Money transfer company Remitly has collaborated with Ria, part of Euronet Worldwide, to increase its cash pick-up network.
Through the tie-up, more than 73,000 cash pick-up locations will be added to the 44 recipient countries served by Remitly.
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Furthermore, this will double that of Remitly’s current cash pick-up location count.
Euronet CEO of money transfer segment Juan Bianchi said: “Ria’s partnership with Remitly is a testament to Euronet’s global asset capabilities, and how Euronet’s global assets can enhance other companies’ value propositions, accelerating their speed to market in our highly dynamic industry.”
The partnership is significant considering that over half of the money transfers enabled by Remitly are collected in cash.
Remitly CEO and co-founder Matt Oppenheimer said: “This collaboration will allow customers to send money from Remitly’s digital platform to be picked up in cash in nations where cash is dominant, whether they’re in a major metropolitan city or a rural village.”
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By GlobalDataRemitly is based in Seattle. It also has presence in London, the Philippines, and Nicaragua.
Among the firm’s backers include Naspers’ PayU, Silicon Valley Bank, Stripes Group, Threshold Ventures, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders’ Co-Op, and TomorrowVentures.
Recently, Remitly launched its international money transfer service in France.
