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Remitly raises $220 million for cross-border payments expansion

Seattle-based digital remittance provider Remitly has raised $220 million in new investments and financing to accelerate its growth in more global markets.

The funding round includes $135 million in equity funds led by Generation Investment Management, Owl Rock Capital and existing investors including Naspers’ PayU and DN Capital, according to a Wednesday press release.

Remitly’s new financing also includes $85 million in syndicated debt financing from investors including Silicon Valley Bank and Goldman Sachs, the release said.

The move will enable Remitly—which now serves 16 countries for sending funds and 44 countries for receiving funds—to reach more customers in those markets and begin development of new financial services businesses, the company said in the release.

Lucia Rigo, a director of growth equity at Generation, also has joined Remitly’s board, according to the release.

“Remitly’s organic growth, generated in recent years, is a testament to their impact,” Rigo said in the release.

Remitly and Visa formed a partnership earlier this year enabling U.S. customers to send cross-border remittances via Visa Direct, Visa’s debit push-payments services.

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