International remittances continues to be one of the biggest financial services in developing countries, with $450 billion getting sent from countries like the U.S. to emerging markets in 2017 alone, according to the World Bank. Now, one of the bigger startups using tech to take on Western Union, MoneyGram and other offline incumbents in the space is announcing a large round of funding to meet that demand.
Seattle-based Remitly, which lets people in the U.S., U.K. and Canada send money electronically to friends and family in developing countries across Africa, South America and Asia, is raising a Series D round of $115 million led by PayU, the division of media and internet powerhouse Naspers that’s sometimes described as the PayPal of emerging markets. Previous Remitly investors Stripes Group, DFJ, and DN Capital also participated. [ TechCrunch ]