US-based remittance services provider Remitly secured $135m in series E funding today from investors including insurance provider Prudential Financial and PayU, the payment processing subsidiary of media and e-commerce group Naspers.
Generation Investment Management led the round through its Sustainable Solutions Fund, while Owl Rock Capital, Princeville Global, Schroder & Co Bank, Top Tier Capital Partners, DN Capital and Stripes Group also took part.
Remitly concurrently received $85m in debt financing from Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank.
Remitly has built an online remittance platform primarily aimed at developing markets that processes more than $6bn in transfers annually across Africa, Asia, Central Europe and Central and South America.
The series E round will go towards growing Remitly’s international presence and follows the company’s expansion into 16 countries from where money can be sent and 44 markets where users can receive transfers.
Lucia Rigo, director of growth equity at Generation, will join the Remitly board of directors.
PayU previously led a $115m series D round in 2017, with participation from Stripes Group, DJF and DN Capital.
The company had previously obtained approximately $99m in funding, including $38.5m in a series C round led by Stripes Group in 2016.
Existing investors include International Finance Corporation, Vulcan Capital, Trilogy Equity Partners, Bezos Expeditions, QED Investors, TomorrowVentures, Founders Co-Op and a range of private investors.
