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FT Partners Advises Remitly on its $135,000,000 Series E Financing

Overview of Transaction

  • On July 10, 2019, Remitly announced $220 million in new financing, consisting of $135 million in Series E equity and $85 million in syndicated debt financing
  • The equity financing was led by Generation Investment Management
  • Other participants in the equity portion are Owl Rock Capital, Princeville Global, Prudential Financial, Schroders, and Top Tier, alongside Remitly’s existing investors, including DN Capital, Naspers’ PayU, and Stripes Group
  • Debt financing came from Goldman Sachs, Barclays, Silicon Valley Bank, and Bridge Bank
  • Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, Central and South America

Significance of Transaction

  • The investment is a signal of Remitly’s strong momentum; over the past year, Remitly has expanded to 16 send and 44 receive countries, and the Company’s annual revenue growth was nearly 100% for the past three years
  • Remitly will use the latest round of financing to extend and deepen its presence internationally, bringing its money transfer services to many more countries

FT Partners' Role

  • FT Partners served as exclusive strategic and financial advisor to Remitly and its board of directors on its $135 million in Series E Equity financing
  • FT Partners previously advised Remitly on its $115 million Series D financing led by Naspers’ PayU in 2017 and its $39 million Series C financing led by Stripes Group in 2016
  • This transaction demonstrates the long-term nature of many of FT Partners’ client relationships and highlights our deep domain expertise and transactional experience across Payments and in the Money Transfer sector, in particular