Remitly

Last updated
Remitly
Company type Public
Nasdaq:  RELY [1]
Industry Financial services
Founded2011;13 years ago (2011)
FoundersMatthew Oppenheimer (CEO)
Josh Hug (COO)
Shivaas Gulati (Head of Engineering)
Headquarters Seattle, United States
Revenue$653 million (2022) [2]
Number of employees
2,200 (2023) [3]
Website www.remitly.com

Remitly is an American online remittance service based in Seattle, United States that offers international money transfers to over 150 countries. It was founded in 2011 by Matthew Oppenheimer, Josh Hug, and Shivaas Gulati and became publicly traded on the Nasdaq exchange in September 2021. [4]

Contents

History

Remitly was founded in 2011 as BeamIt Mobile. [5] [6] The company was initially a search engine for remittance services but shifted into money transfers soon after. [6] It changed its name from BeamIt to Remitly in August 2012. [7]

In April 2013, Remitly announced that it would allow its users to send free money transfers to the Philippines. [8] This was the first international destination to which the company could deliver money transfers. [9] In 2017, the company's services became available in all 50 states in the U.S., with Massachusetts being the final state that Remitly was allowed to operate in. [10] By March 2018, Remitly had expanded its services to allow people from the United States, United Kingdom, Canada, and Australia to send money to the Philippines, India, Mexico, Colombia, Ecuador, El Salvador, Guatemala, Honduras, Nicaragua, and Peru. [11]

Remitly became publicly traded on the Nasdaq exchange on September 23, 2021. [5] [12] The company's initial public offering of seven million shares generated approximately $300 million in new funding. [5] [12]

Services

Remitly allowed people in 17 countries to carry out transfers of money in approximately 75 currencies to 115 different countries, as of September 2021. [5] [13] The service operates electronically rather than via physical premises. Recipients in some countries might be able to receive funds via mobile money and cash pickup at bank and postal office branches.

Applied security

The company uses SSL encryption to ensure that all transactions are secure for customers spread around the world. In addition, the company complies with the data protection laws in force in each country in which it operates. This also includes comprehensive compliance with regulations such as the European Union's General Data Protection Regulation (GDPR) and the US Health Insurance Portability and Accountability Act (HIPAA). [14]

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References

  1. ↑ "Remitly Global, Inc". Nasdaq.com. May 16, 2022. Retrieved May 16, 2022.
  2. ↑ "Form S-1/A Remitly Global Inc". Remitly. Retrieved November 10, 2023.
  3. ↑ "Careers at Remitly" . Retrieved 9 August 2023.
  4. ↑ "SEC Filing | Remitly Global, Inc".
  5. 1 2 3 4 Mashayekhi, Rey (September 23, 2021). "Remitly CEO on his money-transfer company's 10-year journey to an IPO". Fortune. Retrieved December 27, 2021.
  6. 1 2 Soper, Taylor (September 21, 2021). "'Fall in love with a problem'". GeekWire. Retrieved December 27, 2021.
  7. ↑ Cook, John (August 8, 2012). "Beamit changes name to Remitly". GeekWire. Retrieved December 27, 2021.
  8. ↑ Cook, John (April 15, 2013). "Jeff Bezos-backed Remitly announces free money transfers to the Philippines". GeekWire. Retrieved December 27, 2021.
  9. ↑ Bishop, Todd (September 18, 2021). "'They proved me wrong'". GeekWire. Retrieved December 27, 2021.
  10. ↑ "Remitly Now Operating In All 50 States". PYMNTS. January 17, 2017. Retrieved December 27, 2021.
  11. ↑ Stewart, Ashley (March 20, 2018). "JHow Remitly CEO Matt Oppenheimer closed Seattle's largest funding round of 2017". Puget Sound Business Journal. Retrieved December 27, 2021.
  12. 1 2 Pasricha, Akash (September 23, 2021). "Remitly shares jump in one of Washington's largest recent IPOs". Seattle Times. Retrieved December 27, 2021.
  13. ↑ "Remittance processor Remitly targets nearly $7 bln valuation in U.S. IPO". Reuters. September 14, 2021. Retrieved February 5, 2022.
  14. ↑ "Security applied in Remitly", Finance Grow Zone, March 7, 2024
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