Such a great year for DN Capital! The fourth IPO in 2021 is Remitly which opened more than 23% above their IPO price in their Nasdaq debut, giving the remittance processor a market capitalization of over $6.0 billion.
Founded in 2011, Remitly’s mission is to transform the lives of immigrants and their families by providing the most trusted financial products on the planet.
When we first met Matt Oppenheimer and Josh Hug we had already been tracking the mobile money transfer market closely. They knew that Europe would be an important market and had the foresight to consider finding an investment partner experienced in helping companies bridge across the Atlantic. Our track record helping Endeca of Cambridge, Massachusetts, expand into Europe, and supporting Shazam to expand from Europe to the US, was a factor. Today Europe is one of Remitly’s fastest growing markets globally.
At the time we invested, many other VCs had been wary of investing in the remittance space because of the dominance of existing players like Western Union and because of the regulatory hurdles involved in global expansion. We, however, saw the vast potential of using technology in new ways to disrupt a market that had seen little innovation.
DN Capital became Remitly’s first European investor in 2015, at the time of the Company’s Series B fundraise and until the pre-IPO round, we remained the only European investor on the cap table.
We have been thrilled to see Matt and Josh achieving their IPO and proud to have supported them on this journey. The company’s mission to harness the power of technology to make the money transfer process faster, affordable, and more transparent was, and continues to be, what sets it apart.
Remitly makes millions of people the world over feel secure and the IPO in September will mean its vital services can be made available to even more people across the planet.