Mobile payments start - up Remitly has raised $ 28 m from IFC and Silicon Valley Bank . It’s Remitly is a mobile payments platform that facilitates P2P money transfers from the US and Canada to Asia , Central America and South America , without the usual complexities and fees associated with money transfer processes . Remitly 's services cater to a growing demand from migrant workers in North America wanting to send money home to their families ; the total of transferred funds last year was $ 600bn . Many recipients may not have access to traditional banking services and Remitly aims to make sending money easier , faster and more transparent .
Mobile payments start - up Remitly has raised $ 28 m from IFC and Silicon Valley Bank . Remitly is a mobile payments platform that facilitates P2P money transfers from the US and Canada to Asia , Central America and South America , without the usual complexities and fees associated with money transfer processes . Remitly 's services cater to a growing demand from migrant workers in North America wanting to send money home to their families ; the total of transferred funds last year was $ 600bn . Many recipients may not have access to traditional banking services and Remitly aims to make sending money easier , faster and more transparent .