Remitly Creates New Debit Card in Push Beyond Money Transfers

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Or sign-in if you have an account.(Bloomberg) — Remitly Global Inc. is expanding beyond its focus on digital remittances with a new debit card.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe card includes access to short-term credit, direct deposit, and no foreign transaction fees, according to a statement. Remitly will start a phased rollout of the card to invited customers Thursday.“We’ve been building products to broaden the amount of services that we offer this very unique customer base and this card brings a lot of that work together,” Remitly Chief Executive Officer Sebastian Gunningham said in an interview. “It creates further reasons to come to Remitly, to keep some of their money, to save some of their money, and to spend their money.” The card will allow customers to hold balances in US dollars or stablecoins in markets where those assets are permitted. It will initially be available to eligible customers in the US sending money abroad and in Colombia, Mexico and Argentina for recipients, according to Gunningham. Remitly plans to expand availability to Europe, Australia, Canada and the United Arab Emirates.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againRemittance and cross-border payments firms have been increasingly seeking to broaden their offerings. Rival Wise Group Plc also offers a multicurrency debit card that allows customers to hold funds, spend and make international transfers. The process to build Remitly’s debit card, which began four months ago, was about 80% driven by artificial intelligence, according to an estimate from Gunningham, who took over as CEO in February. “I think we have the tailwinds of AI and obviously the organizational structure that I’ve put in place since I became CEO to drive rapid product innovation with this card,” he said. Remitly, which serves 10 million active customers, is scheduled to report quarterly earnings next week.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.