Remitly Grabs Cash ($38.5 Million) and Heads to Canada

© Can Stock Photo Inc. / marcbruxelleGlobal remittance startup Remitly has a history of helping send money across borders. Now Remitly itself is crossing the border – just a few miles north of its Seattle headquarters.

The company announced a successful Series C raise of $38.5 million today, which will help the company set up a global footprint, CEO Matt Oppenheimer told Bank Innovation. The round was led by New York-based Stripes Group, also an investor in Elance, oDesk, and Blue Apron.

Also in today’s announcement is the news Remitly is opening a remittance corridor for Canadian residents to send money to India and Philippines. In the U.S., Remitly will continue to operate three corridors – to Mexico, India, and the Philippines. The company launched in 2011 with a focused approach – making it easier to send money from the US to the Philippines.

Oppenheimer attributed the company’s success to this “very focused, very disciplined approach,” and noted it had recently reached the milestone of $1 billion in annual transfers, most of that small amounts, around a few hundred dollars. Oppenheimer said that scalability was another focus for Remitly, and its measured approach has helped build trust both with bank partners and customers.

“We’ve built robust systems with relevant partners, but it begins with the trust of your customer,” Oppenheimer said. “We’ve built the product to do that well.”

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