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) 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.
Salvo Health has launched a virtual health clinic aimed at addressing chronic gut conditions for over 60 million Americans. The company recently secured $10.5 million in seed funding led by Threshold Ventures, along with Torch Capital and Felicis. Salvo Health offers a comprehensive care model, Whole Self Science, that integrates various health disciplines to provide personalized treatment plans. Their approach includes unlimited access to a dedicated care team, emphasizing root cause treatment over conventional methods. The company plans to expand its services across the U.S.
Remitly Global, Inc. (NASDAQ: RELY) reported strong second quarter 2022 results, with active customers rising 43% to 3.4 million and send volume increasing 40% to $7.0 billion. Revenue grew by 42% to $157.3 million, and the company is raising its 2022 financial outlook, anticipating total revenue of $625 million to $630 million, a growth of 36% to 37%. However, a net loss of $38.2 million and an Adjusted EBITDA loss of $(5.3) million highlight ongoing challenges. The leadership remains optimistic about maintaining customer trust and progress on strategic initiatives.
Remitly Global, Inc. (NASDAQ: RELY) announced it will report its second quarter 2022 financial results on August 3, 2022, following the market close. A conference call will take place at 2:00 p.m. PT / 5:00 p.m. ET to discuss results and answer analysts' questions. Remitly, a leader in digital financial services for immigrants, aims to provide safe and reliable money transfer solutions. The earnings call access information is available on their website, and the company encourages participation at least 10 minutes early.
Remitly Global, Inc. (NASDAQ: RELY) has appointed Rina Hahn as Chief Marketing Officer, effective immediately. Hahn, who has been with Remitly since 2018, played a crucial role in customer acquisition and brand development, contributing to a 42% year-over-year growth in active customers in Q1 2022. Previous CMO Rob Singer will assist during the transition until September 2022. Remitly continues to focus on enhancing financial services for immigrants and their families across over 160 countries, aiming to improve efficiency and expand its product offerings.
Remitly Global, Inc. (NASDAQ: RELY) has appointed Hemanth Munipalli as CFO, effective July 18. Munipalli brings over 20 years of finance experience, most recently serving as CFO at Egencia under the Expedia Group. He aims to support Remitly's growth and enhance value for stakeholders. Current CFO Susanna Morgan will remain in her role until Munipalli starts, ensuring a smooth transition until September 2022. CEO Matt Oppenheimer praised Morgan for her contributions, including leading the company through its public offering.
Remitly Global, Inc. (NASDAQ: RELY) announced that its management will present at the William Blair Growth Stock Conference on June 7, 2022, at 11:20 AM Pacific Time. The presentation will be available via live webcast on Remitly’s investor relations website, with a replay accessible afterward. Founded in 2011 and headquartered in Seattle, Remitly provides digital financial services for immigrants, facilitating cross-border remittance in over 160 countries. The company aims to simplify money transfers for families worldwide.
Remitly Global, Inc. (NASDAQ: RELY) has announced that its management will present at the J.P. Morgan Global Technology, Media and Communications Conference on May 24, 2022, at 1:50 PM Pacific Time (4:50 PM Eastern Time). The presentation will be streamed live via Remitly’s investor relations website, with a replay available post-event. Remitly is a digital financial services provider focused on helping immigrants send money securely and transparently across over 160 countries.
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