Remitly

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Remitly
Industry Money Transfer
Founded 2011, Boise, Idaho
Founder Matt Oppenheimer
Headquarters Seattle, United States
Area served
United States, Mexico, India, Philippines
Website remitly.com

Remitly is an American digital money transfer service. It offers money transfer from 45 US states to Mexico, India and Philippines.[1]

Remitly was named one of the 10 hottest start ups in Seattle by GeekWire.[2] In September 2015, the company reported sending $500 million in annualized transfers.[3]

History[edit]

Matt Oppenheimer went to Kenya in 2010 working on Barclays Bank’s mobile and Internet banking programs.[4] 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.[5] Later, Oppenheimer got accepted in the Techstars incubator program and relocated the company from Boise, Idaho to Seattle.[6]

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.[7][8] In August 2013, the company changed its name from Beamit Mobile to Remitly.[9]

In early 2015, the company expanded its money transfer service to India[10] and in October to Mexico.[11] It also acquired Talio, a picture messaging application to incorporate the applications messaging features into their application.[12]

Funding[edit]

In April 2012, the company raised $2.4 million from TomorrowVentures, Founder’s Co-op and Bezos Expeditions.[13] and an additional $2.6 million in January 2013 from Trilogy Equity Partnership.[14]

QED provided a series A funding of $5.5 million in January 2014.[15][16] In early 2015, the company received funding of $12.5 million in a series B round of equity funding led by DFJ.[17] As of 2015, the company has secured a total funding of $23 million.[18]

References[edit]

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  1. ^ Soper, Taylor (March 19, 2015). "Remitly raises $12.5M to help immigrants send money to friends, family abroad". Geek Wire. 
  2. ^ Cook, John (November 4, 2014). "Meet the Seattle 10: These innovative startups are looking to change the world". GeekWire. 
  3. ^ "Is There a Better Way to Transfer Money?". Inquirer. November 9, 2015. 
  4. ^ "Techstars alum Remitly raises $12.5M, takes on financial industry giants". Puget Sound Business Journal. 
  5. ^ Perez, Sarah (January 6, 2014). "Mobile Money Transfer Service Remitly Closes $5.5 Million Series A". TechCrunch. 
  6. ^ Cook, John (April 15, 2013). "Jeff Bezos-backed Remitly announces free money transfers to the Philippines". GeekWire. 
  7. ^ Cook, John (October 28, 2011). "Seattle startup Beamit beams up $750,000, recruits Amazon employee Josh Hug". Geek Wire. 
  8. ^ Bryant, Bill. "Remitly: On a mission to improve mobile money transfers". Medium. 
  9. ^ Cook, John (August 8, 2012). "Beamit changes name to Remitly". Geek Wire. 
  10. ^ Ghosh, Mohul (February 12, 2015). "Amazon Backed Remitly Enters India To Tap $11B USA To India Remittance Market". Trak. 
  11. ^ Toplin, Jaime (October 27, 2015). "Remitly expands into Mexico". Business Insider. 
  12. ^ Lunden, Ingrid (July 14, 2015). "Remitly Buys Talio To Boost Its Money Transfer App With Messaging Features". 
  13. ^ Cook, John (April 11, 2012). "Jeff Bezos, Eric Schmidt bankroll money transfer startup Beamit Mobile". Geek Wire. 
  14. ^ Perez, Sarah (January 7, 2013). "Remitly, Formerly BeamIt, Raises $2.6M More For International Mobile Money Transfers". TechCrunch. 
  15. ^ Cook, John (January 6, 2014). "Bezos-backed money transfer startup Remitly lands $5.5M". GeekWire. 
  16. ^ Hanley Frank, Blair (November 19, 2014). "Remitly hits $100M in annual money transfers, updates mobile apps". GeekWire. 
  17. ^ Lerman, Rachel. "Remitly offers a cheaper, easier way to send money online". Seattle Times. Retrieved November 15, 2015. 
  18. ^ Soper, Taylor (September 1, 2015). "Money transfer startup Remitly lands $12M line of credit, doubles its Seattle office space". GeekWire.