Remitly
| Industry | Money Transfer |
|---|---|
| Founded | 2011, Boise, Idaho |
| Founder | Matt Oppenheimer |
| Headquarters | Seattle, United States |
|
Area served
|
United States, Mexico, India, Philippines |
| Website | remitly |
Remitly is an American digital money transfer service. It offers money transfer from 45 US states to Mexico, India and Philippines.[1]
Remitly was named one of the 10 hottest start ups in Seattle by GeekWire.[2] In September 2015, the company reported sending $500 million in annualized transfers.[3]
History
Matt Oppenheimer went to Kenya in 2010 working on Barclays Bank’s mobile and Internet banking programs.[4] While working there, he experienced problems in sending back money to the U.S. When he returned to the U.S., he founded BeamIt Mobile, a service that allowed sending money from some US states to Philippines.[5] Later, Oppenheimer got accepted in the Techstars incubator program and relocated the company from Boise, Idaho to Seattle.[6]
At the Techstars program, Oppenheimer met Josh Hug, who liked the business idea and became a co-founder and Chief Product Officer of the company.[7][8] In August 2013, the company changed its name from Beamit Mobile to Remitly.[9]
In early 2015, the company expanded its money transfer service to India[10] and in October to Mexico.[11] It also acquired Talio, a picture messaging application to incorporate the applications messaging features into their application.[12]
Funding
In April 2012, the company raised $2.4 million from TomorrowVentures, Founder’s Co-op and Bezos Expeditions.[13] and an additional $2.6 million in January 2013 from Trilogy Equity Partnership.[14]
QED provided a series A funding of $5.5 million in January 2014.[15][16] In early 2015, the company received funding of $12.5 million in a series B round of equity funding led by DFJ.[17] As of 2015, the company has secured a total funding of $23 million.[18]
References
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