A Jeff Bezos-backed startup that helps migrants send money to family back home is launching in the UK.

LONDON — US money transfer startup Remitly is launching its service in the UK, the company announced late on Tuesday.

Remitly lets people send money internationally and focuses on the so-called remittance market. Remittance is where migrants send money to family and friends overseas, usually to help them pay for essentials. The company is the largest independent money transfer service in the US, facilitating $2 billion (£1.6 billion) of transfers annually.

CEO and founder Matt Oppenheimer told Business Insider: "70% of the money sent by our customers is to pay for living expenses, based on surveys we've done. It's a really regular, recurring transaction. Our customers largely move abroad with the purpose of sending money home to support their loved ones."

Oppenheimer, who cofounded Seattle in 2011, said: "Part of why I started the business was I lived in Kenya and I saw how far that money went. It's very different from the expat UK market. The fees are a lot higher, it's a lot more complex but I think it's an area where you can make a much bigger impact."



By Oscar Williams-Grut.
Full story at Yahoo News.