Remitly co-founder and CEO Matthew Oppenheimer image: RISE on Flickr

Remitly — a Seattle-based digital money transfer service — has announced $220 million in new equity and debt funding. The $220 million investment consists of $135 million in Series E funding and $85 million in debt financing. The equity funding is led by Generation Investment Management, with participation from several new and existing investors. The debt portion comes from Silicon Valley Bank, Barclays, Goldman Sachs and Bridge Bank.

According to TechCrunch, Remitly was valued at between $950 million – $1 billion with this round. The money transfer company is planning to expand its international presence with the investment. Remitly is also investing in new businesses beyond international money transfers, its core business.

image: Remitly

Remitly enables persons across Africa, Asia, Central Europe, Central and South America to easily send money to each other. The company has seen much success, with more than $6 billion moved annually on its platform. Seattle-based Remitly also has additional offices in London, the Philippines, and Nicaragua.

This round included, Remitly has raised a total $420 million in equity and debt funding [Crunchbase data].

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