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Remitly to shutter digital banking platform Passbook

February 27, 2023

While Passbook was gaining traction with customers, the product was outside the fintech’s core customer segment, Oppenheimer told analysts last week.

“We believe it makes sense to redeploy our resources to higher returning investments, targeted at our core remittance customer,” said Oppenheimer, who co-founded the company in 2011. “We are taking the best of learnings from Passbook and integrating them into products or features to deliver greater value through innovative solutions that are directly relevant to our customers’ remittance needs. And we are uniquely equipped to deliver.”

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