Cross-border payments firm Remitly launched a tiered membership structure last week, allowing select U.S. customers to pay $9.99 per month for a platform branded Remitly One that includes products termed Flex, Wallet and Cards.
Remitly Flex, for example, operates as a “send-now-pay-later” tool that lets users send interest-free advance payments that can be repaid in time. But while the cash advance is available with a three-day wait for customers using the platform for free, Remitly One subscribers will be able to access the funds instantly.
Similarly, Remitly Wallet demonstrates the company’s tiered approach. A digital wallet, built into Remitly's app, will be available to all users, but a digital debit card allowing users to spend directly from the wallet and bypass foreign transaction fees on international purchases, is reserved for Remitly One members.
Remitly committed to launching several other features later this year. Select Remitly One members will be able, later this month, to hold multiple currencies, including USDC stablecoins, inside their Remitly Wallet.
U.S. customers will also be able to access a line of credit through the company next spring. That’s meant to enable users to establish a credit history through remittances and other transactions.
“By reporting this activity to a U.S. credit bureau, we’ll help members start building a recognized credit profile, giving them a stronger financial foundation to make it easier to rent an apartment, finance a car, or even apply for a job in the future,” the company said in a release.
Moving to the U.S. “often means starting from scratch without a credit history,” Ankur Sinha, Remitly’s chief product and technology officer, said at the Sept. 9 event launching Remitly One.
“When cash is tight, even small emergencies can quickly turn into big ones,” he added, spotlighting Flex as a tool “built to change that."
The Sept. 9 launch event cemented several changes Remitly teased in its August earnings call.
“We're seeing from customer behavior that [$9.99 a month] is a price customers are willing to pay for the wide range of benefits that we're offering,” Remitly CEO Matt Oppenheimer told American Banker, citing that the platform offers $5 monthly cash back for certain activities and a 4% cash boost on U.S. dollar balances in the Remitly Wallet. “For us, it helps deepen the relationship with our customers.”
The $5 cash back perk gives users the option to reduce their monthly subscription fee by half, KeyBank noted in a report.
Another analysis, from investment bank William Blair, contrasted Remitly One against one of the company’s prior efforts, Passbook.
“Unlike the Passbook initiative (launched in 2020, shuttered in 2023), which aimed to position Remitly as a digital bank, the company is now focused on vertically integrating essential financial services that its customers need but often lack access to through traditional institutions,” William Blair wrote in its report. “We believe these initiatives have the opportunity to drive improved engagement, retention and acquisition over time.”
Remitly intends to expand U.S. availability of the Remitly One platform by the end of this year, adding that the company is “exploring support for additional countries in 2026 and beyond.”
