Remitly Doubles Annual Remittance Volume to $2 Billion, Launches Platform to Put Customer Stories Front and Center
February 21 2017 - 6:13PM
Business Wire
Remitly, the largest independent mobile remittance company in
the United States, today announced it doubled its 2015 annualized
remittance volume to $2 billion in 2016.
The achievement was made possible by Remitly’s customers, mostly
immigrant workers sharing their earnings with their families. To
honor them, today the company also announced the launch of its
#WhyISend campaign, providing a platform to share real-life stories
around why people send money abroad.
“For many families around the world, remittances are a lifeline
and the primary source of income. These customers deserve a voice
and platform to be recognized, especially with the vitriolic
rhetoric around immigration,” said CEO and co-Founder Matt
Oppenheimer.
The reality is immigrant workers make incredible sacrifices to
leave their families to earn a living and share their wages with
the loved ones who stayed behind. #WhyISend is designed to give
these immigrant workers a platform to share their stories of living
and working in America and why they send money to their loved
ones.
Remitly surveyed thousands of its customers who send money
internationally and found:
- 70% send money to help their families
with basic needs including housing, food, and utilities
- 16% send money to cover their personal
expenses and investments
- 11% send money to help pay for
education costs such as school supplies, books, and tuition
- 3% send money to help pay for medical
and emergency expenses
“I am constantly humbled and inspired by the way our customers
contribute billions of dollars to the American economy while also
selflessly sharing their hard-earned paychecks with loved ones back
home, leaving very little left over for themselves. These dollars
make a big impact in local communities. For customers that send
home $200-$300 on average, an additional tax on remittance would
only take away from hard-working immigrants and their families in
need on the receiving end,” Oppenheimer said.
Sharing these stories will help remind us all that immigration
is part of the fabric of America and is one of the things that make
our country great. To join the conversation and see these
inspirational stories, visit www.remitly.com/WhyISend.
About Remitly
Remitly is the largest independent digital remittance company in
the United States, transferring $2 billion in annualized volume
from its customers in the U.S. and Canada to loved ones throughout
the world. The company’s proprietary global transfer network
includes its easy-to-use mobile app, which makes the process of
sending money faster, easier, more transparent and less costly by
eliminating the forms, codes, agents, extra time and fees typical
of the traditional, century-old money transfer process. Remitly is
backed by industry-leading investors, including Stripes Group, DFJ,
DN Capital, QED Investors, Trilogy Equity Partners, Bezos
Expeditions, Founders’ Co-Op, International Finance Corp., and
TomorrowVentures. The company is headquartered in Seattle, with
additional offices in the Philippines and Nicaragua. For more
information, visit Remitly.com.
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RemitlyBritta Gidican, 206-535-6152 ext.
213brittag@remitly.comorThe Keller GroupCarol Lucas,
425-443-3978carol@thekellergroup.com