Remitly Aims to Serve Immigrants with New Bank Offering

Remitly is best known for their money transfer service but is now launching Passbook, a bank for immigrants that don’t have a social security number or standard ID; Remitly CEO and co-founder Matt Oppenheimer shared with Tearsheet, “Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them…Our team has a unique ability to deliver industry-changing products for immigrants. We’re going to change banking like we changed remittances.” Passbook comes with a Visa debit card issued by Sunrise Banks which can be used globally and there are no monthly fees; users will also get access to special pricing when they use Remitly to transfer money. Tear Sheet 

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