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.

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.