Remitee, an international direct-payments infrastructure provider, has secured $20m in a funding round led by Krealo. 

Several strategic and institutional investors also participated in the funding round. 

Established in 2017, Remitee’s operating system allows banks, fintech companies, and retailers to offer cross-border payment services. 

The company will use the proceeds to further expand as it seeks cover all Latin American corridors, strengthen its presence in the US-Europe-LatAm triangle. 

The embedded remittance infrastructure provider aims to grow its enterprise customer base tenfold by 2027. 

Also, Remitee intends to continue investing in its technology. 

According to the Inter-American Development Bank, remittances to Latin America and the Caribbean exceeded $150bn last year, driven by migrants sending money home. 

However, traditional remittance services are said to involve high fees and lengthy processing times, failing to meet the evolving needs of these customers. 

In a blog post, Remitee said: “We started Remitee to change this. Our mission is to embed cross-border payments directly into the platforms where people already trust and transact.

“With a single integration, a bank, retailer, or fintech can give its customers instant access to international transfers, so they don’t have to leave their ecosystem or download another app.” 

Also, its infrastructure supports various services, including direct payments for utilities, education, and healthcare, among others, said the company. 

Remitee’s infrastructure is currently utilised by more than 40 institutions, including Santander, Banco Galicia, and MoneyGram. 

In 2024, Remitee recorded a fourfold increase in transaction volume year-on-year and achieved sustained profitability.