Remitly: Jeff Bezos-backed US payments startup expands to UK

The expansion means that Remitly now operates in three countries

Click to follow
The Independent Online

US payment startup Remitly has launched services in Britain, expanding its international footprint to a third country from which users can send money abroad, the Seattle-based firm told Reuters on Tuesday.

The digital money transfer service, backed by Amazon founder Jeff Bezos, sends more than $2bn ($1.6bn) in remittances annually to India, the Philippines, Mexico and other Latin American countries for users based in the United States and Canada.

Customers in Britain will be able to use Remitly's desktop and mobile app, and will initially be able to send money to India and the Philippines.

Remitly's UK launch will see it join local competitors such as Transferwise and Azimo in the digital remittance industry, which is quickly eating into the businesses of costlier, traditional services typically offered by banks and "bricks-and-mortar" organisations such as Western Union and MoneyGram.

"Europe as a continent is the second largest remittance-sending geography, so there's a lot of opportunity around here," Remitly CEO Matt Oppenheimer told Reuters.

See how much you could save on international money transfers with HiFX: sign up and make a transfer

"Over £19bn in remittances are sent from the UK and launching here is a natural next step for us as we expand across the globe," he said.

Reuters

Comments