PROJECT

Projects

Summary of Investment Information

Project Number

36516

Company Name

Remitly, Inc.

Date SPI Disclosed

Jul 22, 2016

Country

World Region

Region

Global

Projected Board Date

Aug 23, 2016

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : Sep 8, 2016
Signed : Sep 14, 2016
Invested : Sep 15, 2016

Sector

Money transfer, remittances

Project Description

Remitly (the “Company”) is a mobile payments service provider that offers customers a convenient way to make person-to-person international money transfers from the US and Canada to India, the Philippines and Mexico. Remitly is a licensed money transmitter currently operating in 49 US States, plus the District of Columbia, and Canada, sending millions of dollars for thousands of customers each month. IFC is considering an equity investment in Remitly, which will be used to finance the Company’s continued global expansion.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation