Remitly has announced an additional $85 million in financing as the global demand for digital remittances on its platform surged during the COVID-19 pandemic.
Prosus’s PayU led the round at a $1.5 billion valuation. They were joined by existing investors DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures and Top Tier.
While global remittances are projected to decline by 20% in 2020 due to the economic crisis, Remitly has seen 200 % new customer growth year-over-year. The funding will enable Remitly to expand its suite of financial services products and digital solutions at a time its customers need them most.
“As the current health crisis continues to devastate the global economy and disproportionately impact developing countries around the world, immigrants are increasingly turning to digital solutions to address their financial needs and ensure they are still able to send critical funds home to their loved ones,” said Matt Oppenheimer, Remitly Co-founder and CEO.
“Our digital solutions have never been needed more than they are today. This latest round of funding will allow us to continue meeting our customers’ broad set of financial needs, and providing affordable, convenient and secure solutions as we navigate this uncertain time and beyond.”
“Today’s investment in Remitly marks a further step in our mission to become the world’s leading fintech investor,” said Laurent le Moal, PayU CEO and member of Remitly’s board of directors.
“Since we first invested in Remitly in 2017 we have been impressed by its consistent track record of growth, including during the recent COVID turbulence. The business has scaled into an international organisation while keeping true to its mission of financial inclusion,” he added.