10 Jul 2019

Remitly announces $220 million financing to help accelerate international growth

Remitly, the online international money transfer service, is announcing $220 million of new financing, helping to expand its customer base worldwide.
 
The fundraising includes $135 million Series E equity and $85 million syndicated debt financing. The equity component is led by Generation Investment Management, whose mission-driven investment philosophy focuses on high performing businesses that promote sustainability and financial inclusion.
 
Other participants in the equity portion are Owl Rock Capital, Princeville Global, Prudential Financial, Schroders, and Top Tier Capital Partners, alongside Remitly’s existing investors, including DN Capital, Naspers’ PayU, and Stripes Group. Debt financing comes from Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank. Silicon Valley Bank acted as administrative agent and lead arranger.
 
The investment is yet another signal of Remitly’s momentum. Over the past year the service has expanded to 16 send and 44 receive countries. Annual revenue growth was close to 100% for each of the past three years.
 
“It says something very powerful about Remitly’s mission and prospects, to have such an impressive roster of investors participating in our Series E round. They share our belief that it is possible to do good while building a strong, sustainable business,” said Remitly CEO and co-founder Matt Oppenheimer.
 
“We are transforming the way that people send money home, bringing convenience, savings, security and new levels of customer service to an underserved community. At the same time, our business has been close to doubling year-on-year. This fundraising round will help us deliver better financial products to even more customers around the globe.”
 
Generation’s investment comes from its $1 billion Sustainable Solutions Fund.
Lucia Rigo - Director in Growth Equity at Generation - joins the Remitly board. She said: “We believe that the best businesses are those accelerating the transition to a sustainable economy. Remitly has approached their digital-first product with a deep passion for the customers they serve, and a commitment to improving transparency and efficiency in cross-border money transfer.
 
“Their organic growth, generated in recent years, is a testament to their impact. We look forward to partnering with the Remitly team to further accelerate their business and make essential financial services more inclusive.”
 
Remitly has growth teams based around the world, with major offices in London, Manila and Managua. The latest round of financing will help to extend and deepen the company’s presence internationally, and to bring the service to many more countries.
 
Remitly is also investing in new businesses beyond remittances, in line with its goal of bringing the highest quality financial services to everyone.
 
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About Remitly
Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, Central and South America. Its reliable and easy-to-use mobile app makes the process of sending money faster, easier, more transparent and less costly by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. Remitly is backed by industry-leading investors, DN Capital, Generation Investment Management, Naspers’ PayU, Owl Rock Capital, Princeville Global, Prudential Financial, QED Investors, Schroders, Silicon Valley Bank, Stripes Group, Threshold Ventures (formerly DFJ Venture), Top Tier Capital Partners, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and Tomorrow Ventures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information visit Remitly.com.
 
 
About Generation Investment Management
Generation Investment Management LLP is a dedicated sustainable investment firm focused on long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a US office in San Francisco. Generation Investment Management LLP is authorised and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com
 
 
Advisors
Financial Technology Partners served as exclusive strategic and financial advisor to Remitly on this transaction. FT Partners is the only investment banking firm focused exclusively on providing strategic and financial advisory services to clients and CEOs in the dynamic global financial services and technology sector. For more, visit www.ftpartners.com.
 
 
 
Media contact:
Iain Mackenzie
Communications Director
[email protected]
+44 (0)7977 015577
 

About Naspers

Established in 1915, Naspers has transformed itself to become a global consumer internet company and one of the largest technology investors in the world. Through Prosus, the group operates and invests globally in markets with long-term growth potential, building leading consumer internet companies that empower people and enrich communities. Prosus has its primary listing on Euronext Amsterdam, and a secondary listing on the Johannesburg Stock Exchange and Naspers is the majority owner of Prosus. 

In South Africa, Naspers is one of the foremost investors in the technology sector and is committed to building its internet and ecommerce companies. These include Takealot, Mr D Food, Superbalist, Autotrader, Property24 and PayU, in addition to Media24, South Africa’s leading print and digital media business. 

Naspers has a primary listing on the Johannesburg Stock Exchange (NPN.SJ), a secondary listing on the A2X Exchange (NPN.AJ) in South Africa, and has a level 1 American Depository Receipt (ADR) programme which trades on an over-the-counter basis in the United States of America.

For more information, please visit www.naspers.com.

Naspers Labs 

In 2019, Naspers Labs, a youth development programme designed to transform and launch South Africa’s unemployed youth into economic activity, was launched. Naspers Labs focuses on digital skills and training, enabling young people to pursue tech careers.

Response to COVID-19

Naspers contributed R1.5 billion of emergency aid to support the South African government’s response to the COVID-19 pandemic. This contribution consisted of R500 million towards the Solidarity Fund and R1 billion worth of PPE sourced and distributed to South Africa’s front-line healthcare workers. In addition, Naspers contributed R6.9 million to the Nelson Mandela Foundation's EachOne FeedOne programme to support families who COVID-19 has impacted with meals for a year.