Welcome to our dedicated page for Remitly Global news (Ticker: RELY), a resource for investors and traders seeking the latest updates and insights on Remitly Global stock.
Remitly Global, Inc. (symbol: RELY) is an international payments company that leverages digital channels, including mobile phones, to provide a fast, reliable, and cost-effective way for customers to send money across borders. Remitly’s services are designed to help immigrants send money internationally quickly and conveniently.
The company’s suite of digital products offers a seamless user experience, making money transfers faster and less expensive compared to traditional methods. By using advanced technology, Remitly supports cross-border transmissions across the globe, enabling individuals to send money to over 170 countries.
Revenue Model: Remitly generates revenue through transaction fees charged to customers and foreign exchange spreads. The foreign exchange spreads arise from the difference between the foreign exchange rate offered to customers and the rate at which the company purchases currency.
Recent Achievements: In 2023, Remitly acquired Rewire (O.S.G.) Research and Development Ltd., expanding its technological capabilities and market reach. This acquisition incurred integration and restructuring costs amounting to $1.5 million and $3.0 million for the three and nine months ended September 30, 2023, respectively.
Current Projects: Remitly is continually enhancing its digital platform to offer more integrated financial services tailored to the needs of immigrants. Among its ongoing projects are improvements in transaction speed, cost reduction, and user experience optimization.
Financial Condition: The company maintains a healthy financial stance, with substantial revenue generated from its transaction fees and foreign exchange spreads. This solid financial foundation allows for continuous investment in technology and service expansion.
Partnerships: Remitly partners with various financial institutions and payment networks to ensure broad coverage and reliability of its services. These partnerships are pivotal in maintaining the company's competitive edge and operational efficiency.
Upcoming Events: Remitly will be participating in the Barclays 14th Annual Emerging Payments and FinTech Forum on May 16, 2024, and the J.P. Morgan 52nd Annual Global Technology, Media, and Communications Conference on May 20, 2024. The presentations will be webcast live on Remitly’s investor relations website.
With its commitment to transforming lives through dependable financial services, Remitly continues to emerge as a leader in the digital payments space.
Remitly Global (NASDAQ: RELY) reported strong Q3 2024 results with significant growth across key metrics. Revenue increased 39% year-over-year to $336.5 million, while active customers grew 35% to 7.3 million. The company achieved GAAP net income of $1.9 million, compared to a net loss of $35.7 million in Q3 2023. Send volume rose 42% to $14.5 billion, and Adjusted EBITDA surged 345% to $46.7 million.
Following these results, Remitly raised its full-year 2024 outlook, projecting revenue between $1.250-1.254 billion (32-33% growth) and Adjusted EBITDA of $108-112 million, though expecting to remain in a GAAP net loss position for the full year.
Mendaera, a Silicon Valley-based healthcare technology company, has secured $73 million in Series B funding led by Threshold Ventures. The company is developing a handheld robotic interventional platform to address healthcare provider shortages and rising costs in mainstream medical procedures.
Mendaera's platform combines robotics, AI, real-time imaging, and virtual connectivity to improve quality and workforce productivity in common procedures like biopsies, organ and vascular access, and pain management interventions. The funding will be used to complete development of the robotic technology, accelerate AI and connectivity capabilities, and begin clinical introduction.
The company aims to enhance patient experience, increase access to high-quality care, reduce overall costs, and improve healthcare provider satisfaction by making advanced technologies more accessible across specialties and sites of service.
Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services, has announced its participation in the 2024 Goldman Sachs Communacopia + Technology Conference. The company's management team will present on Wednesday, September 11, 2024, at 4:25pm Pacific Time / 7:25pm Eastern Time.
The presentation will be webcast live from Remitly's investor relations website, with a replay available after the event. Remitly operates in over 170 countries, offering a digitally native, cross-border payments app known for its fast, reliable, and transparent money movement experience. The company is expanding its product suite to further its vision of transforming lives globally.
Remitly Global, Inc. (NASDAQ: RELY) has announced a significant leadership change with the appointment of Vikas Mehta as Chief Financial Officer, effective August 19, 2024. Mehta, with over 25 years of global experience in Fintech, Software, and eCommerce, will succeed Hemanth Munipalli, who is leaving for family reasons.
Mehta's impressive track record includes CFO roles at Anaplan and Nike Direct, as well as leadership positions at Walmart, Microsoft, and PayPal. In his new role, he will oversee Remitly's financial planning, analysis, procurement, accounting, tax, investor relations, and treasury operations.
This transition comes at a important time for Remitly, a digital financial services provider focused on cross-border transactions. CEO Matt Oppenheimer expressed confidence in Mehta's ability to drive growth and deliver value to customers and shareholders.
Remitly Global, Inc. (NASDAQ: RELY) reported strong second quarter 2024 results, with significant year-over-year growth across key metrics. Active customers increased 36% to 6.9 million, while send volume grew 38% to $13.2 billion. Revenue rose 31% to $306.4 million, and the company's net loss improved by 36% to $12.1 million. Adjusted EBITDA saw a 23% increase to $25.1 million.
Based on these results, Remitly has raised its 2024 financial outlook. The company now expects total revenue between $1,230 million and $1,250 million, representing 30-32% year-over-year growth. Adjusted EBITDA is projected to be in the range of $90 million to $100 million, an increase from the previous outlook.
Remitly Global, Inc. (NASDAQ: RELY), a digital financial services provider, has announced its plans to report second quarter 2024 financial results on Wednesday, July 31, 2024, after the market close. The company will host a conference call and live webcast at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on the same day to present the results and answer questions from financial analysts.
Interested parties can access the call by registering through the provided link: Remitly 2Q 2024 Earnings Call. A live webcast and replay will also be available on the company's Investor Relations website at https://ir.remitly.com/. Remitly recommends registering at least 10 minutes before the call's start time to ensure proper connection.
Remitly has announced that its management team will present at the William Blair 44th Annual Growth Stock Conference on June 5, 2024. The presentation will take place at 7:20am Pacific Time / 9:20am Central Time and will be webcast live on Remitly’s investor relations website. A replay will be available post-event. Remitly provides digital financial services in over 170 countries, focusing on fast, reliable, and transparent cross-border payments. The company aims to expand its product suite to enhance its vision of transforming lives globally.
Remitly Global (NASDAQ: RELY) announced its management team's participation in two upcoming investor conferences in May 2024. These include the Barclays 14th Annual Emerging Payments and FinTech Forum on May 16, and the J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference on May 20 at 4:30 p.m. ET/1:30 p.m. PT. The J.P. Morgan presentation will be webcast live via Remitly’s investor relations website with replays available post-event.
Remitly Global, a digital financial services provider, will be participating in two upcoming investor conferences in May 2024. The company's management team will present at Barclays 14th Annual Emerging Payments and FinTech Forum on May 16 and J.P. Morgan 52nd Annual Global Technology, Media and Communications Conference on May 20. The presentations will be available for live webcast and replay on Remitly's investor relations website.
Remitly Global, a digital financial services provider, appointed Ronit Peled as Chief People Officer. Peled brings strategic leadership and a commitment to culture. With over 20 years of experience, including as CPO of DreamBox Learning, she aims to drive impact for people, customers, and the business at Remitly.
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