Remitly Stock: A Challenger to Western Union?
Sundays in Hong Kong are a sight to behold. Public spaces like Victoria Park are overwhelmed with tens of thousands of domestic helpers, mainly women from Indonesia and the Philippines. They arrive in Hong Kong in droves to work as housemaids for the wealthy. With their lodging and meals paid for, most the money they earn gets sent back home to their families.
It’s not just Filipino women who send money home to support dozens of relatives. Around 20% of the world’s sailors are Filipino men who also send money home, making the Philippines one of the top five countries in the world for remittances – nearly $35 billion in 2020.
The most popular way for people to send remittances has always been Western Union (WU). Many a sunburned Western male has taken the walk of shame to Western Union to send his future ex-wife a few Benjamins because yet another calamity befell her family. Today, we’re going to talk about a company that provides an alternative to Western Union – Remitly.
About Remitly Stock
Founded in 2011, Seattle’s own Remitly has taken in $505 million in funding from a slew of investors including names like Barclays, Visa, Prudential, and Goldman Sachs.
