- Remitly, which offers cross-border payments services targeted mostly at migrants and others who are living abroad, has been given financial backing from Visa.
- It comes after Remitly integrated Visa Direct as part of a longstanding relationship between the two companies.
- A senior figure at the company said that the partnership was coming from a solid basis – and that it had been the product of work and collaboration over the last few years.
Online money transfer firm Remitly has confirmed that it has received a round of investment from financial services company Visa.
The partnership between the two firms dates back as far as 2019, and has been expanded to cover the integration of the Visa Direct service into Remitly’s offer.
The announcement of the funding comes after Remitly confirmed that it will continue to work alongside Visa in partnership for the future.
The extension of the Visa Direct partnership will mean that customers in the US can continue to transfer money to eligible Visa-based debit cards around the world.
Remitly, which is based in Seattle, used a statement to praise the relationship between the company and Visa over the last few years.
Matt Oppenheimer, who is the co-founder and chief executive officer of the firm, said that the companies had worked together to improve Remitly’s customer offer.
“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,” he said.
He went on to say that he was looking forward to collaborating even further in the form of more payment options.
“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,” he explained.
Remitly has had a fairly successful period in the cross-border payments industry in the last year or so.
Since the outset of last year, the company has managed to boost its presence in recipient countries to over 100.
This marks a rise from its previous position of just under 50.
It has also expanded its product offering and range by adding a send option to its mobile wallet network in a wide range of additional nations.
However, it is its partnership with Visa that remains at the forefront for many online money transfer industry watchers.
In a statement, a senior leader at Visa said that the company’s aim was to expand the range of user choice.
Ruben Salazar, who is senior vice president and global head of Visa Direct at Visa, said that the firm was hoping to use the relationship to open up new payment corridors and systems.
“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,” he said.
We have got a whole review of Remitly’s international money transfers services on our site – why not read it to discover more about what the company can offer?
