July 15, 2019
Money-Transfer Startup Remitly Raises $220m in New Funding
Remitly, a Seattle startup that helps immigrants in developed countries send money home to family and friends in developing nations, is raising new funding to tackle the $700 billion money-transfer market. It secured $135 million in equity financing and $85 million in debt at a valuation just shy of $1 billion, according to a person familiar with the deal. Generation, a sustainability-focused investment firm cofounded by Al Gore, is leading the equity round. Additional investors include Swiss asset manager Schroders, Naspers’ PayU and Stripes Group, among others. To date, Remitly has raised $312 million in equity investment. Read more here...