- Remitly will be using Stripe’s global payment processing platform for its international money transfers coming from Europe
- Remitly’s Chief Product Officer says that the service will serve immigrant communities “in new transformative ways.”
- Stripe is very happy to have this new partnership as Remitly looks to expand into new markets
North American remittance company Remitly is set to enter Europe and it is looking at a market opportunity worth $121 billion per annum. The brand announced the news today with Remitly representatives saying that there are now 15 send countries across Europe. According to Remitly’s Chief Product Officer Karim Meghji, the cross-border payments brand “expanded from three send countries” to 15 within the year.
The service is now available in the United Kingdom, Sweden, Spain, Norway, the Netherlands, Italy, Ireland, Austria, Denmark, Finland, Germany, and Belgium. Karim noted during an interview that the expansion will make it possible for immigrant communities to send money home without worrying about hefty fees and long settlement periods. Customers will also experience Remitly’s Perfect Delivery Promise.
The Washington-based brand partnered with Stripe to make sending through various European currencies a lot easier. However, it’s not only the European market that will benefit from Stripe’s payment platform, according to Remitly because it will also help the brand enter other markets around the globe. Meghji said that Stripe is “a natural partner choice, given their global, robust and high-quality payment processing platform.”
Richard Alfonsi, the Head of Global Revenue & Growth at Stripe told reporters that the Stripe team is happy about the partnership. “We’re excited to work with Remitly,” Alfonsi said during an interview. He added that Stripe is happy to support Remitly’s “expansion into new markets, reaching new customers, and helping more communities around the world.”
Remitly is also available outside of Europe. For more information about Remitly’s cross-border payments services, take a look at our review here.
