Remitly, an independent digital remittance company, announced that it had agreed to raise up to $115 million in series D funding, according to Business Wire. PayU, a FinTech investment division of Naspers, will lead the investment round.
Remitly investors Stripes Group, DFJ and DN Capital will also be joining the round, Business Wire reported. The CEO of PayU, Laurent le Moal, will join Remitly’s board of directors as a result of the investment.
“Naspers’ PayU has a strong track record investing in and building payments businesses in high-growth markets around the world, [which] will be key as we continue our international expansion,” said Matt Oppenheimer, CEO and co-founder of Remitly. “This capital will supercharge our growth and help transform the lives of those who require cross-border transactions, including immigrants, by allowing us to offer them fundamentally better financial services.”
Remitly is focusing on remittances flowing from developed countries to low- and middle-income countries, according to the report. Remitly customers send more than $4 billion in remittances annually.
“Hundreds of millions of households and small merchants across the globe don’t have access to traditional banking services, stifling opportunity,” said le Moal. “We believe in the enormous potential of technology to unlock financial services for these underserved populations, and Remitly is ready to take the stage. We’re delighted to leverage our global network and local expertise, especially in markets like India, to help Remitly expand financial services through this substantial investment, and we look forward to working together to develop new products and services for consumers.”
Remitly services all 50 U.S. states and expanded operations into the U.K. earlier this year. “Over £19 billion in remittances are sent from the U.K., and launching here is a natural next step for us as we expand across the globe,” Oppenheimer told Reuters in April.