While the market for remittances is big, so is the field of companies that are working in it. This funding brings the total raised to date to $61 million. For comparison, WorldRemit has raised $148 million and TransferWise has raised just over $90 million.
Up to now, the company has only focused on transfers from US dollars to three countries — India, Mexico and the Philippines — which Oppenheimer says account for three of the top-five countries for receiving money transfers (the other two are China and Vietnam). Remitly’s existing business has now passed $1 billion transferred annually, and today, to coincide with the funding, Remitly is expanding its sending options to include Canada, where immigrants and others send $23 billion abroad to families each year.