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Remitly

Remitly Global, Inc. is an American company headquartered in , , that specializes in remittances and cross-border payments. Founded in , it operates as a regulated providing fast, secure, and affordable international services to over 170 countries via its and website. The company focuses on serving immigrants and underserved communities, enabling users to send funds for cash pickup, bank deposits, or mobile wallets with transparent fees and real-time tracking. Remitly's mission is to transform lives by delivering trusted that transcend borders, emphasizing reliability with 99.99% platform uptime and a commitment to . As of the third quarter of 2025, it reported nearly 8.9 million quarterly active customers, a 21% increase year-over-year, and $19.5 billion in send volume, up 35% from the prior year. The company went public in September 2021 through an on the stock exchange under the RELY, raising funds to expand its . In 2024, Remitly processed a total of $54 billion in transfers, underscoring its position as the largest independent digital provider in the United States.

Overview

Founding and Leadership

Remitly was founded in May 2011 in Seattle, Washington, by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati, initially operating under the name Beamit, Inc. The company's origins trace back to Oppenheimer's experiences while working in , , where he managed mobile and internet banking for and witnessed the significant challenges immigrants faced in sending money home reliably and affordably. This personal insight into the inefficiencies of traditional services inspired the trio to create a digital platform aimed at simplifying cross-border transfers for immigrants, addressing pain points like high fees, slow processing, and lack of transparency. In August 2012, the company rebranded from Beamit Mobile to Remitly to better emphasize its core focus on reliable, customer-centric remittances, a term more familiar to its target users. This shift marked a pivotal moment in aligning the brand with its mission to empower immigrants through accessible financial services. Oppenheimer has served as CEO since the company's inception, providing consistent leadership through its growth phases, including its initial public offering in September 2021. The current executive team includes key figures such as Vikas Mehta as Chief Financial Officer and Ankur Sinha as Chief Product and Technology Officer, supporting operational and innovative efforts. Post-IPO, Remitly's board of directors comprises nine members, including co-founder Josh Hug as a director, alongside independent experts like Phyllis J. Campbell, former Chair of JPMorgan Chase's Northwest Region, and Ryno Blignaut, CEO of TymeBank, bringing diverse financial and global perspectives to guide the company's strategy.

Company Profile and Mission

Remitly Global, Inc. (: RELY) is a publicly traded company headquartered in , , focused on providing cross-border solutions. The company operates as a leading provider of services, enabling customers to send money to over 170 countries and territories from more than 30 origin countries. Remitly primarily targets immigrants, expatriates, and underbanked populations seeking reliable ways to support families abroad. As of the third quarter of 2025, the company serves nearly 8.9 million quarterly active customers worldwide, emphasizing accessible financial tools for those navigating transfers. The company's vision is to transform lives with trusted that transcend borders, with a core emphasis on delivering transparent, speedy, and affordable remittances to empower immigrants and their families. Remitly employed approximately 2,800 people as of December 31, 2024. In , the company generated $944 million in revenue, reflecting strong growth trends with 2024 revenue reaching $1.26 billion and full-year 2025 projections around $1.62 billion.

History

Inception and Early Development

Remitly was founded in May 2011 as BeamIt, Inc., an corporation focused on developing a mobile-first platform for international remittances, initially targeting transfers from the to the to address high fees and slow processing times in traditional services. The company reincorporated in in October 2011 and launched its initial product as BeamIt Mobile, emphasizing a simple app-based interface for immigrants sending money home via debit cards or bank accounts. This early offering aimed to provide faster and cheaper alternatives to wire services, with the founders drawing from personal experiences in emerging markets to prioritize user-friendly digital transfers. In December 2012, the company rebranded to Remitly to better reflect its mission of reliable global money movement, following customer testing that began in . By 2013, Remitly announced its first free transfer promotion for the U.S.-to-Philippines corridor, offering no-fee economy transfers of $100 to $2,999 via deposit if recipients waited three business days, while express options incurred a small fee for immediate delivery. This initiative helped attract early users by undercutting competitors' costs and highlighted Remitly's commitment to accessibility in high-volume routes. During its startup phase, Remitly faced significant challenges in building consumer trust for digital remittances, as many users preferred established physical providers like due to familiarity and perceived security in cash-based systems. The company navigated initial regulatory hurdles by obtaining money transmitter licenses in multiple U.S. states, a fragmented process that required compliance with varying state laws on financial oversight and . By 2015, Remitly had evolved its basic into a more robust platform, incorporating features like transfer tracking and customer support enhancements, while securing $12.5 million in funding to support product improvements and a 400% year-over-year customer growth in 2014.

Expansion and Key Milestones

In 2017, Remitly achieved nationwide availability in the United States by expanding its services to all 50 states, following regulatory approvals that included the addition of as a key market. This milestone built on the company's early focus in the U.S. and enabled broader access for immigrant senders, supporting transfers to international corridors. Concurrently, Remitly secured significant funding of $115 million in a Series D round led by , which accelerated its operational scaling and technology investments. Remitly extended its sender markets internationally during this period, launching operations in in 2016 to tap into North American remittance flows, followed by the in 2017 and in early 2018. These expansions added and corridors, with receive markets growing from 44 countries in to over 100 by the end of 2020, emphasizing high-volume destinations like and . This expansion was supported by a $220 million financing round in , including $135 million in Series E equity led by and $85 million in debt. To facilitate this growth, Remitly forged partnerships with major banks such as , , and for disbursement, as well as mobile wallet providers including for instant transfers in markets like . By 2020, Remitly had surpassed 1 million active customers, reaching 1.891 million in the fourth quarter alone, driven by a 57% year-over-year increase and completion of approximately 31 million transactions. This customer surge reflected the company's emphasis on emerging markets, where send volumes to , , and the accounted for a majority of activity, with total send volume climbing to $12.1 billion for the year.

Initial Public Offering and Recent Growth

Remitly Global, Inc. went public on September 23, 2021, listing its on the Global Select Market under the ticker symbol "RELY." The was priced at $43 per share, above the expected range of $38 to $42, with 12,162,777 shares offered, raising gross proceeds of approximately $522.9 million and implying a valuation of around $6.9 billion. Following the IPO, Remitly expanded its global reach, serving over 170 countries and more than 5,100 corridors by , enabling transfers to billions of accounts, wallets, and pickup locations. In 2025, the company launched Remitly One, a $9.99 monthly membership program offering integrated financial tools such as "send now, pay later" options, a , and access to enhance cross-border management for eligible U.S. customers. This initiative built on post-IPO product diversification to foster recurring and user retention amid growing demand for digital remittances. Remitly achieved its first profitable quarter in Q3 2024, with adjusted EBITDA rising 345% year-over-year to $46.7 million, and sustained profitability into 2025, reporting of $6.5 million in Q2 2025. In March 2025, the company faced scrutiny from short-seller Spruce Point Capital Management, which released a alleging issues with customer review practices, , and potential fake testimonials, leading to a temporary decline of over 2%. Remitly's filings noted executive transitions during the year, including the appointment of Luke Tavis as Chief Accounting Officer in January 2025 and a transition agreement for Vice Chair Joshua Hug in March 2025. Through 2025, Remitly demonstrated continued revenue growth, with Q3 results showing a 25% year-over-year increase to $419.5 million and full-year guidance raised to $1.619–$1.621 billion, reflecting 28% overall growth despite economic pressures on global remittances from factors like policy uncertainties. Send volume reached $19.5 billion in Q3 2025, up 35%, underscoring the resilience of digital channels in supporting cross-border transfers to low- and middle-income countries amid broader market challenges.

Services

Core Remittance Offerings

Remitly's core remittance services facilitate international money transfers primarily through person-to-person channels, enabling individuals to send funds directly to recipients in over 170 countries and territories. Customers can initiate transfers from more than 30 sending countries, such as the , , and , supporting approximately 100 currencies for outbound payments. This extensive network covers more than 5,100 corridors, allowing remittances to diverse destinations including popular routes to the , , , and over 40 African nations. The platform's transfer types emphasize practical uses for immigrants and their families, such as providing financial support to relatives, covering household bills, or delivering gifts during special occasions. These person-to-person remittances are designed for straightforward, reliable cross-border payments without requiring business accounts or complex setups. Remitly prioritizes accessibility for everyday needs, ensuring users can quickly allocate funds for essential or personal purposes across its global reach. To accommodate varying user priorities, Remitly offers two speed tiers: Express transfers, which deliver funds in as little as minutes to a few hours for urgent needs, and transfers, which arrive in 1-3 business days while providing lower costs through optimized processing. Availability of these options depends on the specific corridor and payment method selected. Transfer limits are established to comply with regulatory standards and enhance security, varying by sending country and destination corridor. For example, initial per-transfer caps from the are typically up to $2,999 USD, with possibilities for higher amounts upon verification, while annual limits align with local financial regulations such as anti-money laundering requirements. These caps help maintain operational integrity across Remitly's vast network.

Delivery Methods and Transfer Options

Remitly supports multiple payment methods for funding transfers, including debit cards, credit cards, bank account transfers via , and digital wallets such as and . Users must provide card details like expiration date, , and matching name for card payments, while bank transfers typically take 1-3 business days to process. For receiving funds, Remitly offers several delivery options depending on the destination country, including deposits, cash pickup at agents including banks and locations, services like in , home delivery in select locations such as the and , and debit card deposits. pickup allows recipients to collect funds at approximately 470,000 locations worldwide without needing a , while enables instant crediting to digital wallets. Remitly provides exchange rates close to the mid-market rate with transparent markups, typically ranging from 0.5% to 3% depending on the , delivery speed, and transfer amount, alongside a . Transfer fees are generally flat rates, such as $1.99 for sends to or $3.99 to the , varying by payment method and destination, with economy options (3-5 days) incurring lower markups than express (same-day) transfers. In addition to core transfers, Remitly offers promotional rates for first-time users, such as enhanced exchange rates on initial sends up to $1,000-1,500 depending on the corridor. Launched in September 2025, the Remitly One membership program, priced at $9.99 per month, provides eligible U.S. users with perks including cash advances up to $250 via Remitly Flex with no and 90-day repayment terms, plus 1% on qualifying actions up to $5 monthly.

Technology and Operations

Digital Platform and Features

Remitly operates a mobile-first digital platform designed to facilitate seamless cross-border remittances, with over 90% of its customers utilizing the mobile application. The platform is accessible via dedicated apps for and devices, as well as a responsive , enabling users to initiate transfers, monitor transactions, and manage accounts from various devices. The app holds a 4.9-star based on over 2.2 million reviews, while the Android version maintains a 4.8-star from more than 1.3 million reviews, reflecting strong user satisfaction with its intuitive interface. Key features of the platform emphasize user convenience and efficiency, including real-time tracking of transfer status, which provides updates on delivery progress via push notifications, email, or . Users can set rate alerts to receive notifications when favorable exchange rates become available for specific currency pairs, aiding in timing transfers effectively. Scheduled transfers allow customers to automate recurring payments through options like Remitly Flex, where users can pre-arrange future sends with selected amounts and funding methods. Additionally, the platform supports multi-language interfaces in 18 languages, such as , , , and , ensuring for immigrant communities worldwide; users can select their preferred language directly in the app settings for both the interface and customer communications. User tools further enhance the experience by offering comprehensive transfer history, automated receipt generation for completed transactions, and in-app via live available 24/7 in the supported languages. The platform integrates with digital wallets for receipt options, allowing recipients to receive funds directly into compatible accounts in select countries. Remitly's API-driven architecture, including the Remitly for Developers service, supports scalability for high-volume transactions and enables third-party business integrations. Underpinning these capabilities is a cloud-based system hosted primarily on , which facilitates rapid processing and a mobile-optimized design tailored to the needs of global migrant workers.

Security and Regulatory Compliance

Remitly employs robust protocols to safeguard user data and transactions, including via Secure Socket Layer (SSL) with 256-bit encryption, which serves as the industry standard for protecting information transmitted between users and servers. The platform also implements two-factor authentication (2FA) to verify user identities, requiring a password combined with a one-time code sent to a registered device or email, thereby adding an additional layer against unauthorized access. Furthermore, Remitly utilizes real-time fraud monitoring powered by algorithms to detect and prevent suspicious activities, with a dedicated team overseeing these efforts; in , enhancements to this system reduced fraud intervention rates by over 25% compared to the prior year while maintaining detection accuracy. As a provider handling credit card payments, Remitly complies with the Payment Card Industry Data Standard (PCI DSS), ensuring secure processing of cardholder information through certified infrastructure and third-party tools like web application firewalls. In terms of regulatory status, Remitly is registered as a (MSB) with the U.S. (FinCEN) under the Department of the Treasury and holds money transmitter licenses in all 50 U.S. states and the District of Columbia, achieving full nationwide coverage by 2017. In the , it is authorized and regulated by the (FCA) as an electronic money institution. For operations in , Remitly is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) under registration number M15481516, enabling compliance with federal money services requirements across all provinces and territories. Remitly's compliance efforts emphasize anti-money laundering (AML) and know-your-customer (KYC) protocols, including electronic verification of user identities, source-of-funds checks for large transfers, and ongoing transaction monitoring to align with local and international standards. The company maintains a comprehensive AML program with internal policies, designated compliance officers, and regular audits, while collaborating with regulatory bodies for cross-border oversight to facilitate secure international remittances without compromising jurisdictional rules. Regarding incident response, Remitly has no publicly reported major data breaches to date, but its policies require immediate notification to affected users and regulators in the event of any security incident, in line with applicable privacy laws such as the . For transaction disputes or errors, users can report issues through dedicated channels, with Remitly committing to investigate and resolve within regulatory timelines, often providing refunds or corrections as needed under its user agreement. The platform promotes transparency by outlining these procedures upfront and encouraging users to report potential fraud promptly to minimize risks.

Financial Performance

Funding and Revenue Growth

Remitly raised approximately $505 million in pre-IPO funding across multiple rounds from 29 investors, enabling the company's expansion into new markets and product development. Key early funding included a $5.5 million in January 2014 led by Investors, which supported initial growth in mobile remittances. Subsequent rounds built on this foundation, with a $115 million Series D financing announced on October 31, 2017, led by (a division of ) and including investors such as DN Capital and Stripes Group. Later investments, such as a $220 million round in July 2019 led by and an $85 million extension in July 2020 led by , propelled Remitly toward status with a $1.5 billion valuation. In June 2025, the company secured $550 million in post-IPO debt financing to support further growth. The company's demonstrated strong year-over-year , reflecting increased adoption of digital remittances amid global migration trends. In 2019, reached $127 million, more than doubling to $257 million in 2020 as send volumes surged during the . This momentum continued, with climbing to $459 million in 2021, $654 million in 2022, and $944 million in 2023, driven by expanded corridors and active . By 2024, hit $1.264 billion, supported by a 38% increase in send volume to $54.6 billion annually. For , Remitly projected full-year of $1.619 billion to $1.621 billion, a 28% , bolstered by recovering remittance flows and product innovations like Remitly One. Remitly achieved its first net profitable quarter in Q3 2024, reporting $1.9 million in net income compared to a $35.7 million loss in the prior year's quarter, marking a shift toward sustainable operations. Prior to this, the company had narrowed operating losses significantly from over $100 million annually before 2021, with net losses improving from $91 million in 2020 to $72 million in 2021 through cost efficiencies and scale. By Q3 2025, active customers reached 8.9 million, up 21% year-over-year, with average transfer sizes around $300 contributing to quarterly send volumes of $19.5 billion.

IPO Details and Market Valuation

Remitly Global, Inc. completed its (IPO) on September 23, 2021, pricing 12.16 million shares of at $43 per share, which valued the company at approximately $7 billion on a fully diluted basis. The offering raised about $300 million in net proceeds for the company after underwriter discounts, with additional shares sold by existing stockholders contributing to total gross proceeds of nearly $523 million; the shares began trading on the Global Select Market under the "RELY." On its debut day, the stock opened at $52.90 and closed at $48.45, pushing the market valuation above $8 billion amid strong investor demand for remittance platforms. Following the IPO, Remitly's experienced significant volatility reflective of broader sector trends. The share price peaked at $48.45 shortly after listing in but declined sharply over the next two years, bottoming out at a closing low of $11.02 in 2023 amid rising interest rates and market downturns that pressured growth-oriented . By early 2025, the stock had recovered somewhat to trade above $20 per share before facing renewed pressures from a March 2025 short-seller by Spruce Point Capital Management, which alleged issues with authenticity and , contributing to a subsequent drop. As of November 13, 2025, shares traded at $12.49, resulting in a of about $2.55 billion. Remitly maintains a dividend policy of none, opting to reinvest all available funds into product development, market expansion, and operational growth rather than distributing cash to shareholders. Investor relations disclosures in SEC filings, including the 2024 Form 10-K, underscore the company's robust financial trajectory post-IPO, with revenue achieving a compound annual growth rate (CAGR) exceeding 30% from 2021 to 2024—rising from $459 million to $1.26 billion—driven by increased transaction volumes and geographic diversification. These reports also detail ongoing market cap fluctuations tied to quarterly performance and macroeconomic factors, positioning Remitly as a high-growth but volatile public entity in the remittances space.

Reception and Impact

Customer Feedback and Ratings

Remitly has garnered generally positive customer feedback on major review platforms as of November 2024. The company's mobile app maintains a 4.7 out of 5 rating on Google Play, based on over 500,000 reviews, and a 4.8 out of 5 on the Apple App Store with over 100,000 ratings. On Trustpilot, it holds a 4.4 out of 5 score from approximately 50,000 reviews. A significant portion of users—approximately 74% awarding five stars on —praise the speed and ease of transfers, noting that express options often complete within minutes to hours, making it a preferred choice for urgent remittances. Customer support receives commendations for its multilingual availability and responsiveness, enhancing trust among diverse global users. Common complaints focus on occasional delays with economy transfers, which can take 3–5 days and affect a small percentage of transactions, particularly for first-time recipients or in regions with limited banking . Some users also issues with fee , citing unexpected charges or unclear markups in certain corridors. In March 2024, short-seller Spruce Point Capital Management released a alleging that Remitly manipulated customer reviews, including the use of stock photos in testimonials and artificially boosted ratings on its website and . The firm claimed reverse image searches revealed non-authentic images in promotional materials. Remitly denied the allegations, asserting that all testimonials are genuine and committing to enhanced verification processes for future reviews. The allegations contributed to a temporary decline in price but were addressed in subsequent filings with no reported regulatory actions as of November 2025.

Market Position and Competitors

Remitly holds a notable position in the digital remittance sector, which is projected to reach approximately USD 21 billion globally in revenue terms in 2025, representing a subset of the broader $894.65 billion remittance market. With expected fiscal year 2025 revenue of approximately $1.62 billion, Remitly captures around 5-6% of the digital remittance market, demonstrating steady growth amid a sector-wide compound annual growth rate (CAGR) of 12.1% from 2023 to 2030. The company exhibits particular strength in key corridors, such as U.S.-to-Latin America transfers, where it commands an estimated 14% market share in digital volumes to Latin America and the Caribbean. It also maintains robust performance in U.S.-to-Asia routes, supported by its focus on high-immigration corridors like India, the Philippines, and Mexico. In comparison to competitors, Remitly differentiates through its emphasis on speed and accessibility for immigrant users, though it faces challenges from rivals offering lower costs. (formerly TransferWise) leads in fee transparency and supports over 50 currencies with mid-market exchange rates, often undercutting Remitly's rates for standard transfers. , a fellow digital-first provider, mirrors Remitly's mobile-centric model but excels in mobile wallet payouts and serves similar emerging markets with comparable speed. Traditional players like , with its extensive network of over 400,000 cash pickup locations worldwide, appeal to users preferring physical collection points, contrasting Remitly's primarily app-based delivery. Remitly's strengths include rapid express transfers (often within minutes) tailored to immigrant communities and a user-friendly for first-time senders, but its express options can incur higher fees—up to 3-5% plus FX markup—compared to Wise's economy transfers at under 1%. Remitly contributes to the ongoing of remittances, where digital channels are expected to exceed 30% of total flows by 2025, driven by mobile adoption and reduced reliance on agents. Its strategic partnerships, such as integrations with Mastercard's Cross-Border Services and Visa Direct, expand payout options and enhance reliability, setting it apart from pure competitors by leveraging established networks. These alliances have facilitated over $54 billion in transfers in 2024 alone, underscoring Remitly's role in accelerating the shift toward seamless, tech-enabled cross-border payments.

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