Remitly, a mobile remittance service, today announced it acquired Talio, a mobile messaging company that developed an immersive, one-of-a-kind mobile messaging service for family and friends.
The acquisition brings Talio’s entire team, including founders, developers and engineers, to Remitly, which itself is growing at a rapid pace. The messaging background in Talio’s team builds on Remitly’s strong expertise in mobile services to create deeper connections between customers.
Today Remitly also announced customers are sending more than $300 million annually using Remitly’s app, the highest-rated mobile app in its category. The company’s customer base grew nearly 400 percent in 2014 compared to the previous year. Remitly currently has more than 50 employees in its Seattle headquarters. The company plans to continue its aggressive hiring and will expand its office space right by the vibrant Pike Place Market in downtown Seattle. In March, the company closed a $12.5 million Series B round of funding.
Remitly is setting out to redefine money transfers to the developing world by creating a service customers love using. The company was the first to add messaging to a mobile remittance app in 2013. Today’s acquisition signals Remitly’s continued focus on messaging development and will lead to entirely new types of mobile communications between customers.
“Sending money home to loved ones is an extremely personal gesture. We want to build mobile apps that create richer connections for our customers,” said Matt Oppenheimer, CEO of Remitly. “Talio’s deep expertise in innovative forms of mobile messaging - immersive images and video - was very attractive to us. Combining mobile payments with mobile messaging is uncharted territory in our industry - we want to create mobile connections that today nobody can imagine.”
Talio’s founders, Piragash Velummylum and Jordan Timmermann, both former Amazon employees, will join Remitly to continue new product development efforts at the company.
“We chose to join Remitly because Matt, Josh and the team have a record of working hard to get their product absolutely right so they can scale fast with a stronger customer-centric approach,” said Velummylum. “We always invested in our product above all, and Remitly will give us a home to reach people all over the world and let them create amazing, colorful connections with people who care about them most.”
With the acquisition, Talio’s investors, including Principal of William Blair & Co. Richard Kiphart, Vulcan Capital, Zillow CEO Spencer Rascoff, Seattle super angel Rudy Gadre, and former Expedia CEO Erik Blachford, among others, will become investors in Remitly.
“I’m excited that the talented team at Talio will be joining forces with the amazing group of mobile and fintech leaders at Remitly,” said Richard Kiphart, Principal of William Blair & Co. “Together they will use deep expertise across mobile finance, messaging and consumer technologies that will create a significant, global business based in Seattle.”
Remitly was the first mobile payments company to implement Apple’s Touch ID for iOS users. The larger product development team at Remitly will accelerate advancement of new features and services on Remitly’s iOS and Android apps.
Contributed | what does this mean?