments service that enables users to make person-to-person international money transfers has today announced its new funding of $220 million which will be helping Remitly to expand its customer base worldwide. The fundraising includes $135 million Series E equity and $85 million syndicated debt financing. The equity component is led by Generation Investment Management. Other participants included Owl Rock Capital, Princeville Global, Prudential Financial, Schroder & Co Bank AG, and Top Tier Capital Partners, alongside Remitly’s existing investors, including DN Capital, Naspers’ PayU, and Stripes Group.

Remitly CEO and co-founder commented, “It says something very powerful about Remitly’s mission and prospects, to have such an impressive roster of investors participating in our Series E round. They share our belief that it is possible to do good while building a strong, sustainable business,”

Remitly has growth teams based around the world, with major offices in London, Manila and Managua. The latest round of financing will help to extend and deepen the company’s presence internationally, and to bring the service to many more countries. Remitly is also investing in new businesses beyond remittances, in line with its goal of bringing the highest-quality financial services to everyone.

Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, Central and South America.

by Megha Bhattacharya
Market Analyst at IBS Intelligence