Eye on Money Transfers: Remitly Adds 11 Mobile Wallets and MoneyGram Joins Forces with Thunes

Money transfer specialist Remitly Inc. says its mobile wallet now reaches 300 million consumers, while MoneyGram International Inc. says its deal with Thunes will add services in Africa, Asia Pacific, and Latin America.

Seattle-based Remitly says consumers can now send funds through more than 24 mobile-wallet brands, many of which it says are accessible through the company’s deal with Thunes, a Singapore-based fintech payment network. 

That means the number of potential Remitly mobile-wallet users has grown from 160 million earlier this year to more than 300 million now. “While mobile wallets have been hyped to some degree in recent years, they are quickly transforming financial services in developing countries, particularly in Asia and Africa, and we’re seeing that transformation happen even more rapidly as a result of the current climate,” Matt Oppenheimer, Remitly cofounder and chief executive, said in a statement.

In related news, Dallas-based MoneyGram says its deal with Thunes will allow MoneyGram customers to send money to mobile wallets and bank accounts globally through the MoneyGram platform.

The first phase targets Africa, to be followed by Asia Pacific and Latin America. “Through this tie-up, Thunes can connect MoneyGram to over 30 markets in Africa, enabling us to significantly expand our reach into the region,” John Gely, head of MoneyGram Africa, said in a statement.