International money transfer service announces $220 million financing

The latest round of financing will reportedly help to extend and deepen the company’s presence internationally

International money transfer service announces $220 million financing. Source: shutterstock.com

Remitly, the online international money transfer service, is announcing $220 million of new financing, helping to expand its customer base worldwide.

The fundraising includes $135 million Series E equity and $85 million syndicated debt financing. The equity component is led by Generation Investment Management. Other participants in the equity portion are Owl Rock Capital, Princeville Global, Prudential Financial, Schroders, and Top Tier Capital Partners, alongside Remitly’s existing investors, including DN Capital, Naspers’ PayU, and Stripes Group. Debt financing comes from Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank. Silicon Valley Bank acted as administrative agent and lead arranger.

Over the past year, Remitly has expanded to 16 send and 44 receive countries. Annual revenue growth was close to 100% for each of the past three years.

Remitly has also growth teams based around the world, with major offices in London, Manila, and Managua. The latest round of financing will reportedly help to extend and deepen the company’s presence internationally and to bring the service to many more countries. Remitly says it is also investing in new businesses beyond remittances.

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