Digital remittance company Remitly has secured a $115m series D funding round led by Naspers’ FinTech investment division PayU.
Other backers contributing to the round included existing investors Stripes Group, DFJ, and DN Capital.
US-headquartered Remitly is a cross-border digital remittance business helping to transfer almost $4bn, annually, to people around the world. The platform enables money transfers in a faster, easier, more transparent and less costly manner, while protecting users from fraud. A mobile app is also available from Remitly to further simplify the access to cross-border transfers.
This injection of capital will help the company to further its international expansion efforts and improve its services for cross-border transactions.
PayU CEO Laurent le Moal said, “We’re delighted to leverage our global network and local expertise, especially in markets like India, to help Remitly expand financial services through this substantial investment and we look forward to working together to develop new products and services for consumers.”
Following the transaction, PayU CEO Laurent le Moal will join the company’s board of directors.
The remittance sub-sector of PayTech has only seen a small chunk of funding in 2017, with only $150m being invested this year, so far. This level of capital is contrasted to the whole sector which has seen around $10.3bn deployed. However, the remittance sub-sector has seen a QoQ rise in funding, with Q3 seeing $125m capital injected through seven deals, while the previous quarter saw only $15m distributed through four transactions.
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