Industry Money Transfer Website remitly.com Founded 2011 | Founder Matt Oppenheimer Headquarters Seattle | |
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Area served United States, Mexico, India, Philippines CEO Matthew Oppenheimer (2011–) | ||
Kuya kim atienza for remitly behind the scenes video
Remitly is an American digital money transfer service. It offers money transfer from 45 US states to Mexico, India and Philippines.
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Remitly was named one of the 10 hottest start ups in Seattle by GeekWire. In September 2015, the company reported sending $500 million in annualized transfers.
History
Matt Oppenheimer went to Kenya in 2010 working on Barclays Bank’s mobile and Internet banking programs. While working there, he experienced problems in sending back money to the U.S. When he returned to the U.S., he founded BeamIt Mobile, a service that allowed sending money from some US states to Philippines. Later, Oppenheimer got accepted in the Techstars incubator program and relocated the company from Boise, Idaho to Seattle.
At the Techstars program, Oppenheimer met Josh Hug, who liked the business idea and became a co-founder and Chief Product Officer of the company. In August 2013, the company changed its name from Beamit Mobile to Remitly.
In early 2015, the company expanded its money transfer service to India and in October to Mexico. It also acquired Talio, a picture messaging application to incorporate the applications messaging features into their application.
Funding
In April 2012, the company raised $2.4 million from TomorrowVentures, Founder’s Co-op and Bezos Expeditions. and an additional $2.6 million in January 2013 from Trilogy Equity Partnership.
QED provided a series A funding of $5.5 million in January 2014. In early 2015, the company received funding of $12.5 million in a series B round of equity funding led by DFJ. As of 2015, the company has secured a total funding of $23 million. In late September 2016, the company announced it had raised $38.5 million in funding.