Moneytrans and Remitly on Their Quest to Expand in Africa and Stand Out From the Crowd

LONDON, September 20, 2018 /PRNewswire/ --

Moneytrans and Remitly, the largest independent digital remittance company in the North America, have entered into a global co-operation agreement. This agreement will extend Remitly's modern and convenient remittance experience to Africa.

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Through this partnership, Remitly and Moneytrans, the remittance leader in Africa, will make available 4,000 retail payout locations in 10 countries which will help Remitly better serve the fast-growing remittance industry in ME, North and Sub-Saharan Africa, which in 2017 reached over $91 billion .

The digital money transfer service, backed by Jeff Bezos's venture capital firm, Bezos Expeditions, sends more than $6 billion in annualized volume from its customers principally based in the United States, Canada, United Kingdom and Australia.

"Moneytrans was a natural partner choice to build up our offerings accessing to its extensive network of digital wallet providers, banks and cash pick-up networks across Africa, and to help us serve hard-working people who need to send money to their loved ones with a transparent, secure, and convenient service," said Matt Oppenheimer, CEO of Remitly.

By challenging antiquated financial services with an honest, transparent and tech savvy service, Moneytrans aims to grow its market share across Africa as money sent to those regions increased by 10.3 percent in 2017 and is estimated to grow more in 2018.

"Moneytrans's collaboration with Remitly is part of the company's long-term strategy to enable interoperability and to democratize financial services in Africa. The main economic and social objective of our partnership is to help the African migrants to have an access to low-cost, secure and instant payment medium," explains Francisco Sanchez Apellaniz, Founder and CEO, Moneytrans.

ABOUT MONEYTRANS

Based in Europe and Africa, Moneytrans is a reputed payment institution, duly licensed in Europe, with 20 years of experience in providing instant money transfer services. Over the years, we have widened our range of services: FX solutions, bill payments, prepaid cards, mobile top up and customized payment accounts in IBAN format.

ABOUT REMITLY 

Remitly is a digital remittance company headquartered in the United States. Remitly is backed by industry-leading investors, World Bank's International Finance Corporation (IFC), Silicon Valley Bank, Stripes Group, DFJ, DN Capital, QED Investors, Trilogy Equity Partners, Bezos Expeditions, Founders' Co-Op, and TomorrowVentures.