Monday, October 26, 2015

Remitly Expands To Mexico

Seattle-based overseas remittance service Remitly said this morning that it has expanded its service into Mexxico, which it says is the world's largest corridor for international money tranfers. Remitly says it now works with most major banks and around 11,000 cash pickup locations in Mexico. The company says it charges only about a quarter of the fees of its competitors in the market. Remitly is led by Matt Oppenheimer, and venture backed by DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders' Co-Op and TomorrowVentures. The company had initially launched its remittance business in the Philippines.