Just one year after launching its service in the UK, U.S.-based independent mobile remittance company Remitly announced it was continuing its global expansion efforts by launching in Europe. Founded in 2011, Remitly describes itself as an international payments company that leverages digital channels, including mobile phones, to send money internationally. The company claims that its digital products are fundamentally faster, less expensive, and far more convenient for customers to send money across borders.
According to Remitly, customers across Europe can use its services and they will also experience one of the company’s most popular features, the Perfect Delivery Promise, an exact date, time, and location a customer and their recipient can expect money to arrive. Once the Perfect Delivery Promise is provided to a customer, Remitly reveals tracking on the movement of funds as it approaches its destination, updating customers each step of the way.
Speaking about the company’s expansion, Karim Meghji, Chief Product Officer at Remitly, stated:
“In one year we’ve expanded from three send countries to now serving 15, representing over $121 billion in remittance flows annually. Through this expansion across Europe we can help more immigrant communities around the globe with an integral need to send money to their loved ones across borders.”
Remitly also announced it has formed a partnership with payment processing platform, Stripe, to help process transactions in various European currencies while minimizing customer friction. The partnership also enables Remitly its quickly expand its payment mechanisms on a global basis. Meghji added:
“As we’ve grown, we’ve realized it’s essential to provide customers with the most trusted financial services. Stripe was a natural partner choice that supports our mission to serve these communities. Our strong global platform can help more immigrants do more to manage their full financial lives and we’re excited to serve these communities in new transformative ways.”