Friday
January 15
2016

Remitly Nears $1B Mobile Money Transfer Mark

Remitly, a U.S.-based mobile payments service, is nearing its next milestone.

The company announced yesterday (Jan. 12) that its money transfer growth grew more than 400 percent in 2015, giving it close to $1 billion in annualized mobile money transfers. The company noted that December was a record month for the company.

As the largest independent digital remittance company in the U.S., the company is setting the tone for global money transfers. Data from World Bank indicates remittances hit $588 billion in 2015, with 74 percent of these remittances going to developing countries. Remitly, which works on Android, iOS and Web, enables P2P international transfers from the U.S. to many emerging regions.

Remitly, which offers money transfers from the United States to the Philippines, India and Mexico, accounts for more than 35 percent of all remittances originating in the United States. With its mobile-first transfer service growing in global popularity, it continues to help money be transferred at a much lower fee than most money transfer companies.

Some data shared by Remitly about its recent usage:

  • In 2015, people transferred the most money using Remitly on Monday, Dec. 14.
  • The most common receive cities throughout Remitly’s operating corridors included Tijuana, Mexico; Hyderabad, India; and Quezon City, the Philippines
  • The top sending cities by corridor included Las Vegas to the Philippines; Jersey City to India; and Houston to Mexico.

Source: PYMNTS (link opens in a new window)

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Uncategorized
Tags
mobile money, remittances