Remitly Expands Money Transfer Service to Mexico

Remitly Brings Fast and Affordable Remittance Service to Largest
Corridor for International Money Transfers

SEATTLE–(BUSINESS WIRE)–Today from Money20/20, Remitly,
the largest independent digital remittance company in the U.S.,
announced the expansion of its mobile money transfer service into
Mexico, the world’s single largest corridor for international money
transfers. Remitly’s safe and secure network includes most major banks
and more than 11,000 cash pickup locations in Mexico. Remitly continues
to enhance its mobile-first product, today introducing new user
interface elements and access to real-time information about
transactions processing.

The U.S. to Mexico corridor is the largest remittance corridor in the
world, with more than $24 billion transferred annually. Historically the
process has been arduous and costly, with consumers incurring a 7.9
percent fee on average to send remittances globally. Remitly is
redefining the money transfer process, enabling customers to send money
seamlessly and affordably, and only charges one quarter of the fees of
its competitors. Remitly offers among the industry’s most competitive
foreign exchange rates and provides complete transparency in every
interaction with customers about fees, rates and delivery times.

“We’ve built the best mobile product in the world for money transfers.
We’ve strategically focused on the world’s largest remittance corridors
first and are excited to bring our mobile app and advanced fraud
detection system to people sending money home to Mexico,” said Matt
Oppenheimer, CEO, Remitly.

The expansion comes amidst rapid company growth – Remitly announced
in September
 its customers are sending more than $500 million
annually and the company recently processed its one millionth money
transfer transaction.

Visit Remitly at Money20/20 at booth #2754. Remitly CEO Matt Oppenheimer
will participate in a panel on P2P
X-Border Payments
on Wednesday, Oct. 28 at 4 p.m. in Lando, Venetian
Level 4.

About Remitly

Remitly is a mobile payments service, supported on Android, iOS and
online, that enables consumers to conveniently make person-to-person
international money transfers from the United States. Its digital
service uses the latest technology to eliminate the forms, codes,
agents, extra time and fees typical of the traditional money transfer
process. Remitly is authorized to operate in 45 states and sends
millions of dollars to thousands of people each week. Remitly is backed
by industry-leading investors, including DFJ, DN Capital, QED Investors,
Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op and
TomorrowVentures. Remitly is headquartered in Seattle, WA with
additional offices in the Philippines. For more information, visit www.remitly.com.

Contacts

Remitly
Shelby Lichliter, 925-216-5303
shelby@remitly.com