|By Business Wire||
|January 12, 2017 06:09 PM EST|
Remitly, the largest independent digital remittance company in the United States, today announced its service is now available in Massachusetts. Residents in the state can now send money to loved ones abroad through the company’s mobile app and website.
“We’re thrilled to have our service available in Massachusetts and proud that we are now able to serve customers in all 50 U.S. states, helping people who need to send their hard-earned money to loved ones in other countries with lower fees and rates, and with more transparency,” said Remitly CEO Matt Oppenheimer.
More than 15 percent of Massachusetts residents are foreign born and many of their loved ones in other countries rely on remittances to supplement their incomes. Global remittances top $600 billion, with traditional money transfer companies charging up to 10 percent and pocketing billions of dollars worth of fees. Remitly passes along savings directly to customers in the form of lower fees, allowing more money to be sent home to loved ones.
Oppenheimer’s vision for the company took hold while he was working in Kenya and saw firsthand how dependent local families were on remittances – and how expensive and burdensome the process was. Remitly’s customer-friendly service is built from the ground up with compliance and security seamlessly built in, providing a simple, inexpensive, and safe customer experience.
Remitly is the largest independent digital remittance company in the United States, transferring more than $1.5 billion annually from its customers in the U.S. and Canada to loved ones throughout the world. The company’s proprietary global transfer network includes its easy-to-use mobile app, which makes the process of sending money faster, easier, more transparent and less costly by eliminating the forms, codes, agents, extra time, and fees typical of the traditional, century-old money transfer process. Remitly has raised $100 million in capital from industry-leading investors including Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, International Finance Corp. and TomorrowVentures. The company is headquartered in Seattle, with additional offices in the Philippines and Nicaragua. For more information, visit Remitly.com.
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