Remitly, a US-based startup that lets people send money abroad, has raised $38.5m in Series C funding to expand its global footprint.
The latest round of funding was led by Stripes Group and joined by Vulcan Capital, both new investors. Existing investors DFJ, DN Capital, Bezos Expeditions and Trilogy Equity Partners also contributed in the latest fundraiser.
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Remitly said it plans to utilise the fresh capital to grow its team. As part of the deal, Stripes Group partner Ron Shah will join Remitly’s board of directors.
In addition to the funding announcement, the company also unveiled a new logo and plans to launch its service to Canada, where immigrants and others send $23bn abroad to families each year.
Remitly CEO Matt Oppenheimer said: "Since day one our strategy has been to bring our service to the largest addressable remittance markets in the world. With this new financing, we are able to continue executing against that strategy by building a global footprint in the largest remittance corridors."
Remitly’s customers now transfer more than $1bn annually and the company grew over 400% in the first quarter of 2016 compared to the same period in the previous year.
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