Enabling Technologies

Remitly Approaches $1 Billion in Annualized Mobile Money Transfers as Company Continues Rapid Growth

Money Transferred Grew More Than 400% Year-over-Year in 2015; Company Processed Record Monthly Volume in December 2015

SEATTLE- [Press Release] - Remitly is the largest independent digital remittance company in the United States. Today the company announced its customers are on pace to transfer $1 billion annually based on the rate of transfers in December. This milestone comes amidst rapid growth for the mobile remittance company and surging demand for money transfers globally.

The World Bank projects that remittances will reach more than $588 billion in 2015, with 74 percent of these remittances going to developing countries. Remitly offers money transfers from the United States to the Philippines, India and Mexico, which alone account for more than 35 percent of all remittances originating in the United States. The company will continue to take a customer-focused approach by focusing on the largest markets as it expands globally. Remitly’s fast, mobile-first money transfer service is disrupting the historically slow and fee-ridden process. On average, companies charge 8 percent in money transfer fees; Remitly charges a small fraction of that, a huge savings for customers worldwide.

Matt Oppenheimer Co-founder and CEO of Remitly said "As the CEO of Remitly, I’ve aimed to stay focused on the customer and product from Day One. For the first couple of years, we only focused our mobile remittance company on customers sending from the United States to the Philippines. I frequently saw analysts mistakenly assess our focus as slow execution or lack of scale.

We’re now the largest independent digital money transmitter in the United States. Our customers are on pace to transfer $1 billion a year. We’re excited about this growth and remain completely focused on the customer and product, which is in the DNA of our company. And the best part is that we’re less than 1.5% of the markets where we’re currently live."

News Highlights:

More customers are sending more money with Remitly:

- Remitly customers are on pace to transfer $1 billion annually based on the rate of transfers in December 2015. This represents an increase of more than 400 percent from January 2015.

When and where people are sending money:

- In 2015, people transferred the most money using Remitly on Monday, December 14.

- The most common receive cities throughout Remitly’s operating corridors included:

  • Tijuana, Mexico
  • Hyderabad, India
  • Quezon City, the Philippines

- The top sending cities by corridor included:

  • Las Vegas to the Philippines
  • Jersey City to India
  • Houston to Mexico

About Remitly

Remitly is a mobile payments service, supported on Android, iOS and online, that enables consumers to conveniently make person-to-person international money transfers from the United States. Its digital service uses the latest technology to eliminate the forms, codes, agents, extra time and fees typical of the traditional money transfer process. Remitly is authorized to operate in 45 states and sends millions of dollars to thousands of people each week. Remitly is backed by industry-leading investors, including DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op and TomorrowVentures. Remitly is headquartered in Seattle, WA with additional offices in the Philippines. For more information, visit www.remitly.com.

MEDICI Team

MEDICI Team is a group of content writers, bloggers, journalists, and editors from the MEDICI team who collaborate to create FinTech insights.

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