Remitly, the Seattle-based startup that allows users to easily send money overseas, is firing on all cylinders. The company has seen massive growth, and is now transferring $100 million to the Philippines annually, which represents growth of almost 400 percent year-over-year.
The company did not say what percentage it is taking of those transfers, though Remitly pledges to be cheaper and easier to use than larger rivals.
“We are transforming the international remittance industry with our leading mobile application,” Remitly co-founder and CEO Matt Oppenheimer said in a press release. “Hard working customers deserve more and we’re proud to give it to them.”
A TechStars Seattle grad formerly known as BeamIt Mobile, the company was founded Oppenheimer after living in Africa, overseeing mobile and Internet banking for Barclays Bank Kenya.
In addition to the good financial news, Remitly also launched fresh updates to its mobile applications on Android and iOS. Both apps are now device-native, which should help improve performance as well as the feel of the experience on each device. Android users will now have access to real-time exchange rates so that they can know exactly how much money they’ll be sending.
Remitly users with iPhones and iPads can now authenticate a money transfer with their fingerprint, thanks to new support for Apple’s Touch ID sensor baked into the company’s iOS app. It’s a move that should make it easier for returning customers to send money quickly.
The company raised $5.5 million in a Series A earlier this 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.