Remitly, Inc. the emerging mobile money transfer service that allows immigrants in the U.S. to send money home, has announced that it completed its first close of a USD5.5m Series A round led by QED.
Matt Oppenheimer, Remitly co-founder and CEO said, “We’re excited about QED’s financial technology, operational, and marketing expertise. They share our vision to evolve the remittance industry by building the best mobile remittance platform, one that streamlines the process and makes it more affordable for people to send money.”
Most of Remitly’s existing investors participated in the new financing. In addition to QED, Remitly investors include Trilogy Partnership, Founders Co-Op, TomorrowVentures, Bezos Expeditions, and various well-known angel investors.
Oppenheimer later said: “I saw first hand that sending money across borders was inconvenient, expensive, and slow. I also saw that everyone had a mobile phone and many used phones for financial services. It was clear that the timing was right for mass disruption of a broken industry.” Oppenheimer also stated, “We’ve assembled the best team in the industry to accomplish this goal.”
Remitly’s services are currently focused on customers sending money from the USA to the Philippines. Remitly will use the new capital to accelerate global growth. According to the World Bank, over USD400bn is transferred from developed to developing countries each year.
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