The Independent's journalism is supported by our readers. When you purchase through links on our site, we may earn commission.
Remitly: Jeff Bezos-backed US payments startup expands to UK
The expansion means that Remitly now operates in three countries
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.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
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments