Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) still wants to develop new financial products after shuttering its immigrant-focused digital banking service Passbook in May.
The company discontinued Passbook — used primarily by unbanked Latin American customers — because it fell outside of its core customer segment, co-founder and CEO Matt Oppenheimer told the Business Journal on Monday.
The company's core customers — users of its remittance service — are underbanked but not completely unbanked, since they need to link a bank account, he said.
"We have opportunities to deepen the relationship with that customer base that already has a bank account, as opposed to Passbook, which was more of the fully unbanked," Oppenheimer said. "We're still very focused on investing in complementary products that serve specific needs for our customers."
Oppenheimer didn't say what new products the company is looking to launch, but that the company is focused on financial pain points it has identified for immigrants. Remitly first announced its plans to shutter Passbook in February, three years after launching the product.
Remitly was founded in 2011 and went public a decade later. Its customers can send money internationally through a bank deposit, cash pickup or mobile wallet, and its services are available in more than 170 countries and territories.
In its third quarter financial results, released at the start of November, Remitly reported $241.6 million in revenue during the quarter, up 43% year over year. The company had 5.4 million active customers during the quarter, up from 3.8 million during the third quarter of last year.
Remitly had more than 2,700 full-time employees at the end of last year. The company now occupies two and a half floors in downtown's 1111 Third tower after an expansion in March.
In February, Remitly announced it was expanding into the Middle East by allowing customers to send money from the United Arab Emirates. Oppenheimer said Remitly considers market size, regulatory dynamics and the competitive landscape when looking at new markets, but he didn't say specifically what new markets the company could target next.
"There are lots of opportunities out there for us still," Oppenheimer said. "We can more easily and quickly turn on new geographies. We've just gotten a lot faster."
