Remitly to Raise $115 Million in Funding

Digital remittance company Remitly will raise $115 million in a Series D funding.

The round of funding will be led by PayU, the fintech unit of global media company Naspers. Other investors will include Stripes Group, DFJ, and DN Capital.

As a part of the transaction, which is subject to regulatory approval, PayU CEO Laurent le Moal will join the Remitly board.

The funding will be used to expand Remitly’s presence in the Indian market among other growth efforts.

Based in Seattle, Remitly is an online remittance service that lets users transfer money to friends and family in developing economies such as India.

In a statement Tuesday, Moal said:

We’re delighted to leverage our global network and local expertise, especially in markets like India, to help Remitly expand financial services through this substantial investment and we look forward to working together to develop new products and services for consumers.

This round of funding brings the company’s total number to $215 million, according to data gathered by Crunchbase. 

Read more at Finextra and TechCrunch.