US-based mobile remittance company Remitly received $38m in combined equity funding and debt financing on Friday from investors including venture debt and equity provider Silicon Valley Bank (SVB).
International Finance Bank (IFC), the private sector lending arm of UN-owned financial organisation World Bank Group, also contributed capital. Remitly has not revealed a breakdown of the debt and equity ratio for the round.
Founded in 2011 as Beamit, Remitly operates a smartphone app powered by a global network of more than 8,000 partner banks and retailers that allows users to transfer money internationally, pick up such cash or pay deposits into bank accounts.
The funds provided by SVB and IFC will go towards the company’s ongoing expansion into Guatemala, Honduras, El Salvador, Nicaragua, Columbia, Ecuador and Peru.
Remitly previously obtained a total of $61m in capital. VC firm Stripes Group led a $38.5m series C round in April 2016, with participation from Draper Fisher Jurvetson, DN Capital, Vulcan Capital, Trilogy Equity Partners and Bezos Expeditions.
Remaining shareholders in Remitly include QED Investors, TomorrowVentures, Founders Co-Op and assorted angel investors such as Geoff Entress, Sujal Patel and Chase Franklin.
Matt Oppenheimer, CEO of Remitly, said: “Today’s announcement adds to the momentum around Remitly’s expanding global mission.
“We are especially pleased to be backed by IFC and the World Bank Group who for many years have actively worked towards trust and transparency around global remittances – the two core values at the heart of our business.”