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FT Partners Advises Remitly on its $85,000,000 million Financing led by PayU

Overview of Transaction

  • On July 29, 2020, Remitly announced it has raised $85 million in new growth financing led by PayU
  • This financing round values Remitly at $1.5 billion, a substantial increase from the prior round
  • Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures also participated in the round
  • Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, Central and South America
  • PayU is the payments and FinTech business of Prosus, a global consumer internet group and one of the largest technology investors in the world

Significance of Transaction

  • This latest round of funding will allow Remitly to continue to meet its customers’ broad set of financial needs, and to provide affordable, convenient and secure solutions during this uncertain time and beyond
  • Remitly has seen 200% new customer growth year-over-year, as customers who once relied on traditional remittance providers are rapidly shifting to digital solutions

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