Remitly Raises $220M Series E to Grow Remittance and Fintech Services

Remitly, a Seattle-based fintech focused on digital remittances, secured a massive $220 million investment comprising $135 million in equity and $85 million in debt financing in its Series E round in July 2019. The raise brought the company near unicorn status with a valuation approaching $1 billion. Remitly's platform enables express cross-border money transfers, serving immigrant communities sending funds to their home countries.

The new capital was intended to fuel growth in its core remittance service and support the launch of new fintech products expanding beyond pure remittances. The scale of the funding round reflects growing investor confidence in digital cross-border payment platforms as alternatives to traditional wire transfer and money order services. Remitly's embedded finance approach to serving underbanked immigrant populations positions it at the intersection of payments infrastructure and financial inclusion.