Remitly is a digital cross‑border payments platform that lets U.S. residents send money to over 175 countries in more than 100 currencies. It offers fast, secure transfers with multiple payout options, real‑time exchange rates, transparent fees and an on‑time delivery guarantee, while digital transfers are exempt from the U.S. 1 % remittance tax.
Funding
$550M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
JMFounders
Product
Problem
Individuals and families needing to send money across borders often face high fees, hidden costs, slow delivery times, and regulatory taxes that make international remittances expensive and unreliable.
Solution
Remitly provides a digital cross‑border payments platform that enables users in the United States to transfer funds to over 175 countries quickly, securely, and transparently. The service leverages a network of regulated banking and payout partners to offer multiple delivery options—including bank deposits and cash pickups—while guaranteeing on‑time delivery or refunding the transfer fee. Because transactions are processed as digital transfers, they are exempt from the U.S. 1 % remittance tax. Real‑time exchange rates and a mobile‑first experience give senders clear cost visibility and the ability to track transfers from initiation to receipt.
Target Audience
Remitly primarily serves U.S. residents—particularly immigrants and diaspora communities—who need to send money to family and friends abroad.
Features
- Support for sending money in more than 100 currencies to 175+ destinations
- On‑time delivery guarantee with fee refund if the transfer is delayed
- Exemption from the U.S. remittance tax on digital transfers
- Multi‑factor security architecture and partnerships with trusted global banks and payout providers
- Mobile app and web interface with real‑time exchange‑rate display and transparent fee breakdown
- Multiple payout methods (bank deposit, cash pickup, mobile wallet) tailored to recipient preferences
- 99.99 % platform uptime ensuring reliable access for senders and recipients