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Remitly Launches Passbook – Banking Designed for Immigrants

February 3, 2020 GMT
Remitly Launches Passbook – Banking Designed for Immigrants
Remitly Launches Passbook – Banking Designed for Immigrants

SEATTLE--(BUSINESS WIRE)--Feb 3, 2020--

Beginning today, immigrants living in the United States have access to a banking solution designed specifically for their needs: Passbook by Remitly. Built by Remitly, the largest independent digital remittance company in North America, Passbook is eliminating the barriers and complexity of opening a bank account, removing fees, enabling easy and secure international use, and offering new international money transfer benefits.

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Remitly introduces a new way to bank for U.S.-based immigrants. (Graphic: Business Wire)

“Passbook is the next step in Remitly’s mission to transform the lives of the millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country,” said Matt Oppenheimer, Remitly CEO and co-founder. “Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them. Our team has a unique ability to deliver industry-changing products for immigrants. We’re going to change banking like we changed remittances.”

There are over 44 million first generation adult immigrants in the U.S., representing more than 1 in every 6 workers. Immigrants earn over $1.3 trillion in wages annually and have over $900 billion in spending power, but until now, have not had a comprehensive financial service company built for them.

Built for Immigrants’ Unique Needs

Backed by the Best

The launch of the Visa® Debit Card builds on Remitly’s existing collaboration with Visa. By using Visa Direct, Visa’s real-time push payments platform, through Remitly’s money transfer platform, consumers are able to send and receive funds across borders from the United States to eligible Visa debit cards.

“Our relationship with Remitly is another great example of how Visa works with Fintech partners to help them grow and scale their business quickly,” said Matt Dill, global head of strategic partnerships and venture at Visa. “We are thrilled to help Remitly bring its product vision to life to support its rapid growth around the world.”

Passbook accounts are issued by Sunrise Banks N.A., Member FDIC. Sunrise is a Certified B Corporation, a Community Development Financial Institution, and a member of the Global Alliance for Banking on Value, with a history of serving immigrant customers.

“Sunrise Banks is proud to partner with Passbook by Remitly to provide fee-free banking for immigrants,” said David Reiling, Chairman and CEO of Sunrise Banks. “We share Remitly’s commitment to doing good, and this new collaboration allows us to expand on Sunrise’s mission of providing products and services that improve the economic well-being of our clients.”

To learn more about Passbook, visit https://passbook.app/.

About Remitly

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 Generation Investment Management, Owl Rock Capital, Princeville Global, Prudential Financial, 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.

About Sunrise

Sunrise Banks N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and underserved people thrive by empowering them to achieve their aspirations. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values and is a Certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Learn more at sunrisebanks.com. Sunrise Banks is Member FDIC and an equal housing lender.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200203005224/en/

CONTACT: Kendall Sadler

kendall@remitly.com

KEYWORD: UNITED STATES NORTH AMERICA WASHINGTON

INDUSTRY KEYWORD: BANKING OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES FINANCE

SOURCE: Remitly

Copyright Business Wire 2020.

PUB: 02/03/2020 06:00 AM/DISC: 02/03/2020 06:00 AM

http://www.businesswire.com/news/home/20200203005224/en