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 .
Mobile payments start-up Remitly has raised $28m from IFC and Silicon Valley Bank. Remitly provides a mobile payments service 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 exceed $600bn. Many recipients may not have access to traditional banking services and Remitly wants to make sending money easier, faster and more transparent.