 | |
| Company type | Public |
|---|---|
| Nasdaq: RELY[1] | |
| Industry | Financial services |
| Founded | 2011; 14 years ago (2011) |
| Founders | Matthew Oppenheimer (CEO) Josh Hug (COO) Shivaas Gulati (Head of Engineering) |
| Headquarters | Seattle,United States |
| Revenue | $944 million (2023)[2] |
Number of employees | 2,700 (2023)[3] |
| Website | www.remitly.com |
Remitly is an American onlineremittance service based inSeattle,United States that offers international money transfers to over 170 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on theNasdaq exchange in September 2021.[4]
Remitly was founded in 2011 as BeamIt Mobile.[5][6] The company was initially a search engine forremittance 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 thePhilippines.[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., withMassachusetts being the final state that Remitly was allowed to operate in.[10] By March 2018, Remitly had expanded its services to allow people from theUnited States,United Kingdom,Canada, andAustralia to send money to thePhilippines,India,Mexico,Colombia,Ecuador,El Salvador,Guatemala,Honduras,Nicaragua, andPeru.[11]
Remitly became publicly traded on theNasdaq exchange on September 23, 2021.[5][12] The company'sinitial public offering of seven million shares generated approximately $300 million in new funding.[5][12]
Remitly allowed people in 30 countries to carry out transfers of money in approximately 100 currencies to 170 countries, as of July 2024.[5][13] The service operates electronically rather than via physical premises. Recipients in some countries might be able to receive funds via bank deposit,mobile money, and cash pickup.
