SEATTLE--(BUSINESS WIRE)--Beamit, Inc. (BeamitMobile), the emerging online remittance service that allows immigrants in the U.S. to send money home faster and cheaper today announced the official launch of its business under the Remitly brand (www.remitly.com). The company, which recently attracted $2.5 million in financing, also announced key new hires and expansion into new states.
Matt Oppenheimer, Remitly co-founder and CEO, said the company has been test marketing its services with select users since April 2012. “Based on customer research, it’s clear our service resonates well with our target market under the Remitly brand. As a result, we are now well positioned to roll out our offering more broadly.”
Remitly, which was in the 2011 Seattle TechStars incubator program, received $2.5 million in financing in April 2012. Founders Co-Op led the investment, along with TomorrowVentures, Bezos Expeditions, Geoff Entress, Andy Liu, Neil Patel, Sujal Patel, Alex Algard, and other well known angel investors.
Remitly’s online remittance service is currently available in eight states, with several applications pending approval. The team now includes product and operations professionals with experience at companies such as Amazon, Microsoft, and Oracle. The company will be adding distribution options and state regulatory approvals in the coming months, while continuing its focus on the U.S. to Philippines remittance corridor.
According to Oppenheimer, “We have done a remarkable amount in just a few months and are very excited to continue this momentum under the Remitly brand.”
Remitly is a digital service for international money transfers that delivers payments from a person in one country to another quickly, securely and at a lower cost. The online service uses the latest technology and mobile devices to eliminate the forms, codes, agents, and extra time and fees tied to the traditional money transfer process. Recipients instantly understand what was sent to them, and the different options available to collect their funds.