This seems like a helpful move forward for Remitly. One of their advantages over the competition in helping immigrants transfer money back home is that Remitly offers a wide variety of ways that those at home can receive the funds.
With more options, those on the receiving end can balance their own sense of trust in both the speed and the trustworthiness of the vehicle. Adding Mastercard provides yet another option as well as a very large name that should add to that trust.
From the release:
Remitly Integrates Mastercard’s Send and Cross-Border Services to Provide Customers More Choice in How they Send and Receive Money Abroad
PURCHASE, N.Y. and SEATTLE, Oct. 19, 2023 (GLOBE NEWSWIRE) – Mastercard and Remitly Global, Inc. (NASDAQ: RELY) (“Remitly”), a leading digital financial services provider for immigrants and their families, today announced they’ve joined forces to expand access to cross-border payments and remittances. Tapping into the power of the Mastercard network, Remitly will integrate Mastercard’s Send and Cross-Border Services to offer its customers more choice in how they securely send money to family and loved ones abroad via the Remitly app.
8.6% position in RELY