This investment further strengthens Remitly’s relationship with its investment partners
Remitly has announced an additional $85 million in the financing, bringing its valuation up to $1.5 billion. The funding will allow Remitly to expand its suite of financial services products and digital solutions.
PayU led the investment round, according to the report. Returning partners including DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier, joined as well.
The company revealed that while global remittances are projected to decline by 20% this year, Remitly has seen 200% new customer growth.
We’ve reported that Warren Buffett has invested $813 million into Bank of America stock. The investment boosts his total holding in the lender by 3.6% to nearly 982 million shares or 11.3% of the business.