Though the tech world is frothing over the potential found in new cryptocurrencies like Bitcoin, other companies have been working to solve the very real (if less buzzy) needs of today’s users who want a simpler, more cost-effective way to move money digitally. One such company is mobile money transfer service Remitly, which lets U.S. users send money to friends and family back home in the Philippines. Today, the company is announcing it has closed on a $5.5 million Series A round of funding, led by QED.
Most of Remitly’s existing investors also participated. Its other investors include Trilogy Partnership, Founders Co-Op, TomorrowVentures, Bezos Expeditions, and various angels.
According to Remitly co-founder and CEO Matt Oppenheimer, the company is excited to have QED on board because of their financial technology, operational, and marketing expertise. (The firm has invested heavily in the financial space, including in companies like Braintree, CreditKarma, TransUnion, SoMoLend, PeerTransfer, and more.)