Remitly doubles annual remittance volumes to $2 billion
22 February 2017 | 1607 views | 0
Remitly, the largest independent mobile remittance company in the United States, today announced it doubled its 2015 annualized remittance volume to $2 billion in 2016.
The achievement was made possible by Remitly’s customers, mostly immigrant workers sharing their earnings with their families. To honor them, today the company also announced the launch of its #WhyISend campaign, providing a platform to share real-life stories around why people send money abroad.
“For many families around the world, remittances are a lifeline and the primary source of income. These customers deserve a voice and platform to be recognized, especially with the vitriolic rhetoric around immigration,” said CEO and co-Founder Matt Oppenheimer.
The reality is immigrant workers make incredible sacrifices to leave their families to earn a living and share their wages with the loved ones who stayed behind. #WhyISend is designed to give these immigrant workers a platform to share their stories of living and working in America and why they send money to their loved ones.
Remitly surveyed thousands of its customers who send money internationally and found:
70% send money to help their families with basic needs including housing, food, and utilities
16% send money to cover their personal expenses and investments
11% send money to help pay for education costs such as school supplies, books, and tuition
3% send money to help pay for medical and emergency expenses
“I am constantly humbled and inspired by the way our customers contribute billions of dollars to the American economy while also selflessly sharing their hard-earned paychecks with loved ones back home, leaving very little left over for themselves. These dollars make a big impact in local communities. For customers that send home $200-$300 on average, an additional tax on remittance would only take away from hard-working immigrants and their families in need on the receiving end,” Oppenheimer said.