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, Inc. (NASDAQ: RELY) reported impressive growth for Q4 and full year 2022. Active customers surged by 48% year-over-year to 4.2 million, while send volume rose 35% to $8.1 billion. Revenue climbed 41% to $191 million in Q4, and 43% to $653.6 million for the full year. However, the company posted a net loss of $114 million for 2022. For 2023, Remitly expects revenue between $860 million to $880 million, representing a growth rate of 32% to 35%, while remaining in a GAAP net loss position. The company's focus on customer loyalty and technological advancement is anticipated to drive ongoing efficiencies and long-term returns.
Remitly Global, Inc. (NASDAQ: RELY) will report its fourth quarter and full year 2022 financial results on February 22, 2023, after market close. A conference call and live webcast for financial analysts will take place at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). Investors can access the earnings call details through the provided links. Remitly, operational in over 170 countries, focuses on facilitating cross-border remittances for immigrants by enhancing user experience and reducing costs traditionally associated with money transfers. Founded in 2011 and headquartered in Seattle, the company continues to innovate and expand its suite of financial products.
Remitly Global, Inc. (NASDAQ: RELY) has successfully completed the acquisition of Rewire, an Israeli financial services platform for migrant workers, effective January 5, 2023. This acquisition enhances Remitly's geographic reach and diversifies its remittance product offerings. CEO Matt Oppenheimer emphasized the strategic alignment between the two companies, aiming to improve financial services for immigrants and their families. Remitly plans to leverage Rewire's innovative products to transform remittance processes for users across over 170 countries.
Remitly Global, a digital financial services provider for immigrants, announced that CFO Hemanth Munipalli will present at the Citi 2022 FinTech Conference on November 15, 2022, at 11:45 AM PT / 2:45 PM ET. The presentation can be viewed live on the company's investor relations website, with a replay available afterward. Founded in 2011 and headquartered in Seattle, Remitly operates in over 170 countries, offering a cross-border remittance app to facilitate secure and efficient money transfers for immigrants.
Remitly Global (NASDAQ: RELY) reported a strong Q3 2022, with active customers increasing by 49% year-over-year to 3.8 million, and send volume rising 44% to $7.5 billion. Revenue grew 40% to $169.3 million. Despite a net loss of $33.1 million and an Adjusted EBITDA of $(3.7) million, the company raised its revenue outlook for 2022 to $635-$640 million, indicating a growth rate of 38%-40%.
CEO Matt Oppenheimer emphasized the importance of customer resilience and the firm’s commitment to long-term growth.
Remitly Global, Inc. (NASDAQ: RELY) has announced its expansion into Japan and New Zealand, enhancing its services for immigrants. The company has facilitated $2.5 billion in remittance volume from the Asia-Pacific region. With Japan's remittances increasing to $8.25 billion in 2020 and New Zealand's personal remittances nearly quadrupling, Remitly aims to serve millions with over 150 transfer corridors. Their robust network supports 3.9 billion bank accounts and 705 million mobile wallets, driving faster and reliable money transfers.
Remitly Global, Inc. (NASDAQ: RELY) will release its third quarter 2022 financial results on November 2, 2022, after market close. Management will conduct a conference call and live webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss these results and answer questions from analysts. Remitly provides digital financial services for immigrants in over 170 countries, facilitating safe and reliable money transfers. Investors can access the call details and a live webcast on the Company's Investor Relations website.
Remitly Global (NASDAQ: RELY) is a Gold sponsor of Technica, the world's largest hackathon for underrepresented genders, occurring on October 15-16, 2022. The event, hosted by the University of Maryland, aims to create a welcoming environment for tech enthusiasts, featuring over 2,000 participants from hundreds of institutions.
Remitly will conduct a workshop on product development methodologies and has introduced a prize for the best project benefiting immigrants and international students. This sponsorship aligns with the company's commitment to equity and inclusion in the tech industry.
Remitly Global (NASDAQ: RELY) has expanded its partnership with Visa, introducing Visa Direct in Canada, enabling real-time push payments for remittances. This service allows customers to send funds to over 100 countries, expanding payout options to include Visa cards, along with existing bank accounts and cash options. With over $6.5 billion in personal remittances sent annually from Canada, this enhancement is aimed at improving the experience for immigrants and their families. Remitly continues its commitment to delivering localized financial services.
Remitly Global, Inc. (NASDAQ: RELY) has signed a definitive agreement to acquire Rewire for approximately $80 million, consisting of cash and stock. This acquisition aims to enhance Remitly's digital financial services for immigrants, expanding its reach and capabilities in supporting migrant workers. Rewire's customer-centric remittance platform is geographically complementary to Remitly, promising to deepen customer relationships and provide innovative financial products. The transaction is set to close in the second half of 2022 and is not expected to materially affect Remitly's revenue or adjusted EBITDA for this year.
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