November 24, 2013
According to the World Bank, over $350 billion is transferred from developed to developing countries each year. Remitly is a digital service for international money transfers that delivers payments from a person in one country to another quickly, securely and at a lower cost. It eliminates forms, agents, extra time and fees tied with traditional money transfer process by using latest technology and mobile devices.
Started as Beamit Mobile in May 2011 by Matt Oppenheimer, the company changed its name to Remitly, a play on the word remit, which means to transmit money. Remitly has received a total funding of $5 Mn through investors including Mark Williamson, Techstars,