Remitly discontinues Passbook, a banking app

Date:

Share post:

Digital remittance outfit Remitly is shutting down Passbook, its online bank account for US-based immigrants.

According to the website for the app, Passbook, which was released in 2020, will stop operating on May 1 and will no longer accept new accounts. Remitly CEO Matt Oppenheimer stated at the time of Passbook’s release that the account was the following step in the company’s “mission to transform the lives of the millions of immigrants around the world.”

Three years later, Oppenheimer stated that Remitly is refocusing on its core business during the company’s fourth quarter earnings call. It makes sense to redeploy resources to investments with higher rates of return that are aimed at the main remittance customer, he said.

Read More: Remitly ditches banking app Passbook

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

TerraPay appoints Ruben Salazar Genovez, former Head of Visa Direct, as President

TerraPay, a global money movement company, is pleased to announce the appointment of Ruben Salazar Genovez, recently the...

Crif launches ESG analytics tool for UK banks

ESG Analytics from CRIF, a provider of consumer and business credit information and a key global player in...

Pulsate raises USD 7.7 million in its Series A funding round

Pulsate, a mobile-first customer engagement platform for community financial institutions, has secured USD 7.7 million in funding. Pulsate's platform...

Revenir AI, a FinTech firm, launches hassle-free mobile VAT reclaim for travelers

Revenir AI, a UK FinTech startup, has developed a white-label app for banks that allows travelers to automatically...