The company’s agreement with J.P. Morgan Chase Bank marks a significant shift in its capital structure, elevating the credit facility from its previous $550 million limit. Alongside this primary increase, Remitly also expanded its letter of credit sub-facility, which rose to $400 million from $200 million.
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Remitly Global Doubles Revolving Credit Facility to $1 Billion
Remitly Global has secured a major expansion of its financial flexibility, nearly doubling its revolving credit facility to $1 billion. By tapping into J.P. Morgan Chase Bank, the remittance firm aims to bolster its liquidity, providing the necessary capital to manage prefunding requirements for its growing international money transfer operations.
Management indicated that these funds are earmarked to support the core of their business: prefunding customer flows across global markets. By securing this liquidity, Remitly intends to streamline its cross-border transfer processes while maintaining reserve capacity for general corporate activities.
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