Remitly

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Remitly
Remitly Logo 2019.png
Type of site
Private
Available inMultilingual
FoundedMay 23, 2011; 8 years ago (2011-05-23)[1]
HeadquartersSeattle, Washington, U.S.
Founder(s)Matthew Oppenheimer, Josh Hug, and Shivaas Gulati.[2]
Key peopleMatthew Oppenheimer, Co-founder and CEO[2]
IndustryInternet
Websitewww.remitly.com
Alexa rankNegative increase 38,242 (May 2019)[3]
CommercialYes
RegistrationRequired
Current statusActive

Remitly is an American online and mobile payment service company which provides international money transfers. The website was launched in April 2012.[4] The company offers remittance services to nearly 50 different countries, with its most comprehensive coverage in Latin America and South Asia; other receiving countries covered are in Africa, Southeast Asia, and Eastern Europe.

Remitly's major competitors include the fintech startups WorldRemit and TransferWise.[5]

Overview[edit]

The company was originally named Beamit, Inc and changed its name in August, 2012 to Remitly.[4] Remitly is a digital service company for sending international money transfers from one country to another. Remitly accounted for four times the $135 billion dollar the global foreign aid sent in 2015, according to the World Bank.[6] Remitly processes an average of $1 billion in transactions per year.[7]

The company generates revenue by charging fees and by exchange rate mark ups.[8]

Financing[edit]

Remitly has received investment from Jeff Bezos' company Bezos Expeditions and Eric Schmidt's TomorrowVentures company.[9][10]

In October 2017, Remitly raised up to $115 million from PayU, another financial payments provider.[11]

Operations[edit]

Sending countries[edit]

Remitly supports money transfers from the following sending countries[12][13] (updated as of October 2019):

Receiving countries[edit]

Remitly supports money transfers to the following receiving countries (updated as of October 2019):

Mobile money operators able to receive funds sent by Remitly include:

References[edit]

  1. ^ "Remitly Crunchbase". Retrieved 24 May 2019.
  2. ^ a b "Remitly Management Team". Retrieved 24 May 2019.
  3. ^ "Remitly.com Site Info". Alexa Internet. Retrieved May 24, 2019.
  4. ^ a b "Beamit is Now Remitly". businesswire.com. Retrieved 2019-05-24.
  5. ^ "Money Transfer Startups: race against time?". Save on Send. August 29, 2019. Retrieved October 10, 2019.
  6. ^ The Staff of Entrepreneur Media, Inc. Entrepreneur Voices on the Science of Success. Entrepreneur Press. ISBN 1599186349.
  7. ^ Rubini, Agustin. Fintech in a Flash: Financial Technology Made Easy. De|G PRESS. ISBN 1547417161.
  8. ^ Aitken, Roger (2017-01-14). "Remitly Shaking Up Billion Dollar Remittances Industry Adds Massachusetts". forbes.com. Retrieved 2019-05-24.
  9. ^ Cook, John (31 December 2012). "Bezos-backed Remitly lands $2.6M to help immigrants send money home".
  10. ^ "PORTFOLIO TomorrowVentures, LLC". 25 May 2019.
  11. ^ Lunden, Ingrid (25 May 2019). "Remitly is raising up to $115M led by Naspers’ PayU to double down on remittances – TechCrunch".
  12. ^ "Cross Border Commerce Remitly Expands Into 11 New Send Countries In Europe". PYMNTS. September 12, 2018.
  13. ^ "Remitly expands to new European countries". Finextra. September 12, 2018.

External links[edit]