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.

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.

Matt Oppenheimer conceived the idea for Remitly while working for Barclays Bank in Nairobi, Kenya, where he saw firsthand how difficult and expensive it was for people to send money internationally. He returned to the United States and, with Josh Hug and Shivaas Gulati, founded the company in 2011 under the name Beamit. The team initially worked out of Oppenheimer's Capitol Hill apartment in Seattle.

In 2012 the company was accepted into the Techstars Seattle accelerator and renamed itself Remitly. Early venture backing came from investors including Bezos Expeditions, DFJ (now Threshold), QED Investors and Trilogy Equity Partners. The service launched commercially in 2013 with a corridor from the United States to the Philippines, a market Oppenheimer chose because of its large remittance volume and high smartphone adoption.

Expansion followed quickly. Remitly added Mexico and India as receive markets in 2014 and 2015, and opened send corridors from Canada and the United Kingdom. By 2017 the company reported transferring more than $1 billion annualized, and it raised a $115 million Series D that year. A $220 million Series E in 2019 valued the company near $1 billion, and a further round in 2020 pushed its valuation past $1.5 billion as pandemic lockdowns accelerated the shift from cash agents to digital channels.

Remitly went public on NASDAQ on September 23, 2021, pricing shares at $43 and raising approximately $520 million. The stock gave back much of its debut gains over the following years as investors repriced fintech, but the operating business continued to scale. Send volume grew from $20.4 billion in fiscal 2021 to $74.9 billion in fiscal 2025.

Along the way the company experimented with adjacent products. It launched Passbook, a digital banking service aimed at immigrants, in 2020, and acquired Israeli research firm Rewire in 2022 to add local payment capabilities. Passbook was wound down in 2023 as the company refocused on its core money movement product. In 2024 it introduced Remitly One, a membership tier bundling financial services for frequent senders.

Fiscal 2025 marked a turning point. Revenue reached $1.635 billion, up 29 percent, and the company reported its first full year of GAAP net income at $67.9 million, with adjusted EBITDA of $272.2 million and free cash flow of $283.3 million. In February 2026 the company announced that co-founder Matt Oppenheimer would move from CEO to chairman, with Sebastian Gunningham, a former Amazon and PayPay executive, appointed chief executive.

Remitly has faced the routine regulatory exposure common to money transmitters. In 2022 it paid a $1.25 million fine to the New York Department of Financial Services for compliance deficiencies tied to its licensing and reporting obligations. It has also received state-level consent orders related to examination findings, none of which materially affected operations. The company periodically faces class action complaints alleging fee and exchange rate disclosure issues, which it has generally settled or defended without admission of material wrongdoing. No product safety recalls apply to its digital service.