Remitly Ushers in New Era of Regional Growth in Asia-Pacific
October 20 2022 - 9:00AM
Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading
digital financial services provider for immigrants and their
families in over 170 countries around the world, today announced
key business milestones in the Asia-Pacific (APAC) region. Remitly
has expanded its global footprint to include Japan and New Zealand.
To date, Remitly has helped customers send $2.5 billion in
remittance volume from APAC, and the company is poised for further
growth as access to its trusted platform becomes available to
millions of new customers in the region.
According to the World Bank, remittances sent from Japan have
doubled since 2015 to $8.25 billion in 2020. Additionally, personal
remittances sent from New Zealand nearly quadrupled over the past
20 years, totaling close to $875 million. Once Remitly’s new APAC
send corridors are operational, customers in Japan and New Zealand
will be able to send money across more than 150 corridors using
Remitly's mobile-centric suite of products and best-in-class global
network, providing customers and their loved ones a range of
disbursement options to meet their specific needs.
“Remitly is proud to serve immigrants living in Asia and the
greater Pacific region and to leverage the investments we’ve made
in our global payments platform to be the trusted provider for
customers sending money home to their loved ones,” said Matt
Oppenheimer, co-founder and CEO, of Remitly. “We are on a mission
to transform international payments. Helping customers send more
than $2.5 billion from the region to date is a testament not only
to strong demand, but also to the world-class customer experience
Remitly provides, making the process of getting money home faster,
simpler, and more
reliable.” “Remitly's
strategic approach to expansion leverages the significant payments
infrastructure we've built over more than a decade, and is
underpinned by our commitment to customers around the world,” said
Pankaj Sharma, Executive Vice President, International at Remitly.
“Establishing business in Japan and New Zealand will open key
corridors as we thoughtfully expand our platform to meet increasing
customer demand for trusted financial services”
Remitly’s expansive disbursement network reaches 3.9 billion
bank accounts, 705 million mobile wallets, 410,000 cash pickup
locations, and offers home delivery in select locations. The
best-in-class global network provides an exceptional customer
experience, including faster transfers, higher acceptance rates,
and improved reliability. While the footprint of the platform
continues to grow to more than 3,200 corridors, service is
localized for a more personal, differentiated customer
experience.
For more information about Remitly, please visit
www.remitly.com. To learn more about job opportunities in the
region, go to our careers site.
About Remitly
Remitly is a leading digital financial services provider for
immigrants and their families in over 170 countries around the
world. Remitly helps immigrants send money home in a safe, reliable
and transparent manner. Its digitally-native, cross-border
remittance app eliminates the long wait times, complexities and
fees typical of traditional remittance processes. Building on its
strong foundation, Remitly is expanding its suite of products to
further its mission and transform financial services for immigrants
all around the world. Founded in 2011, Remitly is headquartered in
Seattle and has seven global offices, including London, Cork,
Singapore, Manila and Managua.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Such forward-looking statements
are based on current expectations, including, but not limited to,
statements regarding Remitly’s operational expansion into Japan and
New Zealand. Actual results may differ materially from expectations
discussed in such forward-looking statements. Factors that might
cause such differences include, but are not limited to, risks to
our business and operating results related to the COVID-19
pandemic; the current inflationary environment; foreign currency
exchange rate fluctuations; unanticipated costs or difficulties
relating to the integration of companies we have acquired or will
acquire into Remitly; competition from existing and new
competitors. In particular, see recent and upcoming Remitly
quarterly and annual reports filed with the Securities and Exchange
Commission, copies of which are available upon request from
Remitly. Remitly does not assume any obligation to update the
forward-looking information contained in this press release.
Media Contact:Adam Cormieradamc@remitly.com
Investor Relations:Stephen
Shulsteinstephens@remitly.com
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