Remitly adds over 73,000 more cash pick-up locations globally to fuel remittances to cash-based economies
Today, Remitly, the largest independent digital remittance company in North America, and Ria, a subsidiary of Euronet Worldwide, Inc. (EEFT) and a global leader in money transfers, announced a new partnership that doubles the Remitly global cash pick-up network, adding over 73,000 more locations to the 44 recipient countries Remitly serves around the world.
While customers increasingly prefer to send money through digital platforms, global demand for cash disbursement remains strong with over half of the remittances sent through Remitly collected in cash by recipients at physical locations. Ria operates the second largest money transfer network in the world, and the international footprint of its cash pick-up network will significantly expand Remitly’s product breadth and disbursement reach.
“Our partnership with Ria underscores our passion to transform the lives of our customers and their families. This collaboration will allow customers to send money from Remitly’s digital platform to be picked up in cash in nations where cash is dominant, whether they’re in a major metropolitan city or a rural village. We’re thrilled to leverage Ria’s vast cash pick-up network to offer our customers a better, more convenient service by giving them more options,” said Matt Oppenheimer, CEO, and Co-Founder at Remitly.
Through the Remitly global money transfer network, money can be sent around the world by simply going online or using its easy-to-use mobile app to rapidly deliver cash to more cash pick-up locations than ever before.
“Ria is a leading global money transfer company with an unflinching resolve to keep setting a higher standard in remittance delivery for customers all over the world,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “Ria’s partnership with Remitly is a testament to Euronet’s global asset capabilities, and how Euronet’s global assets can enhance other companies’ value propositions, accelerating their speed to market in our highly dynamic industry.”
Remitly is an independent digital remittance company that transfers over $6 billion in annualized volume through its proprietary global money transfer network across Africa, Asia, Central Europe, and South America. Its reliable and easy-to-use mobile app makes the process of sending money faster, easier, more transparent and less costly by eliminating the forms, codes, agents, extra time and fees typical of the traditional, century-old money transfer process. Remitly is backed by industry-leading investors, Naspers’ PayU, Silicon Valley Bank, Stripes Group, Threshold Ventures (formerly DFJ Venture), DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures. The company is headquartered in Seattle, with additional offices in London, the Philippines, and Nicaragua. For more information visit Remitly.com.
Ria, a subsidiary of Euronet Worldwide, Inc. (EEFT), is a global leader in the remittance industry. The company is steadfast in its commitment to their clients and their communities, offering fast, secure and affordable money transfers through a network of over 377,000 locations spanning across 155 countries and online at www.riamoneytransfer.com
For more information visit www.corporate.riafinancial.com