Remittance startup Remitly raises $38 million to expand to Canada

Money transfer service Remitly announced today that it snagged a $38 million investment led by Stripes Group.

The remittance startup, which offers money transfers from the United States to Mexico, India, and the Philippines, said that it will use the funds from this round to expand its service to Canada.

“Since day one our strategy has been to bring our service to the largest addressable remittance markets in the world,” said Remitly CEO Matt Oppenheimer. “With this new financing, we are able to continue executing against that strategy by building a global footprint in the largest remittance corridors.”

DFJ, DN Capital, Bezos Expeditions, and Trilogy Equity Partners also participated in the investment, which adds up to at least $61 million in funds since Remitly’s seed round.

Stripes’ Ron Shah will join Remitly’s board.