The remittance opportunity in high-growth markets

At PayU we believe in the enormous potential of technology to unlock financial services in high-growth markets around the world and this means we are always looking for opportunities to further innovation – be that through our own development or by partnering and investing in others. As a result, PayU has become one of the most active investors in the fintech space over the last two years.

 

Our most recent investment has seen us enter the remittances sector by investing in Remitly, which transfers over $4 billion in annualised volume from its customers in the US, UK and Canada to loved ones globally. So what made us invest in Remitly specifically?

 

First, Remitly uses technology and data to address problems in different ways. The global cross-border remittance industry is at an inflexion point of rapid digital transformation thanks to the exponential growth of mobile phone and data connectivity, pricing availability and changing customer expectations on convenience and speed of transfers.

 

Secondly, and it might sound clichéd, but Remitly is made up of a fantastic team of entrepreneurs who have a maniacal focus on developing a best in market platform which really struck a chord with us. Their digital money transfer platform minimizes customer friction and makes the process of sending money internationally faster, easier, more transparent and less costly while maintaining the strongest anti-fraud practices in the industry.

 

Thirdly, as you would expect from any investment, the Remitly team demonstrated a great track record that we could support going forward. For us this means developing products together and leveraging our global network and local expertise, especially in markets like India, the largest recipient of international remittances, to help Remitly expand its services through our investment.

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