Money transfer service Remitly says it is making its first move outside of North America, offering U.K. residents the ability to send money across borders through its mobile app or website.
The U.K. will mark the third "send" country for Seattle-based Remitly, which operates in the U.S. and Canada. The launch in the U.K. sets up Remitly for further service in Europe.
“Europe is the second largest remittance market in the world," Remitly CEO Matt Oppenheimer said in an April 12 press release. "Launching in the U.K., where over 19 billion pounds ($24 billion U.S.) in remittances are sent to other countries, is an important next step as we transform the global remittance business."
Customers in the U.S. and Canada already utilize Remitly to send more than $2 billion a year, Oppenheimer added.
Customers in the U.K. can use Remitly Express to send money directly to a recipient abroad within minutes through connection with banking and cash pickup center partners, or the Remitly Economy option which costs less and operates through foreign exchange rates for nearly-instant payments between participating banks.
Initially, users in the U.K. will be able to send money to India and the Phillipines, with more recipient countries added in the near future, Remitly said.
The service will operate through Remitly's London unit as Remitly U.K. Ltd. and regulated through the Financial Conduct Authority.
Remitly has long emphasized security and cost savings with its service, adding
