Customers Sending $500 Million Annually as Company Crosses 1 Million
Transactions; Remitly Doubles Office Space in Seattle and Secures $12
Million Line of Credit from Silicon Valley Bank
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
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.
Shelby Lichliter, 925-216-5303