Funding

Online Global Remittance Service, Remitly, Raises $12.5M

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What does Remitly do?         

Remitly, is an online global remittance service, which enables the customers to easily send money internationally transfer from United States. Remitly is an authorized money transmitter which is currently operating in 45 states and is sending millions of dollars to thousands of customers every month.

This online money transfer service uses latest technology and mobile devices to avoid unnecessary forms, agents codes, fees and extra time which is necessary in the regular money transfer process.

How much Remitly was funded?

Remitly has raised a $12.5 M in Series B funding on March 19th, 2015 from Trilogy Equity Partners, DN Capital, QED Investors and Draper Fisher Jurvetson.

Previous funding

  • $1.7Min Seed round on Apr 11th, 2012 from  SK Ventures and Trilogy Equity Partners
  • $2.6M in Series A on Jan 3rd, 2013 from Trilogy Equity Partners
  • $5.5M in  Series A on January 6th, 2014 from SK Ventures, QED Investors, Founder’s Co-op, Bezos Expeditions, TomorrowVentures and Trilogy Equity Partners

What is next for Remtily?

The latest round of funding was led by DFJ along with other investors. William Bryant, DFJ partner is to join the board of directors. Remitly, is going to use the fund for its team expansion, to scale its marketing  endeavors and increase its services to add more countries to which consumers can send money.

Over two hundred million people live away from home and send money to their family and they are riddled with hidden fees, poor user experience and other things. On an average the users are charged 7.9% for sending money internationally, but Remitly charges just 2% on an average.

More about Remitly

Remiltly , the mobile payment startup was started on May 23rd, 2011 by Shivaas Gulati, Josh Hug and Matthew Oppenheimer. It is funded by Trilogy Partnership, Founders Co-Op, Tomorrow Ventures and Bezos Expeditions. It is headquartered in Seattle, WA and has offices in Philippines.

This global remittance services saves consumers lots of money, time and effort with its simple, latest, fastest and cost effective way of transferring money.