Remitly, Inc.
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| Financial services | |
| ISIN | 🆔 |
| Founded 📆 | 2011 |
| Founder 👔 | Matt Oppenheimer, Shivaas Gulati, Josh Hug |
| Headquarters 🏙️ | Seattle, WA |
Area served 🗺️ | Worldwide |
Key people | Matt Oppenheimer (CEO)[1] |
| Services | Remittances, Banking |
| Members | |
Number of employees | 1000+ |
| 🌐 Website | [Lua error in Module:WikidataIB at line 665: attempt to index field 'wikibase' (a nil value). ] |
| 📇 Address | |
| 📞 telephone | |
Remitly is an online service used to make cross border money transfers. Founded in Seattle in 2011, the company has served more than three million customers[2] and helped immigrants transfer over $6 billion annually as of early 2019.[3]
Remitly is available to senders in 17 countries and recipients in more than 100 countries.[4]
History
In 2011, Beamit Inc. was accepted into the 2011 Seattle Techstars incubator and received $750,000 in angel financing.[5] The company rebranded as Remitly in 2012.[6]
In April 2013, the company announced its international money-transfer services to the Philippines.[7]
In July 2015, Remitly acquired Talio, a Seattle-based mobile messaging startup. Remitly said it planned to “use Talio’s messaging technology to help create deeper connections between customers.”[8]
With the addition of Massachusetts to its send network, Remitly announced in January 2017 that it was available in all 50 U.S. states.[9]
In 2017, The House of Representatives committee on financial services invited Remitly CEO, Matt Oppenheimer to testify at a hearing on remittance issues, where he argued that immigrants play a key role in the U.S. economy and against funding a border wall.[10]
In April 2018, Remitly partnered with TransNetwork to enable additional pickup locations in Colombia and El Salvador.[11]
In September 2018, Moneytrans and Remitly entered into a global co-operation agreement to extend Remitly to Africa.[12]
In December 2018, Remitly announced its expansion to nearly 600 new send-to-receive corridors.[13]
In March 2019, Remitly announced a partnership with Visa Direct to further modernize the sending and receiving of funds internationally by adding another fast, secure and transparent channel to the Remitly digital money transfer platform through Visa’s real-time push payments platform.[14]
In April 2019, Remitly launched a new money transfer service, called Remitly for Seafarers, that allows cruise ship workers to send money to family and friends overseas.[15]
In May 2019, Remitly acquired Symphoni, a small Seattle startup building software to help immigrant and underserved small business owners access credit.[16]
In January 2020, Remitly launched the Passbook by Remitly app, which eliminates the barriers and complexity of opening a bank account by accepting alternative forms of identification, removing fees, enabling easy and secure international card use, and offering unique international money transfer benefits.[17]
In May 2020, Remitly partnered with Cross River Bank to allow Remitly's customers to receive disbursements in near-real time over international debit card networks.[18]
The same month, Remitly partnered with Green Dot Corporation to launch Cash Deposit, which enables its Passbook customers to deposit cash directly into their digital bank accounts by visiting retailers in the Green Dot network, including Walmart, 7-Eleven and Walgreens.[19]
In August 2020, Remitly announced the expansion of its mobile wallets network to more than 300 million mobile wallets.[20]
Funding
Remitly announced its $2.6 million Seed round in 2013, led by Founders Co-op with participation from Bezos Expeditions, the personal investment company of Jeff Bezos.[21]
In 2014 Remitly announced its Series A, a $5.5 million round led by QED Investors.[22]
Remitly raised an additional $12.5 million in March 2015 as part of its Series B, led by DFJ, which then became Threshold Ventures. Threshold Ventures General Partner Bill Bryant joined Remitly’s board of directors as part of the announcement.[23] [24]
In 2016, Remitly raised a $38.5 million Series C, led by Stripes Group. Stripes Group partner Ron Shah joined Remitly’s board of directors as part of the announcement.[25]
Remitly announced a $115 million Series D in 2017. Naspers’ fintech investment division PayU led the round. It was also announced that PayU CEO Laurent le Moal would join Remitly’s board of directors.[26]
Remitly raised an additional $220 million in 2019 as part of a Series E led by Generation Investment Management. As part of the announcement, Lucia Rigo - Director in Growth Equity at Generation - joined the Remitly board of directors.[27]
In 2020, Remitly announced an $85 million Series F at a $1.5 billion valuation.[28]
References
- ↑ Jordan, Miriam (24 September 2020). "Even When They Lost Their Jobs, Immigrants Sent Money Home". The New York Times. Retrieved 31 January 2021.
- ↑ "Remitly raises $85M at a $1.5B valuation, says money transfer business has surged". TechCrunch. Retrieved 2021-05-03.
- ↑ "Fintech takes aim at the steep cost of international money transfers". The Economist. 2019-04-11. ISSN 0013-0613. Retrieved 2021-05-03.
- ↑ "Send or Transfer Money Abroad Online from the United States with Remitly". Remitly. Retrieved 2021-05-03.
- ↑ "Seattle startup Beamit beams up $750,000, recruits Amazon employee Josh Hug". GeekWire. 2011-10-28. Retrieved 2021-05-03.
- ↑ "TechStars Grad Beamit Rebrands as Remitly". Wall Street Journal. 2012-08-08. ISSN 0099-9660. Retrieved 2021-05-03.
- ↑ "Jeff Bezos-backed Remitly announces free money transfers to the Philippines". GeekWire. 2013-04-15. Retrieved 2021-05-03.
- ↑ www.bizjournals.com https://www.bizjournals.com/seattle/blog/techflash/2015/07/jeff-bezos-backed-remitly-acquires-seattle-mobile.html. Retrieved 2021-05-03. Missing or empty
|title=(help) - ↑ Aitken, Roger. "Remitly Shaking Up Billion Dollar Remittances Industry Adds Massachusetts". Forbes. Retrieved 2021-05-03.
- ↑ "- MANAGING TERRORISM FINANCING RISK IN REMITTANCES AND MONEY TRANSFERS". www.govinfo.gov. Retrieved 2021-05-03.
- ↑ "Remitly Partners with Leading Retailers in Colombia and El Salvador to Help its Customers Send Money Across Borders". www.businesswire.com. 2018-04-26. Retrieved 2021-05-03.
- ↑ Moneytrans. "Moneytrans and Remitly on Their Quest to Expand in Africa and Stand Out From the Crowd". www.prnewswire.co.uk. Retrieved 2021-05-03.
- ↑ "Remitly expands coverage for mobile remittance program to 40 countries, nears 1K employee mark". GeekWire. 2018-12-11. Retrieved 2021-05-03.
- ↑ PYMNTS (2019-03-28). "Visa Partners With Remitly On Real-Time P2P". www.pymnts.com. Retrieved 2021-05-03.
- ↑ "Remitly launches money transfer service for cruise ship workers | Payments Dive". www.paymentsdive.com. Retrieved 2021-05-03.
- ↑ "Remitly acquires small Seattle startup that helps immigrants access financial services". GeekWire. 2019-05-17. Retrieved 2021-05-03.
- ↑ "Remitly Launches Passbook – Banking Designed for Immigrants". www.businesswire.com. 2020-02-03. Retrieved 2021-05-03.
- ↑ "Remitly partners with Cross River Bank to speed up cross-border payments". Banking Dive. Retrieved 2021-05-03.
- ↑ "Remitly launches cash deposit service on Green Dot network". PaymentsSource. 2020-05-27. Retrieved 2021-05-03.
- ↑ "Remitly expands its network to 300 million mobile wallets | Venture Capital | Fintech Magazine". www.fintechmagazine.com. Retrieved 2021-05-04.
- ↑ "Remitly, Formerly BeamIt, Raises $2.6M More For International Mobile Money Transfers". TechCrunch. Retrieved 2021-05-04.
- ↑ "Mobile Money Transfer Service Remitly Closes $5.5 Million Series A". TechCrunch. Retrieved 2021-05-04.
- ↑ "Remitly raises $12.5M Series B, plans to add countries to service". SiliconANGLE. 2015-03-19. Retrieved 2021-05-04.
- ↑ Primack, Dan. "Venture capital firm Draper Fisher Jurvetson changes its name to Threshold Ventures". Axios. Retrieved 2021-05-04.
- ↑ "Remitly raises $38.5M more to take on Western Union, passes $1b transferred annually". TechCrunch. Retrieved 2021-05-04.
- ↑ PYMNTS (2017-11-01). "Remitly to Raise $115M in Series D Funding". www.pymnts.com. Retrieved 2021-05-04.
- ↑ Kauflin, Jeff. "Money-Transfer Startup Remitly Raises $220 Million In New Funding". Forbes. Retrieved 2021-05-04.
- ↑ "Another unicorn in Seattle: Digital remittance startup Remitly raises $85M at $1.5B valuation". GeekWire. 2020-07-29. Retrieved 2021-05-04.
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