Remitly is licensed as a money transmitter currently operating in 49 US states and Canada, sending millions of dollars for thousands of customers each month, especially Philippines I recall. It’s catering to an ever-increasing demand from migrants working in the United States and Canada who wish to send money home to their families, a market that saw transferred funds topping $600 billion last year.
Person-to-person (P2P) mobile payments startup Remitly Inc. has raised $38 million in a mix of new equity and debt financing from IFC and Silicon Valley Bank. Founded in 2011, Remitly offers a mobile payments service that enables consumers to make P2P international money transfers from the United States and Canada to people located in Asia, Central America and South America. The company’s platform aims to make transfers as easy as possible by eliminating forms, codes, agents, extra time, and fees tied to the traditional money transfer process.