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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.
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Remitly Global, Inc. (NASDAQ: RELY) will report its first quarter 2022 financial results on
Remitly Global (NASDAQ: RELY) announced its participation in the 2022 Wolfe FinTech Forum on March 9, 2022, at 10:40 AM Pacific Time (1:40 PM Eastern Time). The management team will present and engage with investors. Interested parties can access the live webcast on Remitly's investor relations site, with a replay available afterward. Founded in 2011 and headquartered in Seattle, Remitly is a leading digital financial services provider for immigrants, enabling them to send money home safely and transparently across 150 countries.
Remitly Global (NASDAQ: RELY) reported significant growth in its Q4 and full-year 2021 results. Active customers surged by 50% year-over-year to 2.8 million, while send volume increased by 64% to $6 billion. Revenue for Q4 stood at $135.3 million, a 69% growth compared to the previous year. However, net loss widened to $16.6 million. For 2022, Remitly projects revenue between $605 million and $615 million, indicating a growth rate of 32% to 34%. Despite improved Adjusted EBITDA, the forecasted net loss remains a concern for investors.
Remitly Global, Inc. (NASDAQ: RELY) has appointed Ankur Sinha as the new Chief Technology Officer, effective immediately. With over 20 years of experience at Google and Microsoft, Sinha will spearhead Remitly's technology strategy, focusing on optimizing current platforms and fostering innovation. Current CTO Karim Meghji will transition to an advisory role. CEO Matt Oppenheimer expressed that Sinha's expertise aligns with the company's goals, enhancing product quality and security. Remitly aims to transform the lives of immigrants through its digital financial services.
Remitly Global, Inc. (NASDAQ: RELY) will announce its fourth quarter and full year 2021 financial results after market close on March 2, 2022. A conference call and live webcast will be held at 2:00 p.m. PT / 5:00 p.m. ET the same day. Investors can access the call through a toll-free dial-in or via the company’s Investor Relations website. Remitly provides digital financial services for immigrants, helping them send money home easily and reliably.
Remitly Global, a digital financial services provider, will present at Citi’s 2021 FinTech Conference on November 17, 2021, at 7:30 AM PT. The presentation will be available via live webcast on Remitly’s investor relations website. Remitly serves immigrants in over 135 countries, facilitating secure money transfers and offering the Passbook app for financial management. This event is an opportunity for investors to hear about Remitly's vision and services aimed at improving the financial experience for immigrants.
Remitly Global, Inc. (NASDAQ: RELY) reported strong third-quarter 2021 results, with revenue increasing 69% year-over-year to $121.2 million. The company's send volume rose 61% to $5.2 billion, while active customers grew by 51% to 2.6 million. Despite the revenue growth, Remitly reported a net loss of $13 million, largely attributed to a $6.9 million non-cash stock donation. The company forecasts total revenue for 2021 between $445 million and $450 million, reflecting a growth rate of 73% to 75% year-over-year.
Remitly Global, Inc. (NASDAQ: RELY) will report its third quarter 2021 financial results on November 10, 2021, after market close. A conference call and live webcast will be held at 2:00 p.m. PT / 5:00 p.m. ET that same day to discuss the results and answer analyst questions. Remitly provides digital financial services for immigrants, facilitating cross-border remittances across 135 countries. The company aims to transform immigrants' lives by offering reliable, fee-free money transfer options through its app.
Remitly Global Inc. (NASDAQ: RELY) has partnered with Novi to pilot a cash pickup service in Guatemala, utilizing Remitly’s extensive global payments network. The pilot allows transactions using the Pax Dollar (USDP) stablecoin without fees, targeting financial access for users in the US and Guatemala. This initiative aligns with Remitly's mission to enhance financial inclusion for immigrants. Additionally, Remitly has developed 'Remitly for Developers', facilitating cross-border payment solutions via API integration for businesses, making services available in emerging markets.
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