Digital remittance company Remitly has agreed to raise up to $115 million in Series D funding, subject to applicable third party and regulatory approvals.

The Series D financing will be led by Naspers' fintech investment division PayU, a global online payment service provider, according to a press release. Existing Remitly investors Stripes Group, DFJ, and DN Capital will participate in the round. Laurent le Moal, PayU CEO, will join Remitly's board of directors following the investment.

"Naspers’ PayU has a strong track record investing in and building payments businesses in high growth markets around the world that will be key as we continue our international expansion," Matt Oppenheimer, Remitly CEO and co-founder, said in the press release. "This capital will supercharge our growth and help transform the lives of those who require cross-border transactions, including immigrants, by allowing us to offer them fundamentally better financial services."