Remitly Expands into B2B Payments with Etsy Partnership
Event summary
- Remitly partners with Etsy to offer payout services to international sellers in 15 countries.
- New Etsy sellers in select countries can choose Remitly as their payout provider starting this fall.
- Etsy sellers can hold earnings in USD and convert to local currencies via Remitly.
- Remitly aims to expand its payment network beyond individual customers to small and medium businesses.
The big picture
Remitly's partnership with Etsy marks a strategic shift from consumer-focused remittances to B2B payments, aligning with the broader trend of fintech companies diversifying their revenue streams. This move positions Remitly to compete in the growing market for cross-border business payments, leveraging its existing infrastructure to serve a new customer segment. The deal underscores the increasing demand for flexible, localized payout solutions in global e-commerce.
What we're watching
- Market Expansion
- How Remitly's integration with Etsy will affect its ability to capture the SMB payments market.
- Competitive Dynamics
- Whether Remitly can sustain growth against established B2B payment providers.
- Execution Risk
- The pace at which Remitly can onboard and retain Etsy sellers as customers.
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