Remitly Pairs with Novi on Digital Wallet

Remitly Sees Vast Growth In Mobile Wallet Network

Digital financial services platform Remitly Global Inc. on Tuesday (Oct. 19) announced a collaboration with digital wallet Novi to support Novi’s pilot launch, including cash pickup in Guatemala.

Novi is “enabling customers to send and receive money using the Pax Dollar (USDP) stablecoin, securely and without fees” through the launch of the pilot program. Remitly will work with Novi to “open new channels of financial access and inclusion,” according to the joint announcement.

Novi is available today to a limited pool of customers in both the U.S. and Guatemala.

Last year, Remitly launched Remitly For Developers, a cross-border payments platform that uses its global network. Businesses using Remitly For Developers can integrate the network and infrastructure into their applications and websites through an application programming interface (API) to allow cross-border payments to customers and offer new digital solutions in emerging markets, where most of its customers live.

Remitly’s global payments network serves customers in 17 countries, sending to more than 115 receiving countries.

Related: Remitly Starts Trading on Nasdaq With $43 Share Price at $7B Valuation

Last month, Seattle-headquartered Remitly, which had a $1.5 billion valuation in July, began trading on the Nasdaq under the ticker RELY.

Remitly allows immigrants and their families in more than 135 countries to send and receive funds around the world digitally without any forms and codes that are usually part of the international money movement.

The company posted $202 million in revenue against a $9.2 million net loss in the first half of 2021. Last year, Remitly generated $257 million in revenue and a $32.5 million net loss.