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