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Financial tech startups compete for overlooked US immigrant market

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Mr Sanchez with the Remitly app on his smart- phone. The company said it transferred five times the amount of money in Q1 2016 as it did in Q1 last year, and that it recently surpassed US$1 billion in annual transfers.

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Mr Sanchez with the Remitly app on his smart- phone. The company said it transferred five times the amount of money in Q1 2016 as it did in Q1 last year, and that it recently surpassed US$1 billion in annual transfers.

Mexico City

FOR two decades, Noe Sanchez sent money from California to his father in Mexico City through storefront outlets of traditional remittance firms such as Western Union.

Now he grabs his smartphone and uses Remitly, one of several new competing mobile apps promoting cheap

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