8.6 C
New York
Tuesday, March 2, 2021
Home Uncategorized Bank account for immigrants? Remitly launches it in the US

Bank account for immigrants? Remitly launches it in the US

The Seattle-based startup Remitly closed a $135 million round last summer, to go beyond money-transfer services into a wider range of financial products.

“No-one should be excluded from banking and financial services,” said Matt Oppenheimer, the CEO and co-founder of Remitly, in an interview in London last week about Passbook.

Now, it’s launching a new product. It’s called Passbook, a new bank aimed at immigrants that lets a person use a wide number of picture IDs — whether they are from the US or not — to sign up.

Passbook is solving a problem where collectively 1.7 billion people globally remain “unbanked,” with no access to bank accounts and therefore mostly off the financial grid, and therefore unlikely to have access to services like credit that can potentially help them improve their financial station in life.

“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,” says Matt Oppenheimer, Remitly CEO.

Avatar
Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

N26 and Raisin partner on EasyFlex savings accounts

Cross-border savings and investments marketplace Raisin and the german digital bank N26 combine their strenghts to deliver top interest rates.

Starling Bank aims to hold 18% of the SME market

The digital bank Starling announced a plan in which it is going to hold 18% of the SME banking market in five years, Insider reported.

TransferWise gets rebranded as ‘Wise’

The rebranded company Wise drops the part Transfer as a signal of moving on from the money-transfer focus of the company.

Revolut about to increase fees and cut number of free trades

Revolut introduced additional fees on its free plan and trading on the Revolut platform will also become more expensive.