Naspers to back Remitly expansion in India
Naspers has agreed to lead a Series D funding round of up to $115 million via its PayU unit to support an international expansion by US financial technology player Remitly, including a push into India.
The investment will also include contributions from existing backers Stripes Group, DN Capital and Draper Fisher Jurvetson (DFJ). It remains subject to regulatory approvals. PayU CEO Laurent le Moal will joint the Remitly board.
“Hundreds of millions of households and small merchants across the globe don’t have access to traditional banking services, stifling opportunity,” le Moal said in a statement. “We’re delighted to leverage our global network and local expertise, especially in markets like India, to help Remitly expand financial services through this substantial investment, and we look forward to working together to develop new products and services for consumers.”
Remitly operates a digital money transfer platform that aims to make cross-border money transfers faster, easier, more transparent and less costly by minimizing customer friction. The company claims that its customers send almost $4 billion a year internationally and save “millions” of dollars in fees. It maintains bases in North American, Central America and Europe as well as an initial Asian presence in the Philippines.
Previous investment in the company includes a $12.5 million round in 2015 led by DFJ with participation from DN, Trilogy Equity Partners and QED Investors. Other investors include the International Finance Corporation, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures.
PayU is expected to leverage a recent expansion into India as part of the Remitly growth plan. Last year, the Naspers fintech division acquired Mumbai-based e-payments company Citrus Pay for $130 million from a group of VC backers, including Sequoia Capital.
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