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PE-backed Asia-targeted remittance service raises $12.5m

  • Holden Mann
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Remitly, a US-based remittance service that targets Asian expatriates, has raised $12.5 million in a Series B funding round led by DFJ.

DN Capital also participated, along with existing investors Trilogy Equity Partners and QED Investors. Remitly said in a release that the new capital will be used to expand its services into new countries, to grow its team and to improve marketing efforts.

The company, which has offices in Seattle and the Philippines, enables customers to send money to their home countries and offers significantly lower fees for doing so than other remittance services. Remitly, founded in 2012, is online-only, allowing users to set up transfers through its website and its mobile apps.

At present Remitly accepts transfers only to India and the Philippines. Users sent more than $100 million through the service last year. That compares to $500 billion in transfers in the remittance industry as a whole.

DFJ is a frequent investor in the internet services sector, having contributed funding to such companies as Baidu, Skype, Tesla Motors and Twitter, among others. It is also active in Asia, having last year agreed to form a $150 million venture capital fund with Walden International and South Korea's Small and Medium Business Administration.

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