SEATTLE--(BUSINESS WIRE)--Today Remitly, the largest independent digital remittance company in North America, announced it reached a new milestone, a nearly doubled annualized volume of over $5 billion as it expands its services to Australia. Its availability in Australia makes it the fourth send country for the company after the U.S., Canada, and U.K. Remitly’s move into Australia provides customers an easier, more affordable way to send money to loved ones in India and the Philippines.
“There are over $16 billion in remittances sent from Australia to other countries annually. If you estimate roughly eight to ten percent of that is fees pocketed by antiquated remittance companies, people in Australia could be getting a much better deal. That’s where we come in,” said Matt Oppenheimer, Remitly CEO, and co-founder. “Remitly provides hard-working immigrant communities with a better experience and a more fair and affordable way to send money. Our fees are typically lower than legacy services, saving our customers money.”
In a recent survey of first users in Australia, Remitly found the reason for sending money remains consistent across the globe with 78 percent of respondents reporting that they send money from Australia to family in other countries for basic needs like medical costs, food, and housing. The company also found a change in behaviour around sending money internationally. Almost 76 percent of respondents report sending money internationally with digital technology has changed the way they send:
- 66% send more often.
- 45% changed the amount of money they send, oftentimes sending more often than they have in the past.
- 19% send to a different number of people, generally sending to more people more easily.
Late last year, Remitly closed a $115 million Series D round of financing and is focused on using the new funds to address the largest sector of remittances - the $466 billion flow from developed countries to low and middle-income countries. The company’s digital money transfer platform minimizes customer friction and makes the process of sending money internationally faster, easier, more transparent, and less costly.
For more information, please visit remitly.com.
Remitly is the largest independent digital remittance company headquartered in the United States, transferring over $5 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.