Remitly raises $85M

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Digital remittance company Remitly has raised a $85 million funding round.

Existing investor Prosus’s PayU led the round. They were joined by returning partners Generation Investment Management, Owl Rock Capital, Stripes, DN Capital, Top Tier, Princeville Global, and Threshold Ventures.

The latest investment pegs Remitly at a $1.5 billion valuation, says the company.