Seattle-based remittance company expands in PH

Remitly Inc., a Seattle-based online remittance platform, is expanding its operations in the country with the hiring of more customer relations and technical people to serve the robust remittance business for its new markets using the Philippine operation as its service delivery hub.

Karim Meghi, chief product officer, said they will hire more to expand the Philippine operation as its first remittance-recipient market from the US. The Philippine hub, which started four years ago, will be its staging point for new markets, including UK and Canada.

By end of the year, Remitly expects more than 200 people its Philippine operation, including 45- dedicated team for its risk investigation unit. This team conducts potential fraud cases to ensure safety of their clients. Meghi, however, said they have very low potential cases of fraud.

The online remittance app, which seeks to serve the remittance needs of immigrants in the US to their native countries, has the Philippines as its original paired country. It has partnered with Globe’s G-Cash and the banking community to enable its branches as pick up locations.

Remitly also offers very minimum remittance fee of only $4 for any amount because its online platform enables them lower overhead cost.

There are an estimated 250 million immigrant population in the US or residents where the US is not their country of origin.

So far, Remitly has captured $2 billion in remittances or less than one percent of the estimated $600 billion annual global remittance market. It is also looking at the potential of Vietnam and China, but these countries have their own challenges. Aside from the Philippines, Remitly offers its services to India and Mexico.

Remitly is targeting triple digit growth this year given the UK market and more higher remittances for the Indian market in the US.

The Philippines, its first paired market, accounts for the biggest number of transactions from Filipinos living or working in the US but when it comes to value or the amount of remittance India has bigger value. The Philippines accounts for a third of Remitly’s total remittance transaction value. With a robust business, Remitly has opened a center in Nicaragua.

According to Meghi, there expansion in the Philippines is a testament of their support to the immigrants who have been working in the US. This is despite the pronouncements of President Trump to stop offshoring of American jobs.

Meantime, Allie Hanegan, head of HR Remitly Global, said they offer very competitive salary rates to Filipinos who are willing to join its 24 by 7 operation. Remitly, located in Ortigas, has a threeshift operation.

They are hiring people to handle back office finance services, real time analysis, technical roles, risk investigators and customer service representatives from entry to senior level positions. The Philippine site is run by an all-Filipino crew.

The company, which had only 12 employees two years ago, quickly grew to 120 headcount because of its very low attrition rate, said Hanegan.