Remitly, a platform for mobile payments has raised a total amount of $5.1 million after having made an additional funding of 2.6 million. Users from the U.S can now use this platform in transferring their money oversees. This move made by the company is indeed a strategic one with the investment mainly having come from Trilogy Equity Partnership. The partnership company is mainly known for expertise in mobile and the fact that it has made investments in various startups from the mobile industry namely Lookout and Rapid7 Owned Mobilesafe.
Remitly had in fact led a seed round of 2.4 million in April 2012. This round of funding was mainly led by Founder’s Co Op. It also included in it participants like TommorowVentures, Bezos Expeditions and a group consisting of investors like Sujal Patel, Chase Franklin, Geoff Entress and others.
The company has now expanded as a licensed money transmitter into sixteen states in the U.S. Apart from this various other states too have a pending approval.
However, transfers from the U.S to the Philippines are the only ones that are currently being supported by the product. However, with the additional capital received, funding can soon be expanded to other countries also. Immigrants will thus soon be able to send their money home through transfers. In fact, more than a $350 billion is being transferred from developed to developing countries each year.
By providing a simple, accessible and low cost product, the company is thus helping to leverage the mobile wallets. This way , it helps disrupt the international remittance business.
CEO Matt Openheimer declares that with 10 billion sent to the Philippines each year, the market is quite large and there are options of opening up in countries from Asia and Latin America.