Remitly Raises $85 Million in funding at a valuation of $1.5 Billion
SEATTLE, 29th Jul 2020-- Remitly, the mobile-first provider of remittances and financial services for immigrants raises $85 million in a funding round from Prosus’s PayU at $1.5B Valuation.
The funding round will fuel the company’s growth as the global demand for digital remittances continues to surge during the COVID-19 pandemic.
The funding will enable Remitly to expand its suite of digital financial services products at a time its customers need them most.
Existing investors like Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures also participated in this round.
While the World Bank forecast global remittances to decline by 20 percent in 2020 due to the economic crisis, Remitly has seen 200 percent ...