Remitly CEO Matt Oppenheimer. Photo credit: RISE, under Creative Commons license

Remitly, a Seattle-based fintech company, has announced it’s raised $85 million in new funding led by payments company PayU, already a previous investor in the company, with participation from other investors including Stripes, Threshold Ventures, Owl Rock Capital, DN Capital, and Generation Investment Management. Remitly says it’ll use the new funding to expand its suite of digital financial services products.

With the new funding, Remitly has now raised a total of $505 million in known funding since its inception. The new investment valued Remitly at $1.5 billion.