Remitly, the largest independent digital remittance company in North America, on Tuesday announced that it has agreed to raise up to $115 million in Series D funding, subject to applicable third party and regulatory approvals.
The Series D financing will be led by Naspers’ fintech investment division PayU, a global online payment service provider. Existing Remitly investors Stripes Group, DFJ, and DN Capital will participate in the round. Laurent le Moal, PayU CEO, will join Remitly’s board of directors following the investment.
“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,” said Matt Oppenheimer, Remitly CEO and co-founder.
Remitly is focused on addressing the largest sector of remittances, the $430 billion flow from developed countries to low and middle income countries. Its customers are sending nearly $4 billion annually around the world.
“Hundreds of millions of households and small merchants across the globe don’t have access to traditional banking services, stifling opportunity. We believe in the enormous potential of technology to unlock financial services for these underserved populations and Remitly is ready to take the stage,” said Laurent le Moal, CEO at PayU.
“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.”