Remitly, the digital remittance company based in the U.S., has expanded its services to Massachusetts.
According to a report, with the addition of Massachusetts, Remitly serves all 50 states in the U.S. and also offers its services in Canada. The Seattle company, which transfers more than $1.5 billion each year for its customers, is attractive to some people because it offers low transaction fees and the ability to send payments overseas via transfers.
As of Monday (Jan. 16), residents of Massachusetts, which is the most populous state in New England, can send money overseas via its app and website. The report noted that, in Massachusetts, 1 million, or 15 percent of residents, are born outside of the country and have family in other countries that rely on remittances to supplement their incomes. The move on the part of Remitly was prompted by the state giving it approval to operate in Massachusetts.
“We’re now able to serve customers in all 50 U.S. states, helping people who need to send their hard-earned money to loved ones in other countries with lower fees and rates and with more transparency,” said Matt Oppenheimer, Remitly’s CEO and cofounder, in the report.
In April, Remitly, one of the fastest-growing remittance services, hit a new milestone with over $1 billion in annual transfers. The startup’s fast-paced growth comes against intensifying competition among FinTech startups, like PayPal’s Xoom, TransferWise and WorldRemit, which are striving to cut themselves a bigger share of the global remittance market that saw $582 billion in transfers last year. The achievement was on the heels of its Series C funding in which it raised $38.5 million, pushing the total investment in the company to $61 million.