Today, Remitly, the largest independent digital remittance company in North America, and Ria, a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT) and a global leader in money transfers, announced a new partnership that doubles the Remitly global cash pick-up network, adding over 73,000 more locations to the 44 recipient countries Remitly serves around the world.
While customers increasingly prefer to send money through digital platforms, global demand for cash disbursement remains strong with over half of the remittances sent through Remitly collected in cash by recipients at physical locations. Ria operates the second largest money transfer network in the world, and the international footprint of its cash pick-up network will significantly expand Remitly’s product breadth and disbursement reach.
“Our partnership with Ria underscores our passion to transform the lives of our customers and their families. 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. We’re thrilled to leverage Ria’s vast cash pick-up network to offer our customers a better, more convenient service by giving them more options” said Matt Oppenheimer, CEO, and Co-Founder at Remitly.
Through the Remitly global money transfer network, money can be sent around the world by simply going online or using its easy-to-use mobile app to rapidly deliver cash to more cash pick-up locations than ever before.
“Ria is a leading global money transfer company with an unflinching resolve to keep setting a higher standard in remittance delivery for customers all over the world,” said Juan Bianchi, CEO of Euronet’s Money Transfer Segment. “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.”