Money-transfer startup Remitly launches Passbook, a neobank aimed at immigrants

Last summer, the Seattle-based startup Remitly closed a $135 million round to go beyond money-transfer services into a wider range of financial products catering to its primarily-immigrant customer base. Today, it’s taking the wraps off a new product that puts paid to that plan: it’s launching Passbook, a new bank aimed at immigrants that lets […]


4 Feb, 2020TECHCRUNCH.COM

Money-transfer startup Remitly launches Passbook, a neobank aimed at immigrants

Last summer, the Seattle-based startup Remitly closed a $135 million round to go beyond money-transfer services into a wider range of financial products catering to its primarily-immigrant customer base.

Today, it’s taking the wraps off a new product that puts paid to that plan: it’s launching Passbook, a new bank aimed at immigrants that lets a person use a wide number of picture IDs — whether they are from the US or not — to sign up. The service is starting first in the US — Remitly’s biggest market today among its 16 “send from” countries and 47 “send to” countries. The long-term plan is to roll out Passbook anywhere that Remitly is active over time....

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