Who Owns Remitly?
Remitly is owned by Remitly Global, Inc., a public company listed on NASDAQ under the ticker RELY. Founded in Seattle in 2011 by Matt Oppenheimer, Josh Hug and Shivaas Gulati, Remitly is the company's flagship and only consumer brand, providing money transfers to more than 175 countries. Remitly Global reported $1.635 billion in FY2025 revenue.
Parent Company
Founded
2011
Status
Publicly Traded
Headquarters
GlobalOfficial Website
Who Owns Remitly?
- Parent Company: Remitly Global, Inc.
- Ownership Type: Brand division
- Company Type: Publicly Traded
- Stock Ticker: NASDAQ: RELY
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Remitly | Remitly Global, Inc. | Brand division |
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History of Remitly
- Founded: 2011
- Founders: Matt Oppenheimer, Josh Hug, Shivaas Gulati
Remitly began as Beamit in 2011, founded by Matt Oppenheimer after his stint working for Barclays Bank in Nairobi exposed him to the friction of international money transfers. With Josh Hug and Shivaas Gulati, he built the service from a Seattle apartment and passed through the Techstars accelerator in 2012, when the company renamed itself Remitly.
The service launched commercially in 2013 serving the United States to Philippines corridor, chosen for its large remittance volume and high smartphone adoption. Expansion to Mexico in 2014 and India in 2015 proved the model, and by 2017 Remitly was moving more than $1 billion annualized across dozens of corridors.
Venture funding fueled international growth: a $115 million Series D in 2017, a $220 million Series E in 2019 valuing it near $1 billion, and further capital in 2020 as pandemic lockdowns pushed remittance customers from cash agents to apps. Remitly added send markets across Europe, Canada and Australia, and built a disbursement network spanning bank deposits, mobile wallets and about 470,000 cash pickup points.
The September 2021 NASDAQ listing raised approximately $520 million. Product experiments followed: Passbook, an immigrant-focused digital banking service launched in 2020, was wound down in 2023; the company acquired Israeli payments startup Rewire in 2022; and it launched the Remitly One membership in 2024.
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Fiscal 2025 brought the milestone the market had waited for: $1.635 billion in revenue, up 29 percent, the first full year of GAAP net income at $67.9 million, and $74.9 billion in send volume. In February 2026 the company announced a leadership transition, appointing Sebastian Gunningham CEO while Oppenheimer became chairman.
About Remitly Global, Inc.
Is Remitly publicly traded?
Yes. Remitly Global trades on NASDAQ under the ticker RELY following its September 2021 IPO. The offering priced at $43 per share and raised roughly $520 million. Co-founder Matt Oppenheimer remains chairman and moved out of the CEO role in early 2026.
Who founded Remitly?
Matt Oppenheimer, Josh Hug and Shivaas Gulati founded the company in Seattle in 2011 under the name Beamit. Oppenheimer developed the idea while working for Barclays in Kenya and observing the cost of international money transfers.
How does Remitly make money?
The company earns revenue from per-transaction fees and from the foreign exchange spread between the rate it quotes customers and the wholesale rate. Additional services include Remitly Business, Remitly for developers and the Remitly One membership.
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How big is Remitly?
Remitly reported $1.635 billion in revenue and $74.9 billion in send volume for fiscal 2025, with 9.3 million quarterly active customers. It serves send markets including the United States, Canada, the United Kingdom and Australia, paying out to more than 175 countries.
Is Remitly profitable?
Yes. Fiscal 2025 was the company's first full year of GAAP net income, at $67.9 million, alongside adjusted EBITDA of $272.2 million and free cash flow of $283.3 million.
Does Remitly own other brands?
No. Remitly operates as a single master brand. Its only previous standalone product, the Passbook banking service, was wound down in 2023, and newer services such as Remitly Business and Remitly One are sold under the Remitly name.
- Founded: 2011
- Headquarters: Seattle, Washington, United States
- Company Type: Publicly Traded
- Stock: NASDAQ: RELY
- Revenue: $1.635 billion (FY2025)
- Employees: Approximately 3,200
Where Is Remitly Made / Based?
- Headquarters: Seattle, Washington, United States
Remitly Categories & Tags
Remitly Sustainability & Ethics
As a digital service, Remitly's direct environmental footprint is limited to data centers and offices. Its social mission is its primary ethical claim: reducing the cost of remittances directly increases money reaching low-income households, aligning with UN Sustainable Development Goal targets on remittance fees. The company publishes inclusion metrics on its immigrant customer base and workforce diversity in annual disclosures. It holds no B Corp certification.
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Remitly Recalls & Controversies
Remitly's regulatory record includes a 2022 consent order with the New York Department of Financial Services imposing a $1.25 million fine for compliance deficiencies related to licensing and reporting. It has faced periodic state examination findings and class action complaints over fee and exchange-rate disclosures, generally resolved without material admission of wrongdoing. As a digital service it has no product safety recalls; its compliance burden is ongoing across dozens of licensed jurisdictions.
Remitly Ownership: Pros & Cons
Advantages
- +Public listing provides audited transparency into brand health
- +Single-brand focus concentrates all marketing on one name
- +Strong cash generation funds expansion without external dependence
- +Founder-chairman continuity preserves mission clarity
Considerations
- -Stock market pressure can prioritize margins over expansion
- -Remittance is a commoditizing market with fee compression
- -Heavy regulatory licensing burden across many jurisdictions
- -Concentration on immigrant segments exposes it to migration policy shifts
Frequently Asked Questions About Remitly
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Sources & Further Reading
Competitors to Remitly
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Adyen | Netherlands | 2006 | Mass market | Global | All Genders | |
| Block | Australia | 2014 | Mass market | Global | All Genders | |
| Fiserv | USA | 2010 | Market leader | Global | All Genders | |
| Us Bancorp | USA | 1991 | Mass market | Global | All Genders | |
| Fis | USA | 1968 | Mass market | Global | All Genders | |
| Flywire | USA | 2011 | Mass market | Global | All Genders |
Learn More About Competitors
Finance FintechAdyen
Owned by Adyen N.V.
Dutch global payments platform providing a single integrated system for online, in-store, and omnichannel payment processing for major enterprises.
paymentspayment-processingfintech
Finance FintechAfterpay
Owned by Block, Inc.
Block's buy-now-pay-later brand, offering interest-free installment payments across a global merchant network, acquired in 2022 for $29 billion.
buy-now-pay-laterbnplfintech
Finance FintechClover
Owned by Fiserv, Inc.
Cloud-based point-of-sale and business management platform owned by Fiserv, serving roughly 900,000 merchant locations with payment processing and business software.
point-of-salepaymentsfintech
Finance FintechElavon
Owned by U.S. Bancorp
Merchant payment processing subsidiary of U.S. Bancorp (NYSE: USB), headquartered in Atlanta and serving more than 1.3 million customers across the U.S., Europe, and Canada.
paymentsmerchant-servicespayment-processing
Finance FintechFIS
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Financial technology brand of Fidelity National Information Services (NYSE: FIS), provider of banking software and issuer processing.
fintechbanking-softwarepayments
Finance FintechFlywire
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Global payments and software brand of Flywire Corporation, a Nasdaq-listed Boston company founded in 2011 that serves education, healthcare, travel, and B2B clients.
paymentsfintechcross-border-payments
Competitive Analysis
Market Positioning: Remitly competes with 6 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
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Independent Alternatives to Remitly
Looking for brands with different ownership structures? These similar brands are not owned by Remitly Global, Inc., giving you alternative choices that support different corporate structures.
Finance FintechRevolut
Owned by Revolut Ltd.
British digital banking and fintech brand offering accounts, payments, currency exchange, crypto and stock trading to more than 50 million customers.
neobankfintechdigital-banking
Privately Owned
Revolut is privately owned, unlike Remitly which is under a publicly traded parent company.
Finance FintechStripe
Owned by Stripe, Inc.
Private financial infrastructure company founded in 2010 by the Collison brothers, processing $1.9 trillion in annual volume at a $159 billion valuation.
paymentsfintechonline-payments
Privately Owned
Stripe is privately owned, unlike Remitly which is under a publicly traded parent company.
Finance FintechBetterment
Owned by Betterment LLC
Digital investing and wealth brand of Betterment LLC, the pioneering robo-advisor founded in 2008 with more than $70 billion in assets under management.
robo-advisorinvestingwealth-management
Privately Owned
Betterment is privately owned, unlike Remitly which is under a publicly traded parent company.
Finance FintechBybit
Owned by Bybit Fintech Limited
Dubai-based cryptocurrency exchange, the world's second-largest by trading volume, serving more than 80 million registered users.
crypto-exchangetradingbitcoin
Privately Owned
Bybit is privately owned, unlike Remitly which is under a publicly traded parent company.
Finance FintechEmpower Personal Wealth
Owned by Empower
Empower Personal Wealth is the wealth management brand of Empower, built on the 2020 acquisition of fintech pioneer Personal Capital and administering more than $100 billion.
wealth-managementpersonal-capitalrobo-advisor
Privately Owned
Empower Personal Wealth is privately owned, unlike Remitly which is under a publicly traded parent company.
Finance FintechKalshi
Owned by Kalshi Inc.
CFTC-regulated prediction market exchange where users trade contracts on real-world events, valued near $40 billion in late 2026 funding talks.
prediction-marketevent-contractscftc-regulated
Privately Owned
Kalshi is privately owned, unlike Remitly which is under a publicly traded parent company.
Remitly Global, Inc. Stock Information
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