Remitly Global (RELY) was valued at $1.5 billion in July and is currently valued at $6.9 billion. Remitly raised more than $300 million in net proceeds in the Initial Public Offering (IPO), opening the IPO proceeds rally as reported by MarketWatch.
Remitly is trading at $43/share, which is higher than the expected share price range listed on Nasdaq, which was between $38 to $42. Remitly offered a total of 12,162,777 shares: 7 million shares by the company, 5.15 million by the existing stockholders, and an additional 1.82 million shares over-allotted with a 30-day option for the underwriters
It is reported that a concurrent sale of 581,395 shares to its stockholder PayU Fintech Investments B.V. at the IPO price was finalized. Remitly has 29 other investors across all of its funding rounds, as per Crunchbase.
In its filing with the Securities and Exchange Commission (SEC), Co-founder and CEO of Remitly, Matt Oppenheimer highlights Remitly's vision to "transform the lives of immigrants and their families by providing the most trusted financial services on the planet."
Drawing from his experience of living in Kenya as an immigrant, Matt Oppenheimer co-founded Remitly along with COO Josh Hug and Shivaas Gulati in 2011. This digital-first financial service provider has stayed committed to helping millions of immigrants send money home in a safe, reliable, and transparent manner.
Plagued by legacy technology and the growing popularity of cryptocurrency has thrown the cross-border money transfer industry into the limelight. Remitly competes with both traditional banks and other digital-first cross-border money transfer companies, including Wise (formerly TransferWise), which was valued at $11 billion after going public via a direct listing in July.
A competitive marketplace will ensure lower exchange rate margins, lower processing fees, and faster speed of money transfer - edging us closer towards the Sustainable Development Goal of bringing down the cost of sending money to 3% by 2030. This will benefit millions of immigrants that are sending money home around the world.
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