SEATTLE--(BUSINESS WIRE)--Remitly, the largest independent digital remittance company in the United States, today announced a payment network expansion with processing and payment platform, TransNetwork, adding Grupo Exito to extend its versatile, quick, and mobile-friendly money transfer service to even more people in Colombia.
Through this partnership, Remitly and Grupo Exito, the retail leader in Latin America, will make available 250 retail payout locations through Grupo Exito’s extensive network of stores branded Exito, Carulla, and Super Inter which will help Remitly better serve the fast-growing remittance industry in Colombia, which in 2017 reached over $4.9 billion. Over 250 retail locations in Colombia will now provide cash collection points to Remitly customers and offer extended collection hours, making it more convenient for recipients to receive their money.
The company also added Remesas y Pagos CUSCA and its sub-agents Walmart, Despensa de don Juan, SuperSelectos, and Banco Cuscatlan among others with over 600 locations for individuals to receive money throughout El Salvador.
By challenging antiquated financial services with an honest, transparent, user-friendly, and all digital service, Remitly aims to grow its market share across Latin America and the Caribbean as money sent to those regions increased by 6.9 percent to $79 billion in 2017 and is estimated to grow more in 2018, according to data published by the World Bank.
“These partnerships bring hard-working people much-needed transparency, security, and ease when sending money to loved ones,” said Matt Oppenheimer, CEO of Remitly. “Our customers now have more control and many more options in regions that depend greatly on money sent to them from loved ones working across borders.”
For more information please visit remitly.com.
Remitly is the largest independent digital remittance company headquartered in the United States, transferring over $4 billion in annualized volume from its customers in the United States, United Kingdom, Canada, and Australia 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, World Bank’s International Finance Corporation (IFC), Naspers’ PayU, 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.
About TransNetwork LLC
TransNetwork LLC is a Houston-based B2B electronic domestic and cross-border processing and payment platform which enables licensed and regulated financial institutions to connect under one standard technology granting access to a diversified payment network of over 30,000 locations in Mexico, Central and South America. With more than 15 years of experience processing remittances to financial networks and retail chains, the firm currently operates in Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Ecuador, Peru and Colombia. For more information, visit www.transnetwork.com.
About Grupo Éxito
Grupo Exito is the leading retail platform in Colombia with more than 570 stores consisting of the brands Exito, Surtimax, Super Inter and Surtimayorista, which includes formats such as hypermarkets, premium supermarkets, convenience stores and wholesalers, having in addition a digital channel platform for customers to always find what they want, where they want. The company also has a real estate business with 29 shopping centers; and complementary businesses in areas such as travel, insurance, cellular telephony and credit cards.