Remitly Shaking Up Billion Dollar Digital Remittances Market Adds Massachusetts To Network – Forbes
Remitly, the largest independent digital remittance company in the United States that transfers over $1.5 billion (bn) annually from its customers in the US and Canada, is now available in Massachusetts. It brings to fifty the number of US states served by the Seattle-based firm, which offers low transaction fees and swift payment overseas transfers.
Residents in the state of Massachusetts, the most populous state in the New England region of the north-eastern US with an estimated population of around 6.8 million (m) and the third most densely populated state in the US, will now be able to send money overseas through the companyâs mobile app and website to loved ones and others abroad.
Given that just over one million (15%) residents in Massachusetts are foreign born and many of their family connections in other countries rely on remittances to supplement their incomes, this latest stake in the ground provides Remitlyâs service across all US states in the federal republic.
The development follows final state approval being granting in Massachusetts to the international money transfer service that is touted as ârelieving the burden of cross-border remittancesâ in America. Last year it was reported that Remitlyâs business passed $1bn of remittances transferred annually.
Matt Oppenheimer, Remitlyâs CEO and co-founder, commenting said: âWeâre now able to serve customers in all 50 US 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.â