Remittance fintech Remitly has announced it has raised $85 million in equity at a $1.5 billion valuation, an up round compared to its Series E last year; the round was led by PayU with participation from DN Capital, Generation Investment Management, Owl Rock Capital, Princeville, Stripes, Threshold Ventures, and Top Tier; Remitly’s customer growth has increased by 200% compared to a year ago with 300 million customers served across 17 send-from markets and 57 send-to countries; Remitly’s founder and CEO, Matt Oppenheimer, said, “We aren’t seeing that downturn in remittances. Over half of global remittances these days are sent via physical cash locations, and during a pandemic, many don’t feel as safe doing that, and so that will impact numbers.” TechCrunch.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.