Remitly expands to Mexico

U.S.-based digital remittance company Remitly recently expanded its mobile money transfer service into Mexico.

The United States to Mexico is the largest international money corridor in the world, with more than $24 billion transferred annually. Remitly's network includes most major banks and more than 11,000 cash pickup locations in Mexico.

"We've built the best mobile product in the world for money transfers," Matt Oppenheimer, Remitly CEO, said. "We've strategically focused on the world's largest remittance corridors first, and are excited to bring our mobile app and advanced fraud detection system to people sending money home to Mexico."

This expansion allows customers to send money at cheaper rates using Remitly's secure network.

In September, Remitly customers sent more than $500 million annually, with the company recently processing its one millionth money transfer transaction.