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Remitly was founded in 2011 as BeamIt Mobile. [5] [6] The company was initially a search engine for remittance services but shifted into money transfers soon after. [6] It changed its name from BeamIt to Remitly in August 2012. [7] In April 2013, Remitly announced that it would allow its users to send free money transfers to the Philippines. [8]
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The Rewire by Remitly platform was originally built by the Israeli startup Rewire which was founded by Guy Kashtan, Saar Yahalom, Adi Ben Dayan, and Or Benoz. [ 1 ] [ 2 ] [ 3 ] In August 2022 an acquisition agreement was signed between Rewire and leading remittance company Remitly . [ 3 ]
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A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries.
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