SEATTLE--(BUSINESS WIRE)--Remitly today announced record growth as its customers are now sending more than $500 million annually using its mobile remittance service, the highest rated mobile app of its kind. Remitly recently processed its millionth money transfer, with more than 75 percent of transactions occurring in the last year. To accommodate its fast-growing team and business, Remitly will double its Seattle office space in October. Additionally, Remitly secured a $12 million line of credit from Silicon Valley Bank that will help the company provide real-time funds transfers efficiently.
As the global economy becomes more connected, people are looking for new ways to transfer money back home to loved ones. This year people will transfer more than $500 billion to the developing world, but the process is slow, expensive and prone to mistakes. Remitly is growing its business and building a product on a proprietary global transaction network to help customers move money effortlessly.
“I’m so proud of our team at Remitly – we’re growing incredibly fast and yet we’re maintaining our customer-centric focus that has been key to our success since day one,” said Matt Oppenheimer, co-founder and CEO of Remitly. “Our growth has surpassed even our internal projections and we’re just getting started.”
“We’re enthusiastic about Remitly’s commitment to making it easier for people to send money internationally,” said Minh Le, Market Manager of Silicon Valley Bank in Washington and Western Canada. “Remitly is growing quickly with a goal to define the money transfer industry and we’re excited to support them in this journey.”
Remitly Momentum Highlights:
- Record Growth in Customer Transactions: To date, Remitly has processed more than 1 million money transfer transactions, with more than 75 percent of these transactions in the last year. Remitly customers are now sending more than $500 million annually from the US to India and the Philippines, the company’s two operating corridors; this represents 500 percent volume growth from the previous year.
- Seattle Office Expansion: Remitly now has 100 people on its team globally, with more than 50 in its Seattle headquarters. Remitly recently acquired mobile messaging company Talio, and has plans to hire more than 25 new employees this year. To accommodate its fast-growing team, Remitly is doubling its office space, leasing the entire 8th floor of the Broadacres Building in downtown Seattle beginning Oct. 1, 2015.
- $12 Million Line of Credit: The new line of credit from Silicon Valley Bank will help Remitly provide real-time funds transfers efficiently.
Remitly has raised $22.5 million from investors including DFJ, DN Capital and QED Investors, among others. Financing will enable Remitly to continue to scale its product services and grow its talented team.
Remitly is a mobile payments service, supported on Android, iOS and online, that enables consumers to conveniently make person-to-person international money transfers from the United States. Its digital service uses the latest technology to eliminate the forms, codes, agents, extra time and fees typical of the traditional money transfer process. Remitly is authorized to operate in 45 states and sends millions of dollars to thousands of people each week. Remitly is backed by industry-leading investors, including DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op and TomorrowVentures. Remitly is headquartered in Seattle, WA with additional offices in the Philippines. For more information, visit www.remitly.com.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America’s best banks (2015) and one of America’s best-managed companies (2014). Learn more at svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial banking operation of SVB Financial Group (Nasdaq: SIVB), and a member of the FDIC. Silicon Valley Bank and SVB Financial Group are members of the Federal Reserve System.