Digital remittance company Remitly has launched a banking solution Passbook designed for immigrants living in the US.
Passbook will provide the users with an online, no-fee account that can be used globally. The offerings also include a customised Visa debit card with access to Visa’s global ATM network.
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Customers can lock and unlock their card directly from the Passbook app. Also, no foreign transaction fees are charged for international transactions.
Remitly will utilise its advanced identification technology to on-board new customers on Passbook. It accepts several forms of identity proofs to accept customers.
All funds deposited in the bank up to $250,000 per depositor are insured by the FDIC through Remitly partner bank Sunrise Banks.
Remitly CEO and co-founder Matt Oppenheimer said: “Passbook is the next step in Remitly’s mission to transform the lives of the millions of immigrants around the world who make the huge sacrifice of leaving their families behind to live and work in another country.
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By GlobalData“Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them.
“Our team has a unique ability to deliver industry-changing products for immigrants. We’re going to change banking like we changed remittances.”
The move also marks Remitly’s entry into the banking business.
Notably, in July last year, the company raised $135m in Series E equity to expand its customer base worldwide.
