Remitly’s proprietary global transfer network and mobile app makes the money sending process better
About
Applicant name: Remitly
Innovation Name: Remitly – Fees
Innovation Type: Feature
Website: http://www.remitly.com
Mission: Remitly’s proprietary global transfer network and mobile app makes the money sending process better.
Innovation Description: In the wake of the deadly 7.1 earthquake that shook central Mexico this week, at least 230 people had been confirmed dead with at least 1,000 people injured. The quake made buildings sway violently in Mexico City, sending thousands of people fleeing into the streets in the minutes after it hit. Offices, apartment buildings and schools collapsed.
Remitly wanted to step in and help its customers by waiving transfer fees on all remittances to Mexico.
Nothing was needed from the customer — when they sent the money, the fee was waived automatically.
Although a small gesture, removing transfer fees helped individuals send more money to their loved ones, enabling more Pesos to make it to Mexico during their time of need. Funds sent were available within hours, with receipt confirmed instantly through the app, text, or email.
Remitly is focused on building a great product, but also dedicated to one that really helps its users’ lives in a positive way.
Status of Innovation: In-market
Innovation Active Since: 09/20/2017
Applicant Type: Private Company
Headquarter City: Seattle, WA
Headquarter Country: USA
Year Founded: 2011
Main Category
Main Category Choice: End-user Experience
Why do you think you should win this category?:
Remitly is disrupting the broken $588 billion remittance industry with our digital money transfer platform.
We are a licensed money transmitter, and our mobile payments service enables consumers to conveniently make person-to-person international money transfers from the US, Canada, and the UK.
Compared to competitors, we make money transfers quick, simple and cheaper. Our service uses the latest technology to eliminate the forms, agents, extra time, and fees tied to the traditional money transfer process.
Remitly instills confidence in our users that we will be there every step of the way, 24/7, through email or SMS. Our users know where their money is at all times.
Remitly is returning the billions of dollars in service fees that have been taken from immigrant workers and pocketed by antiquated remittance companies. We are committed to helping users carry out their desire to give back to their loved ones abroad in developed countries, in an effort to help them move up the economic ladder and raise them out of poverty.
Secondary Category
Secondary Category Choice: End-user Experience
Why do you think you should win this category?
Remitly’s goal is to provide the best customer experience. We take into consideration unique behaviors, and integrate with 50k+ payout partners across the globe including banks for direct deposits and physical cash pick-up locations for the world’s unbanked populations. We do this because only ~30% of adults in the Philippines have a bank account, and 44% in Mexico.
Remitly continues to enhance the speed, reliability and usability. We are one of the first mobile payment companies to implement Apple’s Touch ID, and now provide that option for Android users.
We raise the bar on trust and transparency by using data to calculate expected arrival dates and times a customer can receive money, known as “Promise Delivery.” Customers can also track their money transfer so they see its status every step of the way.
We also have notably large transfer limits for a provider that primarily serves individuals, at $10k a day and $30k a month. Remitly is the only remittance company to allow users to transfer $20k in 24 hours from the US to India.
Team Members
Full Name: Adrianna Abreu
Role: Associate
Linkedin: https://www.linkedin.com/in/
Supporting Links
Techcrunch article: Remitly is raising up to $115M led by Naspers’ PayU to double down on remittances: https://techcrunch.com/2017/
Blog: https://blog.remitly.com/
