Remitly, a company that specializes in money transfers, is closing Passbook, an online bank account for immigrants from the United States.
The Passbook app was launched in 2020. Customer service will be discontinued on May 1. The application’s website informs that the app will not accept new accounts.
During the launch of Passbook, Remitly CEO Matt Oppenheimer stated that the account was the next step in realizing the company’s mission to transform the lives of millions of immigrants around the world. Three years later, in his fourth-quarter earnings report, he told analysts that the firm was changing its activity strategy and therefore refocusing on its core business.
Matt Oppenheimer stated that in the current economic realities, it is more appropriate to redirect resources to investments with a higher level of profitability, which are focused on the main client for the transfer of funds. He also noted that the company will take the best of the Passbook experience and integrate this into products or functions to add value through innovative solutions that meet the needs of users.
Remitly, from the point of view of the actual content of the activity, is an online money transfer service. The company was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati. The firm is headquartered in Seattle. Initially, the company was a platform for finding money transfer services, but soon it began to provide the corresponding services.
In September 2021, Remitly became publicly traded on the Nasdaq exchange. As of the autumn of the year before last, the company provided services in 17 countries in about 75 currencies. The service works exclusively in electronic form. Customers can receive funds using mobile money and cash pickup at bank branches and post offices.
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