Remitly’s Matt Oppenheimer and Josh Hug are looking to transform the way people transfer money overseas.

Beamit Mobile, the TechStars Seattle grad that’s developing technologies to allow customers to easily transfer money from the U.S. to the Philippines, has changed its name to Remitly. CEO Matt Oppenheimer said that they’ve been testing the new name since April, and it has resonated with customers.

“Remitly is a play on the word “remit,” which is more commonly used by our customer base,” explains Oppenheimer. The company’s service is now available in eight states, with plans to add state regulatory approvals in the coming months. It offers a flat rate of $2.99 on all money transfers up to $500, with more than 5,000 cash-out locations in the Philippines.

In April, Remitly raised $2.4 million from former Google CEO Eric Schmidt’s TomorrowVentures, Founder’s Co-op and Bezos Expeditions, the venture capital firm of Jeff Bezos. It also last year named former Shelfari CEO Josh Hug, who most recently worked at and served as a mentor to the startup, to the positon of chief product officer.

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  • Mike N.

    Not a fan of these adverbial company names, especially the ones with Libyan TLDs. They’re just so ridiculous-sounding and grammatically awkward.

    • Frederick Reinders is not registered in Libya. Libyan registrations do not end in .com.
      Remitly is a combo of remit (money sent home) and words that say “This is good” by ending in -ly. Yes they could use and probably should register it to avoid a scammer having the use of it, but they are based in Seattle WA USA and use a generic commercial URL

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