Remitly wants to make it easier and cheaper for people to transfer money to family and friends in India.
The Seattle-based startup, which allows users to send money overseas, today announced its newest destination country. Remitly’s platform now includes a network of more than 120 banks and their branches in India, as users can make instant direct deposits at select banks like ICICI and PNB, and four-hour deposits to most others.
Remitly previously only offered money transfers to the Philippines. Co-founder Matt Oppenheimer told GeekWire that India is the third largest remittance market from the U.S., with more than $12 billion sent each year.
“The prices are still high and the options for sending money home are second rate,” he said of India. “We’re excited to launch an affordable, trusted, and convenient way for the approximately three million non-resident Indians in the U.S. to send money home.”
Remitly, founded in 2012, eliminates the need for forms, codes, agents, and other fees typically associated with the international money transfer process. The 40-person company, which offers transfers via desktop and its mobile apps, operates in 41 U.S. states and is transferring $100 million to the Philippines annually.
Remitly, a TechStars Seattle grad formerly known as BeamIt Mobile, raised $5.5 million in a Series A last year, and GeekWire recently named the company one of Seattle’s 10 most promising startups. The company’s backers include Jeff Bezos’ Bezos Expeditions and John Stanton’s Trilogy Equity Partners. Total funding to date is just over $10 million.