Tuesday, September 1, 2015

Remitly Gets $12M Line Of Credit, Trumpets Growth

Seattle-based mobile remittance service Remitly reported Tuesday that it has raised $12M in a line of credit, as it says it is seeing "record growth" in its service. The company--which is led by Matt Oppenheimer--said the line of credit comes from Silicon Valley Bank. Terms of that line of credit were not announced. The company says that its customers are now sending $500M annually through its service. In addition to the growth and line of credit, Remitly also said it plans to double its Seattle office in October, to handle a fast growing team and business. Remitly is venture backed by Bezos Expeditions, Founders Co-op, QED Investors, TomorrowVentures, and Trilogy Partners.