Visa Invests in Mobile Remittance Provider Remitly
Remitly, the mobile-first provider of remittances and financial services for immigrants, today announced new equity funding from Visa. Remitly’s vision is to provide transformative financial services products for immigrants across the globe.
Remitly is also extending an earlier partnership with Visa, to integrate Visa Direct, Visa’s real-time push payments platform, to help enable Remitly customers in the United States to send funds to eligible Visa debit cards in countries around the world. Through this extension, Visa and Remitly will continue to work together to further expand cross-border transfer services and provide customers affordable, convenient, and secure money transfer solutions.
Since the start of 2020, Remitly has more than doubled its reach in the number of available receive countries, from 49 to more than 100 – while also launching send functionality in Singapore. Remitly’s mobile wallet network also expanded by more than 100 per cent worldwide. As a result of its partnership with Visa Direct, Remitly has unlocked more choices for its customers to send real-time cross-border payments to eligible Visa debit cards. Visa’s industry-leading technology and breadth of network coupled with Remitly’s rapidly expanding digital network, aim to bring a superior experience for customers who have more send options than ever before. Customers can also track their transfer to know exactly when and where their money will arrive.
“Over the last two years, our partnership with Visa and integration of Visa Direct, has bolstered our cross-border money transfer network and provided our customers with even more options to send and receive money all over the world,” said Matt Oppenheimer, Remitly cofounder and CEO. “After a strong initial collaboration with the world’s leader in digital payments, we’re excited to bring even more payment disbursement innovations to the forefront in the years ahead, and serve our customers with speed, convenience, and optionality.”
“Remittances are a lifeline for the 200 million workers around the world who rely on this service to quickly and securely move money to their families,” said Ruben Salazar, SVP and global head of Visa Direct, Visa. “By expanding on our collaboration with Remitly through Visa Direct, we look forward to unlocking new corridors and help give people more options to digitally send and receive funds to friends and family around the world.”
Remitly first announced its partnership with Visa in March 2019, providing customers another fast, secure, and transparent channel to send and receive funds from the United States to eligible Visa debit cards across borders. Visa also supports Passbook by Remitly.
This new funding from Visa comes on the heels of Remitly’s $85 million Series F round in July 2020. At a time when its customers were rapidly shifting to digital services to continue sending money to loved ones across the globe through the COVID-19 pandemic, the Series F funding has helped power the organization as it expands its money transfer network into new markets, further develops its suite of digital financial services products, and reaches new customers worldwide.