- World Economic Forum names firm among its top new pioneers
- Other firms recognised include Internet of Things companies
- “It’s an honor to be recognized as a pioneer by the World Economic Forum”, says Remitly’s founder
Leading online money transfer firm Remitly has been given a prestigious pioneer's award by the World Economic Forum.
Remitly was described as one of the 56 most promising “Technology Pioneers of 2019”, according to reports.
The pioneers chosen for the group came from a range of industries, including blockchain, the Internet of Things and more.
Each firm was either at an early stage in its development or had moved into a growth phase.
Remitly was first set up in 2011, but its scope is now large. It can be used in over 40 nations across the world, including on every major continent.
As a result of the award, the firm’s CEO Matt Oppenheimer will now be invited to attend a workshop in New York city this October.
Some of the 56 firms named in the category will also send representatives to Davos, where the World Economic Forum will next meet in January.
According to a statement from the World Economic Forum, Remitly has shown its ability to “shape solutions to global challenges” through its cross-border payments offerings.
“We’re excited to welcome Remitly to this year’s innovative class of technology pioneers”, said Fulvia Montresor, who is Head of Technology Pioneers at the World Economic Forum.
“Remitly and its fellow pioneers are leaders in using novel technologies to transform their industries. We see great potential for these next generation companies to shape solutions to global challenges and improve society for years to come.”
For Remitly, Matt Oppenheimer said that his organisation was “passionate about helping immigrants”.
“It’s an honor to be recognized as a pioneer by the World Economic Forum. I founded this company out of a conviction that the $600 billion remittance industry was fundamentally broken – inefficient, confusing, and expensive”, he said.
“Our success is a testament to how technology can dramatically transform a legacy service that fails to meet the needs of its customers. We are passionate about helping immigrants around the world, and we are excited to continue pioneering innovative solutions that meet their financial needs”. he added.
Unlike many of the other World Economic Forum pioneers, lots of whom are offering services like blockchain and artificial intelligence, Remitly’s fundamental service is not new. Money transfer has been around in one form or another for centuries – and in many ways, that makes the firm’s achievement here even more remarkable. It’s undoubtable that Remitly has played a role in transforming an old (or, as Matt Oppenheimer calls it, “fundamentally broken”) industry into something innovative, internet-friendly and dynamic, and it’s great to see such a firm rewarded.
If you’d like to know more about how and why firms like Remitly are getting recognition for their work in this field, check out our magazine.
