Remitly raises $85M at a $1.5 B evaluation, says money transfer business has risen

Remitly raises $85M at a $1.5 B evaluation, says money transfer business has risen

Remittances — when individuals send out money worldwide to friends and family, or as a payment — has long been among the most essential levers for getting funds to people in
developing economies. However, the relentless spread of the coronavirus is having a difficult influence on that, with the World Bank approximating that remittances to low [ …]
All are previous backers, and Remitly’s assessment with the deal is now $1.5 billion– an upround compared to its Series E last year. He associates that to Remitly offering not simply competitive rates, but its focus on doing it essentially– that is, without needing individuals to come into physical shops to send out or get cash, as they might more typically do with Western Union or MoneyGram.”We aren’t seeing that decline in remittances,”he said. “Remitly is doing well on every metric, and being objective driven means something. Presently, Remitly is not a member, nor does it have any technique at the minute around blockchain, although Oppenheimer keeps in mind that it’s something it’s seeing….