Remitly

remittancesmobile/online remittanceconsumer

FOUNDING YEAR: 2011
LOCATION: United States
Last Update: 12/08/2020

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About

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

Remitly charges a fee of $3.99 per transfer up to $1,000. There are no transfer charges for transactions above $1,000.

MAIN CLIENTS

Retail consumers

EXISTING PARTNERSHIPS

PNB

BPI

Metro Bank

BDO

Global Pinoy

YES Bank

Punjab Bank

etc

Traction

VALUATION / MARKET CAP:

$13.06 B in 2018

REVENUE

$10M+ in 2018

REVENUE COMMENT:

The company had a revenue of $3.9Billion in 2018

TRANSACTIONS VALUE:

$600 M 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

$293.15 M

DATE OF LAST FUNDING

Jul 2019

SEED & PRIOR FUNDING

$1.65 M

SEED CLOSED ON

Apr 2012

FUNDING SERIES

SERIES A  · $5.5 M  · Jan 2014

SERIES B  · $12.5 M  · Mar 2015

SERIES C  · $23.5 M  · Sep 2016

SERIES D  · $115 M  · Oct 2017

SERIES E  · $135 M  · Jul 2019

DEBT FUNDING

$85 M

LISTED

NO

Innovation Programs

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