Remitly ditches banking app Passbook

Remitly ditches banking app Passbook

Digital remittance outfit Remitly is shutting down Passsbook, its online bank account for US-based immigrants.

Launched in 2020, Passbook will stop services on 1 May and will not accept new accounts, according to the app's website.

At the time of Passbook's launch, Remitly CEO Matt Oppenheimer said the account was the next step in the firm's "mission to transform the lives of the millions of immigrants around the world".

However, three years on Oppenheimer told analysts on Remitly's fourth quarter earnings call that the company is refocusing on its core business.

“We believe it makes sense to redeploy our resources to higher returning investments, targeted at our core remittance customer,” he explained.

"We are taking the best of learnings from Passbook and integrating them into products or features to deliver greater value through innovative solutions that are directly relevant to our customers’ remittance needs."

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