SEATTLE--(BUSINESS WIRE)--Remitly, the largest independent digital remittance company in the United States, today announces Nigel Morris is joining the company as a board observer. The Capital One co-founder, managing partner at QED Investors, and investor in fintech unicorns Credit Karma and SoFi will help guide company growth as Remitly continues to transform the way money is sent around the world.
“Remitly is a company experiencing exponential growth, yet has the maturity of a company that has been in the market for decades,” said Morris. “This is really a testament to their senior leadership and ability to light up profitable new verticals while simultaneously maintaining a keen eye on executing in the here and now. They have the potential to truly change the nearly $600 billion remittance market, shaking up the industry with a laser focus on digitization, instant transfers, and lower fees, to help the historically disadvantaged immigrant consumer get more money home to loved ones. They are eliminating friction in the mobile world.”
Traditionally, the remittance process has been slow, expensive and lacked transparency - leaving customers in the dark, not knowing when - or if - their recipient will receive the money. Remitly’s proprietary global transfer network is changing that. Its digital service uses the latest technology to eliminate the forms, codes, agents, extra time, and fees tied to the traditional money transfer process.
Remitly’s exponential growth combined with its focus on developing the best user experience and the enormous market potential in the globalizing economy were the leading factors for Morris joining. Remitly recently expanded into the United Kingdom, its third send-side country after Canada and the United States. To date, the company has helped people send over $2 billion across the globe.
“We are excited to deepen our relationship with Nigel and leverage his vast experience to learn from him and deliver our digital solutions to more people,” said Remitly CEO Matt Oppenheimer. “Our customers are heroes, working to send their hard-earned money to loved ones across borders. Anything we can do to ease that process and get our solution to more people literally changes lives.”
Prior to QED Investors, Morris co-founded Capital One Financial Services in 1994. Under his leadership as President and Chief Operating Officer, Capital One pioneered an information-based strategy that fundamentally transformed consumer lending. Following Capital One, Nigel co-founded QED Investors, where he acts as managing partner investing in the next generation of financial technology companies.
Morris and the QED team are known for their early investments in consumer technology and lending companies including Credit Karma, SoFi, Green Sky, Prosper, Red Ventures, and MediaMath. Morris has served on the board of a number of companies including Capital One, The Economist, Brookings, National Geographic, and Ideas42. He is also the chairman of the board of ClearScore.
Remitly is the largest independent digital remittance company headquartered in the United States, transferring over $2 billion in annualized volume from its customers in the United States, United Kingdom, 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 World Bank’s International Finance Corporation (IFC), Silicon Valley Bank, Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information, visit Remitly.com.