Latin American cross-border instant payments infrastructure provider Remitee has secured $20 million in a new funding round led by Lima-based venture capital firm Krealo.
The round was supported by Algorand Technologies, Copec WIND Ventures, Redwood Capital Partners, Soma Capital and Latitud Ventures, among other unnamed institutional investors.
Founded in 2017 following incubation at MIT, Remitee initially received pre-seed funding through the MIT Sandbox Innovation Funds Program. The company focuses on serving migrant families through services including card issuing, global payments to Mastercard and Visa networks, and direct utility bill payment capabilities.
The platform currently serves 40 global financial institutions with infrastructure for remittance and cross-border payment services, including Santander, Banco Galicia, Banco Estado, Remitly, and MoneyGram.
With its fresh capital in hand, Remitee plans to accelerate technology development, while also “expanding to cover all Latin American corridors, deepening our presence in the US-Europe-LatAm triangle, and aiming to grow our enterprise customer base tenfold by 2027”.
The funding follows a successful year in 2024 for Remitee, during which the company quadrupled its transaction volume year-over-year while achieving sustained profitability.
Source: https://www.fintechfutures.com/
