New banks

Remitly launches Passbook, a new challenger bank designed for immigrants

  • The money transfer firm introduced a new banking offering for immigrants.
  • In addition to money transfer, it allows them to sign up with various ID and doesn't charge fees.
close

Email a Friend

Remitly launches Passbook, a new challenger bank designed for immigrants

Money transfer firm Remitly’s Passbook is a bank aimed to work for people without a US social security number or standard ID to help them move money back to friends and family in their home countries.

  • There are 44 million immigrants in the US and globally represent some $1.3 trillion in wages and $900 billion in spending power annually.
  • Passbook removes much of the friction around signup by allowing various picture IDs to sign up — whether they are from the US or not.
  • Accounts come with a Visa debit card and are designed to be used globally. Cards can be with customized with a customer’s national flag of choice.
  • There are no monthly fees, no minimum balances required, no overdraft fees, and access to surcharge-free ATMs. Passbook account holders can access special pricing when using Remitly to transfer money internationally.

“Passbook was born from countless hours listening to customers’ experiences navigating financial services not built for them,” said Matt Oppenheimer, Remitly CEO and co-founder. “Our team has a unique ability to deliver industry-changing products for immigrants. We’re going to change banking like we changed remittances.”

remitly's new bank, Passbook targets immigrants

Remitly’s Passbook uses Visa’s push payments platform, Visa Direct, to send and receive funds across borders from the United States to eligible Visa debit cards. “Our relationship with Remitly is another great example of how Visa works with fintech partners to help them grow and scale their business quickly,” said Matt Dill, global head of strategic partnerships and venture at Visa.

The Passbook debit card is issued by Sunrise Banks.

  • Sunrise is a B-Corp with experience working with immigrant communities.
  • Sunrise has issued prepaid debit cards for firms like AT&T Small Business, Boost Mobile, and Relay.
  • “We share Remitly’s commitment to doing good, and this new collaboration allows us to expand on Sunrise’s mission of providing products and services that improve the economic well-being of our clients,” said David Reiling, Chairman and CEO of Sunrise Banks

Remitly’s Passbook joins other firms like Nova Credit, CreditStacks, and Petal in helping address the friction around banking and financial services for immigrants.

  • Passbook will launch in the US first with plans to expand to any of the markets Remitly is active in.
  • Remitly closed a $135 million investment last summer.

0 comments on “Remitly launches Passbook, a new challenger bank designed for immigrants”

New banks

Navigating a changing business model: How banks can compete with fintechs

  • Fintech players are challenging the vertical business model by segmenting the value chain and coupling their own products with others’.
  • Banks can remain competitive by embracing this trend and rebundle their products to unlock new growth opportunities.
Iulia Ciutina | November 30, 2021
New banks

‘We were laughed out of a lot of rooms’: How Daylight and First Boulevard offer personalized banking experiences for underserved communities

  • A number of challenger banks have recently emerged to serve the needs of historically marginalized groups.
  • Daylight provides individualized banking services to the LGBTQ+ community, while First Boulevard caters to the financial needs of African Americans.
Ismail Umar | November 22, 2021
New banks

GoHenry zeroes in on finding the fun in finance

  • GoHenry is a banking app for kids that focuses on financial literacy.
  • With cash less of a staple payment form, GoHenry could be a solution to parents who want to track their kids’ allowances.
Rivka Abramson | November 16, 2021
New banks

‘Like navigating a dark forest with a dying mini-flashlight’: How Lance uses automation to simplify money management for freelancers

  • Lance provides automated banking solutions for freelancers.
  • The challenger bank recently launched a new feature that allows freelancers to receive direct credit card payments from their clients.
Ismail Umar | November 09, 2021
New banks

Radhika Duggal, CMO of community and business development at Chase, talks financial literacy for families

  • Financial literacy is becoming a crucial checkbox to mark for all players in the financial ecosystem.
  • Chase’s CMO of community and business development, Radhika Duggal, recently sat down with Tearsheet to give her thoughts on the topic.
Rivka Abramson | October 22, 2021
More Articles