- Remitly’s CEO Matt Oppenheimer said that their partnership with Visa will improve their service
- The fintech’s app is now available in 40 countries and moves an estimated $6 billion a year
- Visa and Remitly will be using Visa Direct to process remittances that go straight to debit card holders
The CEO of international payments fintech Remitly says that Visa will help scale their business. The information was released through a statement. The Seattle-based firm announced that it will be working with Visa so that customers who regularly send money abroad can have access to a new fund transfer option. While Remitly has done so well in sending remittances, insiders note that it needs a more powerful platform to process the increasing number of payments done through the brand. Based on recent numbers, Remitly users send over $6 billion through the app each year and this is expected to increase in the coming years.
“This collaboration with Visa, the world’s leader in digital payments, helps us meet this need with instant scale, security and reach that will help us continue to improve our service”, says Remitly CEO and co-founder Matt Oppenheimer.
The companies announced their plan to make it possible for Remitly customers to transfer money to Visa debit cards around the world. The collaboration will involve utilising the push payment service Visa Direct. According to Visa, the payment service powers payments platforms for cab-hailing app Uber and Square’s credit card readers.
While the plan is to go global, only US-based senders can send money to debit card holders in other parts of the world. The capability is not yet global, insiders say, but Visa and Remitly are hoping to add more locations as sender countries later on. Details were not provided as to when this will be done.
Remitly is elated about the partnership. “Our highest priority is to create the best possible money transfer experience for immigrant communities and their families around the world. Our customers have unique money transfer needs including a need for more choices in how they send and receive money”, Oppenheimer adds.
emitly is among the biggest independent remittance brands in the United States and Canada. Due to its affordable overseas transfer rates, the company has enjoyed steady growth since its inception. Remitly employs over 800 people worldwide. According to observers, the brand started focusing on its expansion goals in the latter part of 2018. The app now operates in 40 nations. Remitly works with more than 40,000 cash payout partners and banks.
It also owes its success to its technology as it eliminates the need for agents, codes, forms and additional fees associated with cross-border payments. Insiders add that the company's free transfers have also contributed to its success. Senders willing to wait three days for their funds to arrive do not need to pay for the service. The brand charges a $3.99 flat rate for those who cannot wait three days.
Find out more about Remitly by taking a look at our thorough review of the brand and the app.
