[Press Release]: Today from Money20/20, Remitly, the largest independent digital remittance company in the U.S., announced the expansion of its mobile money transfer service into Mexico, the world’s single largest corridor for international money transfers. Remitly’s safe and secure network includes most major banks and more than 11,000 pickup locations in Mexico. Remitly continues to enhance its mobile-first product, today introducing new user interface elements and access to real-time information about transactions processing.
The U.S. to Mexico corridor is the single largest remittance corridor in the world, with more than $24 billion transferred annually. Historically the process has been arduous and costly, with consumers incurring a 7.9 percent fee on average to send remittances globally. Remitly is redefining the money transfer process, enabling customers to send money seamlessly and affordably, and only charges one quarter of the fees of its competitors. Remitly offers among the industry’s most competitive foreign exchange rates and provides complete transparency in every interaction with customers about fees, rates and delivery times.
We’ve built the best mobile product in the world for money transfers. We’ve strategically focused on the world’s largest remittance corridors first and are excited to bring our highest-rated mobile app and advanced fraud detection system to people sending money home to Mexico, said Matt Oppenheimer, CEO, Remitly.
The expansion comes amidst rapid company growth – Remitly announced in September its customers are sending more than $500 million annually and the company recently processed its one millionth money transfer transaction.
Visit Remitly at Money20/20 at booth #2754. Remitly CEO Matt Oppenheimer will participate a panel on P2P X-Border Payments on Wednesday, Oct. 28 at 4pm in Lando, Venetian Level 4.
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.