News Feed Item

QED Investors Leads Series A Investment in Remitly

Remitly, Inc. (www.remitly.com) the emerging mobile money transfer service that allows immigrants in the U.S. to send money home securely, more easily, and affordably announced that it completed its first close of a $5.5m Series A round led by QED.

Matt Oppenheimer, Remitly co-founder and CEO said, “We’re excited about QED’s financial technology, operational, and marketing expertise. They share our vision to evolve the remittance industry by building the best mobile remittance platform, one that streamlines the process and makes it more affordable for people to send money.” QED Investors is a leading financial technology venture capital firm whose partners include Nigel Morris, co-founder of Capital One.

Most of Remitly’s existing investors participated in the new financing. In addition to QED, Remitly investors include Trilogy Partnership, Founders Co-Op, TomorrowVentures, Bezos Expeditions, and various well-known angel investors.

Oppenheimer started Remitly in 2011 while living in Kenya and running mobile and Internet banking initiatives for Barclays Bank. Oppenheimer states, “I saw first hand that sending money across borders was inconvenient, expensive, and slow. I also saw that everyone had a mobile phone and many used phones for financial services. It was clear that the timing was right for mass disruption of a broken industry.” Oppenheimer also stated, “We’ve assembled the best team in the industry to accomplish this goal.”

Remitly’s services are currently focused on customers sending money from the USA to the Philippines. Remitly will use the new capital to accelerate global growth. According to the World Bank, over $400 billion is transferred from developed to developing countries each year.

Oppenheimer stated, “We’re already helping thousands of customers transfer millions of dollars each month. And we’re just getting started.”

About Remitly

Remitly is a mobile payments service that enables consumers to conveniently make person-to-person international money transfers from the United States. Its digital service uses the latest technology and mobile devices to eliminate the forms, codes, agents, extra time and fees tied to the traditional money transfer process. Remitly is a licensed money transmitter operating in 21 states and sending millions of dollars each month. The company is backed by QED, Trilogy Partnership, Founders CoOp, Bezos Expeditions, and TomorrowVentures. Remitly is headquartered in Seattle, WA with additional offices in the Philippines.

About QED Investors

QED Investors LLC is a private equity and venture capital firm specializing in early stage, high-growth businesses. The firm focuses investments in information-rich businesses, primarily in financial services and data-driven marketing. Its support is tailored to the specific needs of each portfolio company and typically includes a combination of both capital and capability. With operationally oriented skills, QED works closely with a small set of carefully selected companies that range in size and style. But common to all of its investments is a shared conviction that information plays a decisive role in the success of the company. QED is located in Alexandria, VA.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Daniel Jones is CTO of EngineerBetter, helping enterprises deliver value faster. Previously he was an IT consultant, indie video games developer, head of web development in the finance sector, and an award-winning martial artist. Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams.
The standardization of container runtimes and images has sparked the creation of an almost overwhelming number of new open source projects that build on and otherwise work with these specifications. Of course, there's Kubernetes, which orchestrates and manages collections of containers. It was one of the first and best-known examples of projects that make containers truly useful for production use. However, more recently, the container ecosystem has truly exploded. A service mesh like Istio addr...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory? In her Day 2 Keynote at @DevOpsSummit at 21st Cloud Expo, Aruna Ravichandran, VP, DevOps Solutions Marketing, CA Technologies, was jo...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.
Business professionals no longer wonder if they'll migrate to the cloud; it's now a matter of when. The cloud environment has proved to be a major force in transitioning to an agile business model that enables quick decisions and fast implementation that solidify customer relationships. And when the cloud is combined with the power of cognitive computing, it drives innovation and transformation that achieves astounding competitive advantage.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
As IoT continues to increase momentum, so does the associated risk. Secure Device Lifecycle Management (DLM) is ranked as one of the most important technology areas of IoT. Driving this trend is the realization that secure support for IoT devices provides companies the ability to deliver high-quality, reliable, secure offerings faster, create new revenue streams, and reduce support costs, all while building a competitive advantage in their markets. In this session, we will use customer use cases...
Evan Kirstel is an internationally recognized thought leader and social media influencer in IoT (#1 in 2017), Cloud, Data Security (2016), Health Tech (#9 in 2017), Digital Health (#6 in 2016), B2B Marketing (#5 in 2015), AI, Smart Home, Digital (2017), IIoT (#1 in 2017) and Telecom/Wireless/5G. His connections are a "Who's Who" in these technologies, He is in the top 10 most mentioned/re-tweeted by CMOs and CIOs (2016) and have been recently named 5th most influential B2B marketeer in the US. H...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOpsSummit New York 2018, colocated with CloudEXPO | DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City. Digital Transformation (DX) is a major focus with the introduction of DXWorldEXPO within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of bus...
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, @CloudEXPO and DXWorldEXPO are two of the most important technology events of the year. Since its launch over eight years ago, @CloudEXPO and DXWorldEXPO have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, we provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: implemen...
DXWorldEXPO LLC announced today that ICOHOLDER named "Media Sponsor" of Miami Blockchain Event by FinTechEXPO. ICOHOLDER give you detailed information and help the community to invest in the trusty projects. Miami Blockchain Event by FinTechEXPO has opened its Call for Papers. The two-day event will present 20 top Blockchain experts. All speaking inquiries which covers the following information can be submitted by email to [email protected] Miami Blockchain Event by FinTechEXPO also offers s...