It’s been a big week for startup funding in the payments space, with Remitly and TransferWise both announcing big funding rounds yesterday.

TransferWise raised $319 million in a round that bumped the company’s valuation to $5 billion, according to a company release. The company drew a new investor, D1 Capital Partners, which led the round with existing investor Lone Pine Capital.

London-based TransferWise serves 8 million customers internationally, processing $5 billion in cross-border payments every month. The payments company works with financial institutions across North America, Europe and Australia, including U.K-based Monzo, Berlin-based N26, Stanford Federal Credit Union in the U.S., and Groupe BPCE in France. Most recently, TransferWise expanded in Switzerland via a partnership with challenger bank neon, according a company announcement this week.

Meanwhile, Seattle-based Remitly raised an $85 million Series F, pushing the company’s valuation to $1.5 billion. Prosus’ PayU, a returning investor, led the round and was joined by DN Capital, Generation Investment Management and Owl Rock Capital, among others, according to a company release.

The recent funding round lines up with Remitly’s growth in transaction volume, up 40% month over month, and new customer acquisitions, which spiked 200% year over year. Founded in 2011, Remitly allows customers to send money from their smartphone from 17 countries to recipients in more than 57 countries worldwide. In February, the company launched a bank account for immigrants that uses foreign identity documents to open accounts, and the startup in May partnered with Cross River Bank to enable international disbursements in near real time.

The payments fintech space continues to see investor activity amid the pandemic. AvidXchange in April scored an additional $128 million in equity capital on the heels of a $260 million round in January. And, Checkout.com raised $150 million, tripling the company’s valuation to $5.5 billion.

Big banks have also been allocating resources and focus to the payments space. Most recently, TD Bank appointed a new hire for a newly created role dedicated to payment innovation this week. Earlier this month, Wells Fargo shared plans to develop an international payments gateway for merchants, and Zelle rolled out a feature for consumers to pay businesses.

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