Seattle-based Remitly, the largest independent digital money transmitter in the US, has closed a $38.5 million Series C funding round.
Stripes Group led this round and was joined by Vulcan Capital, both new investors in Remitly. Existing Remitly investors also contributed to the round including DFJ, DN Capital, Bezos Expeditions and Trilogy Equity Partners, among others.
Stripes Group partner Ron Shah will join Remitly’s board of directors as part of the financing. The new capital will be used to grow Remitly’s team and continue the company’s global expansion.
Remitly is now available to customers in Canada. Canada is home to more than 7.4 million immigrants, many of whom still have family overseas. Residents of Canada transfer more than $23 billion annually, with $2.9 billion going to India and $2.1 billion to the Philippines.
Instead of relying on third-party aggregators, Remitly has built a proprietary network of banks and cash pickup locations to deliver funds quickly and securely overseas. It also has created a scalable core remittance platform that offers the unique ability to reliably deliver on promises to customers residing in the largest remittance markets. Around the world, people send more than $588 billion in remittances every year.
Remitly’s efforts to date have proven successful. Its customers are now transferring more than $1 billion annually and the company grew over 400 percent in the first quarter of 2016 compared to the previous year. As Remitly accelerates its global expansion, the company is also introducing a new logo emblematic of its continued focus and commitment toward customers.
Remitly is a licensed money transmitter currently operating in 49 states and Washington, D.C., and sending millions of dollars to thousands of customers each month.
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