Remitly, a remittance company based in Seattle, Form S-1 Registration Statement, Has become an important milestone for listed companies.
Remitly generated US$257 million in revenue and a net loss of US$32.5 million in 2020, doubling its annual revenue and reducing its loss by nearly half.
Since then, this trend has continued, with the company’s revenue of US$202 million in the first six months of this year and a net loss of US$9.2 million.
Remitly first expressed its IPO plan in June, and went public in the old fashioned way, with an initial public offering of its shares. Many other companies have gone public in the past year through mergers with special purpose acquisition companies or SPACs.
Remitly’s last valuation was $1.5 billion, when it raised $85 million in investment. It is one of the few tech startups in the Seattle area with a valuation of more than $1 billion.
Remitly was founded in 2011. Its mobile technology allows people to send and receive money across borders, including immigrants from the United States and the United Kingdom. They support families in the Philippines, India, El Salvador and other countries. This service eliminates the forms, codes, agency and other fees normally associated with international money transfer processes led by Western Union, MoneyGram and other long-term suppliers.
According to statistics, Remitly ranks 10th among the 10 most downloaded peer-to-peer payment applications in the world E-marketer.
Remitly competes with a number of other cross-border remittance companies, including Wise (formerly TransferWise), which is valued at $11 billion after the transaction. Listing through direct listing July, and Zepz (formerly WorldRemit), where improve Last week, it received US$292 million in Series E financing.
Investor interest in these companies reflects the growth opportunities of digital remittances. According to Remitly, the global remittance market was estimated at US$1.5 trillion last year, an annual growth rate of 4%. It said that due to the pandemic, its business and the entire digital financial services industry are accelerating.
Remitly CEO Matt Oppenheimer During his work at Barclays Bank in Kenya, he helped bring up Remitly’s idea.He founded this company in 2011 Josh hug with Shivas Gulati; The original name of this startup is Beamit Mobile.
The company’s largest shareholder is Prosus’ PayU, holding 23.9%, followed by Stripes (12.1%) and Threshold Ventures (9.4%). Trilogy Equity Partners, a Seattle-area company, owns 6.2% of the shares. Oppenheimer owns 4.8% of the shares, while Haag owns 3.1% of the shares.
Remitly is ranked 3rd in the GeekWire 200 Pacific Northwest technology startup list. Its Seattle headquarters has approximately 1,600 employees and six other locations in Spokane, Washington, London, Cork, Krakow, Manila, and Managua. The office has approximately 1,600 employees.
The company earlier this month Reach an agreement Cooperate with the Los Angeles Football Club and become the exclusive global remittance partner of the MLS team.
Other Washington State companies that went public this year include Eliem Therapeutics; Absci; Icosavax; Sana Biotechnology, Impel Neuropharma; and Payments. Nautilus Biotechnology and Rover are listed on the SPAC transaction.
GeekWire reporter Todd Bishop contributed to this story.