Seattle based international remittance company Remitly has raised a $115m Series D round led by PayU, a division of internet conglomerate Naspers.
It’s also coming at an interesting time in the remittance market. The WorldBank says that the past two years have seen a decline in the remittance market as economic and political forces — for example, Brexit and its impact on the value of the Pound in the UK — have weighed down on originating (that is, the money sending) markets and how much individuals have been prepared to send abroad. That is set to change as “relatively stronger growth” in countries in the EU, the US and Russia all will feed more money flowing through the system, the World Bank said. “Officially recorded remittances to developing countries are expected to grow by 4.8 percent to $450 billion for 2017,” its researchers write. Global remittances, which include flows to high-income countries, are projected to grow by 3.9 percent to $596 billion.