Remitly

Remitly

Remittances | Mobile/Online Remittance | Consumer
website linkedin address
  • FOUNDING YEAR: 2011
    LOCATION:
    United States
    REGION:
    Last Update:
    27 Jun, 2019

Description

Remitly is a mobile payments service that enables users to make person-to-person international money transfers from the United States. It provides an option to perform international transfers, either directly to a recipient’s bank account, for pickup or home delivery of cash, or to a mobile wallet. The company is currently operating in 21 states and sends millions of dollars to thousands of customers each month. Recently, Remitly was selected for the 2019 Forbes FinTech 50 startups list.

FOCUS

PRODUCTS & SERVICES:
It currently offers a money transfer platform for US & Canada, which is an easy, fast, and affordable way to send money online from the desktop, tablet or mobile device.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
Retail consumers
EXISTING PARTNERSHIPS:
PNB, BPI, Metro Bank, BDO, Global Pinoy, YES Bank, Punjab Bank, etc

PEOPLE

FOUNDERS:
Shivaas Gulati, Josh Hug, Matt
Board Members and Advisors:
Chris DeVore, Ron Shah
NUMBER OF EMPLOYEES:
11-50
INVESTORS:
SK Ventures, Founder's Co-op, QED Investors, TomorrowVentures, Bezos Expeditions, Trilogy Equity Partners, Draper Fisher Jurvetson, Stripes Group, DFJ Growth, DN Capital, Geoff Entress, Mark Williamson, Sujal Patel, Techstars, Vulcan Capital, International Finance Corporation, Silicon Valley Bank, Bezos Expeditions, and Chase Franklin.

TRACTION

VALUATION / MARKET CAP:
$481.25 MM in 2017
VALUATION COMMENT
According to third-party data sources, the company's valuation is at $480 million. (Oct. 2017)
TRANSACTIONS VALUE:
$600 MM in 2018
TRANSACTIONS COMMENT:
In 2018, the company processed more than $6 billion in remittance transactions; more than one million customers have used the platform to send money. (Feb. 2019)

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$175 Million
DATE OF LAST FUNDING:
Oct 2017
SEED & PRIOR FUNDING:
$2.4 Millions
SEED CLOSED ON:
Apr 2012
FUNDING SERIES:
SERIES A
$8.1 Millions Closed: Jan 2014
SERIES B
$12.5 Millions Closed: Mar 2015
SERIES C
$38.5 Millions Closed: Apr 2016
SERIES D
$115 Million Closed: Oct 2017
LISTED:
NO

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