Remitly Moving $3 Billion across the Globe with Money Transfer Platform Customized for Emerging Markets

12 Jul

Remitly, the largest independent mobile remittance company in the United States, has announced it is sending $3 billion a year in annualized remittance volume through their global platform.

While Remitly originally focused on the remittance flow between the US to Philippines, the company has rapidly expanded in the last two years enabling money transfers from three send countries; US, UK, and Canada to ten of the world’s largest receiving countries Philippines, India, Mexico, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Peru.

The company also recently rolled out a custom service that enables cruise ship workers to send money to the Philippines from a cruise ship using their smartphones. This expansion unlocks a $5 billion remittance market for Remitly, bringing their current addressable market to over $76 billion. Sending money around the world cost effectively and swiftly is what sets Remitly apart. Mobile technology coupled with machine learning allows Remitly to provide customers with a better experience that eliminates the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. By focusing on the largest addressable markets with the most friction to solve for, Remitly continues to reach new heights with over 4 million transactions per year.

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