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Naspers’ PayU has led a $115 million round in Remitly, a digital remittance firm based in North America, in a Series D funding.
The Series D financing will be led by Naspers’ fintech investment division PayU, a global online payment service provider. Existing Remitly investors Stripes Group, DFJ, and DN Capital will also participate in the round. Laurent le Moal, PayU CEO, will join Remitly’s board of directors following the investment.
“Naspers’ PayU has a strong track record investing in and building payments businesses in high growth markets around the world that will be key as we continue our international expansion. This capital will supercharge our growth and help transform the lives of those who require cross-border transactions, including immigrants, by allowing us to offer them fundamentally better financial services,” said Matt Oppenheimer, Remitly CEO, and co-founder.
Remitly is focused on addressing the largest sector of remittances, the $430 billion flow from developed countries to low and middle income countries. The company’s digital money transfer platform minimizes customer friction and makes the process of sending money internationally faster, easier, more transparent and less costly while keeping fraud loss rates at the lowest levels in the industry. Remitly customers are sending nearly $4 billion annually around the world while saving millions in fees and enjoying a better overall customer experience compared to traditional providers.
“Hundreds of millions of households and small merchants across the globe don’t have access to traditional banking services, stifling opportunity. We believe in the enormous potential of technology to unlock financial services for these underserved populations and Remitly is ready to take the stage,” said Laurent le Moal, CEO at PayU. “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.”
PayU, a Naspers company, is focused on empowering people through financial services and is one of the biggest investors in the fintech space, with investments that include Citrus Pay and Kreditech. PayU supports over 300,000 merchants and millions of consumers making online payments. PayU’s heritage in local payments in growth markets, with a focus on providing access to products that meet local needs, is a perfect fit for Remitly as the company expands its global footprint.
