Remitly has new digs and more funding to help continue building out its money transfer platform.
The Seattle-based startup today announced a $12 million line of credit from Silicon Valley Bank that will help the company scale its service, which recently processed its millionth money transfer.
Remitly helps people send more than $500 million annually to the Philippines and India. It’s able to charge an average fee of 2 percent to send money internationally— Remitly CEO Matt Oppenheimer says that on average, competitors charge customers a 7.9 percent fee — by eliminating the need for forms, codes, agents, and other fees typically associated with the international money transfer process.
Originally, Remitly payments could be sent only to the Philippines, but the company added more than 120 Indian banks to its system earlier this year. It also raised a $12.5 million Series B venture capital round in March and acquired a fellow Seattle startup in July.
The credit line will be used specifically to accelerate the amount of funds Remitly can immediately deliver to customers.
The Techstars Seattle gradudate that’s also backed by the likes of Founders’ Co-op and Jeff Bezos’ Bezos Expeditions will also move into a new office space next month with more than 10,000 square feet — double what the company currently has for its 50 employees in Seattle. It will lease the entire eighth floor of the downtown Broadacres Building.
Remitly, which also employs 50 others around the globe, plans to hire another 25 employees this year. Total funding for the company, not including today’s announced credit line, is at $22.5 million.