Remitee raises $20m for embedded remittances

Krealo led the round, with participation from Copec Wind Ventures, Soma Capital, Redwood Ventures, Latitud, and Algorand.

According to the Inter-American Development Bank, remittances to Latin America and the Caribbean surpassed $150 billion in 2024, growing at a nine per cent annual rate. However, claims Remitee, the LatAm remittance market is still dominated by traditional operators that rely on physical agent networks and leave customers with high-cost transfers, lack of choice, and inconvenience.

Remitee’s technology promises to eliminate these pain points by embedding instant cross-border payments capabilities directly into banks, fintechs, and retailers where people already trust and transact, removing the need for extra apps or cash withdrawals.

Beyond money transfers, institutions can now also offer choice and control over their money through direct cross-border payment services, such as bill payments, prepaid cards, mobile top-ups and more, all through a single embeddable integration.

The firm – founded by former Western Union execs – already works with dozens of corporate clients, including Banco Santander, Banco Galicia, Banco Credito del Peru, Banco Falabella, Remitly, Yape, Getnet, and Copec.

Sergio Saravia, CEO, Remitee, says: “Twenty million Latino migrants send more than $150 billion home every year, yet most still rely on expensive, inconvenient options. With Remitee, remittances now live inside the very banks, fintechs, and retailers where migrants already trust and transact, eliminating the friction of leaving those platforms to complete a transfer elsewhere.”