Fintech startup Remitly raises USD 38 million

Remitly offers a mobile payments service that enables consumers to make P2P international money transfers from the United States and Canada to people located in Asia, Central America and South America. The company’s platform aims to make transfers as easy as possible by eliminating forms, codes, agents, extra time, and fees tied to the traditional money transfer process.

Remitly is licensed as a money transmitter currently operating in 49 US states and Canada, sending millions of dollars for thousands of customers each month. It’s catering to an ever-increasing demand from migrants working in the United States and Canada who wish to send money home to their families, a market that saw transferred funds topping USD 600 billion last year.

More than that, after having added support for payments to Mexico in 2015, Remity has recently added support for payments to Guatemala, Honduras, El Salvador, Nicaragua, Columbia, Ecuador and Peru, alongside its original payments services to the Philippines and India.

Including the new round, Remitly has raised USD 100 million to date from investors including DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Founders Coop and Techstars. The company said it would use the new funds to expand its ability to deliver international fund transfers.