Company:Remitly

From HandWiki
Short description: American online remittance company
Remitly
TypePublic
NASDAQ: RELY[1]
IndustryFinancial services
Founded2011; 13 years ago (2011)
FoundersMatthew Oppenheimer (CEO)
Josh Hug (COO)
Shivaas Gulati (Head of Engineering)
HeadquartersSeattle, United States
Revenue$653 million (2022)[2]
Number of employees
2,200 (2023)[3]
Websitewww.remitly.com

Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 150 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021.[4]

History

Remitly was founded in 2011 as BeamIt Mobile.[5][6] The company was initially a search engine for remittance services but shifted into money transfers soon after.[6] It changed its name from BeamIt to Remitly in August 2012.[7]

In April 2013, Remitly announced that it would allow its users to send free money transfers to the Philippines .[8] This was the first international destination to which the company could deliver money transfers.[9] In 2017, the company's services became available in all 50 states in the U.S., with Massachusetts being the final state that Remitly was allowed to operate in.[10] By March 2018, Remitly had expanded its services to allow people from the United States , United Kingdom , Canada , and Australia to send money to the Philippines , India , Mexico, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Peru.[11]

Remitly became publicly traded on the Nasdaq exchange on September 23, 2021.[5][12] The company's initial public offering of seven million shares generated approximately $300 million in new funding.[5][12]

Services

Remitly allowed people in 17 countries to carry out transfers of money in approximately 75 currencies to 115 different countries, as of September 2021.[5][13] The service operates electronically rather than via physical premises. Recipients in many countries can receive funds via mobile money and cash pickup at bank and postal office branches.[14][15]

References

  1. ↑ "Remitly Global, Inc.". May 16, 2022. https://www.nasdaq.com/market-activity/stocks/rely. 
  2. ↑ "Form S-1/A Remitly Global Inc.". Remitly. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001782170/000178217023000010/rely-20221231.htm. 
  3. ↑ "Careers at Remitly". https://careers.remitly.com/future-of-work/. 
  4. ↑ "SEC Filing | Remitly Global, Inc". https://ir.remitly.com/node/6796/html. 
  5. ↑ 5.0 5.1 5.2 5.3 Mashayekhi, Rey (September 23, 2021). "Remitly CEO on his money-transfer company's 10-year journey to an IPO". Fortune. https://fortune.com/2021/09/23/remitly-ipo-ceo-interview-stock-price/. 
  6. ↑ 6.0 6.1 Soper, Taylor (September 21, 2021). "'Fall in love with a problem'". GeekWire. https://www.geekwire.com/2021/fall-love-problem-remitly-ceo-reflects-startup-journey-remittance-company-goes-public/. 
  7. ↑ Cook, John (August 8, 2012). "Beamit changes name to Remitly". GeekWire. https://www.geekwire.com/2012/beamit-mobile-remitly/. 
  8. ↑ Cook, John (April 15, 2013). "Jeff Bezos-backed Remitly announces free money transfers to the Philippines". GeekWire. https://www.geekwire.com/2013/bezosbacked-remitly-announces-free-money-transfers-philippines/. 
  9. ↑ Bishop, Todd (September 18, 2021). "'They proved me wrong'". GeekWire. https://www.geekwire.com/2021/proved-wrong-investor-passed-seattle-startup-remitly-analyzes-upcoming-ipo/. 
  10. ↑ "Remitly Now Operating In All 50 States". PYMNTS. January 17, 2017. https://www.pymnts.com/news/payment-methods/2017/remitly-50-states-massachusetts-remittances/. 
  11. ↑ Stewart, Ashley (March 20, 2018). "JHow Remitly CEO Matt Oppenheimer closed Seattle's largest funding round of 2017". Puget Sound Business Journal. https://www.bizjournals.com/seattle/news/2018/03/20/how-remitly-ceo-matt-oppenheimer-closed-funding.html. 
  12. ↑ 12.0 12.1 Pasricha, Akash (September 23, 2021). "Remitly shares jump in one of Washington's largest recent IPOs". Seattle Times. https://www.seattletimes.com/business/remitly-shares-jump-in-one-of-washingtons-largest-recent-initial-public-offerings/. 
  13. ↑ "Remittance processor Remitly targets nearly $7 bln valuation in U.S. IPO". Reuters. September 14, 2021. https://www.reuters.com/business/finance/remittance-processor-remitly-targets-nearly-7-bln-valuation-us-ipo-2021-09-14/. 
  14. ↑ Cross, Miriam (June 17, 2020). "In the middle of a pandemic, two remittance startups thrive". American Banker. https://www.americanbanker.com/payments/news/in-the-middle-of-a-pandemic-two-remittance-startups-thrive. 
  15. ↑ Bary, Emily (September 23, 2021). "Remitly stock pops in trading debut as investors embrace upgrade for remittance technology". MarketWatch. https://www.marketwatch.com/story/remitly-stock-pops-more-than-20-in-trading-debut-as-investors-embrace-upgrade-for-remittance-technology-11632412015. 




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