Online international money transfer service Remitly has secured $220 million of new financing investments.

In the last year Remitly has expanded its services to 16 send and 44 receive countries, with an annual revenue growth close to 100% for each of the past three years.

Investment money raised will go towards further expanding its customer base worldwide.

“It says something very powerful about Remitly’s mission and prospects, to have such an impressive roster of investors participating in our Series E round,” noted Remitly CEO and co-founder Matt Oppenheimer.

“They share our belief that it is possible to do good while building a strong, sustainable business.” 

The fundraising includes $135 million Series E equity, led by Generation Investment Management, and $85 million syndicated debt financing. 

Other participants in the equity portion include: Owl Rock Capital, Princeville Global, Prudential Financial, Schroder & Co Bank AG, and Top Tier Capital Partners, alongside Remitly’s existing investors, including DN Capital, Naspers’ PayU, and Stripes Group.

In addition to this, debt financing was provided by: Barclays, Bridge Bank, Goldman Sachs, and Silicon Valley Bank.

Oppenheimer concluded: “We are transforming the way that people send money home, bringing convenience, savings, security and new levels of customer service to an underserved community. 

“At the same time, our business has been close to doubling year-on-year. This fundraising round will help us deliver better financial products to even more customers around the globe.”

Remitly has grown to have offices globally and the latest round of funding is expected to further support the company’s presence internationally with the aim to gain access to new markets.

Furthermore the firm is also said to be investing in new businesses beyond remittances to keep in touch with its goal of “bringing the highest-quality financial services to everyone.”

Lucia Rigo, director in growth equity, Generation, will join the Remitly board following the investment and she believes the company has conducted itself “with a deep passion.”

She said: “We believe that the best businesses are those accelerating the transition to a sustainable economy. 

“Remitly has approached their digital-first product with a deep passion for the customers they serve, and a commitment to improving transparency and efficiency in cross-border money transfer.

“Their organic growth, generated in recent years, is a testament to their impact. We look forward to partnering with the Remitly team to further accelerate their business and make essential financial services more inclusive.”