At the moment, the company’s 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 platform is set to grow to more than 3,200 corridors.
Remitly has announced the expansion into Japan and New Zealand as key business milestones in the Asia-Pacific (APAC) region for the provider of remittance services across 170 countries.
The firm has processed $2.5 billion in remittance volume from APAC to date and the addition of Japan and New Zealand is only likely to accelerate the platform’s growth further.
Japan and New Zealand will open key corridors
Matt Oppenheimer, co-founder and CEO, of Remitly, said: “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. 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.”
Pankaj Sharma, Executive Vice President, International at Remitly, said: “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. 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.”
Remittances sent from Japan have doubled since 2015 to $8.25 billion in 2020 and personal remittances sent from New Zealand nearly quadrupled over the past 20 years, totaling close to $875 million, according to the World Bank.
Customers in Japan and New Zealand will be able leverage Remitly to send money across more than 150 corridors using its mobile-centric suite of products and global network, providing customers and their loved ones a range of disbursement options to meet their specific needs, the firm said.
At the moment, the company’s 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 platform is set to grow to more than 3,200 corridors.
