Remitly Global, Inc.
The inspiration behind Remitly came when Matt Oppenheimer, our co-founder and CEO, was working in Kenya. There, Matt realized how reliant some families were on the money sent from their loved ones working abroad. He also saw how difficult it was to send and receive money overseas – the process was painful, opaque and expensive. This first-hand look at cross-border remittances was an eye-opener, and Matt became convinced there was a better way.
In 2011, Josh Hug and Shivaas, our two other co-founders, joined Matt to start Remitly and began working on the problem immediately. Their goal was to make a difference for immigrant communities by using technology to initially disrupt traditional cross-border remittances.
Today, Remitly is a leading digital financial services provider for immigrants and their families in over 135 countries around the world. Looking back over the last 10 years, we have remained committed to our initial goal: to help millions of immigrants send money home in a safe, reliable, and transparent manner. The long-term, trusted relationships we foster with our customers have enabled us to expand our core cross-border remittance product to over 1,700 corridors worldwide and extend our offering to a broader suite of financial services.
On June 30, 2021, over 85% of our customers engaged with Remitly on their mobile phones, shifting what traditionally required waiting in line to speak with an agent to the palm of their hands.
Historically, our revenue has been substantially derived from remittances to India, the Philippines and Mexico. Remittances sent to these three countries represented approximately 75% of our revenue and send volume in the year ended Dec. 31, 2020.
Cross-border remittance and banking are two of the largest financial services markets in the world. The cross-border remittance market alone is estimated to be approximately $1.5 trillion in total migrant remittance inflow volume in 2020. Today, there are over 280 million immigrants worldwide who may be excluded from fair access to everyday financial services used to build wealth and financial security. For them, sending money internationally is often unreliable, inconvenient, and expensive.
(Note: Remitly Global priced its IPO on Sept. 22, 2021, at $43 – $1 above the top of its $38-to-$42 price range – on 12.16 million shares, the same number of shares in the prospectus, to raise $522.88 million. Under the deal’s initial terms and mid-point pricing at $40, the estimated proceeds were $486.5 million.)
|Industry:||SERVICES - PREPACKAGED SOFTWARE|
|Address||1111 Third Avenue, Suite 2100 Seattle, WA 98101|
|Phone Number||(888) 736-4859|
|View Prospectus:||Remitly Global, Inc.|
|Revenues||$353.91 mil (last 12 months)|
|Net Income||$-20.65 mil (last 12 months)|
|Price range||$43.00 - $43.00|
|Est. $ Volume||$522.9 mil|
|Manager / Joint Managers||Goldman Sachs/ J.P. Morgan/ Barclays/ Citigroup/William Blair|
|CO-Managers||JMP Securities/ KeyBanc Capital Markets/ Nomura|
|Expected To Trade:||9/23/2021|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|