Sunday, March 3

Tag: Remittances

Global Remittances could fall $109 billion in 2020 because of COVID-19
News

Global Remittances could fall $109 billion in 2020 because of COVID-19

As per the latest report by the World Bank, due to Covid-19, the Global Remittances could fall by $109bn in 2020. The total value of remittances reached $714 billion in 2019. At least 60 low- and middle-income country's GDP depend on remittances that are the most affected now. Tajikistan and Bermuda, for example, both depend on remittances for more than 30% of GDP. Other heavily-dependent countries include Nepal and Haiti. And the countries which rely on remittances the most often have economies which are already fragile. According to the International Monetary Fund (IMF), this money often helps even out trade deficits and provides a key source of tax revenue particularly in terms of indirect taxes like value-added tax and sales tax. Remittances to Asia and the Pacific, which...
Remitly Raises $85 Million in funding at a valuation of $1.5 Billion
FUNDING

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...