We today announced a $12.5m round for Remitly, which will let them accelerate growth and expand their remittance corridors. DFJ’s Bill Bryant led the round and we participated to help the European expansion, it was coincidence that Steve and the rest of DN Capital’s Palo Alto team share an office with DFJ! It is great also to be invested alongside QED Investors and Trilogy Equity Partners.
With an existing investment in CurrencyFair and Xoom as a former Fidelity portfolio company this is not the first FX company I’ve been involved with. The market opportunity is huge with 200 million people remitting money home, giving a $500 billion market opportunity. However, as with most Fintech, the necessary skill set is broad including marketing, product development, compliance, banking relationships, customer support and FX hedging. With Matt and Josh’s team at Remitly we’re excited because they tick all those boxes!
This is the first team I’ve met with an integrated view of the customer from their first marketing interactions through the on-boarding and first transaction to the ongoing compliance and fraud monitoring. Starting from scratch with excellent product people working with compliance and customer support experts has been a huge asset. This has let them deliver an outstanding consumer experience at low cost and as evidence you can take the customers transacting over $100 million annually, four times year on year growth.
We’re looking forward to working with the team and if you haven’t seen the apps, you should try the Android or iOS version!
See the full press release here: