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Remitly Global, Inc. (RELY) is a financial services company specializing in cross-border payments. It provides digital-first solutions for transferring money globally, catering to the needs of immigrant workers and individuals engaged in international transactions. The company generates revenue through transaction fees and foreign exchange spreads, offering fast, reliable, and localized financial services across over 170 countries.
- Remittance Services - Facilitates cross-border money transfers through a global network, enabling customers to send funds to recipients via bank accounts, mobile wallets, and cash pick-up locations.
- Foreign Exchange Services - Provides currency conversion during transactions, earning revenue through foreign exchange spreads.
- Customer Acquisition and Marketing - Invests in hyper-localized marketing campaigns and artificial intelligence tools to attract new customers and enhance loyalty among existing users.
- Fraud Prevention and Compliance Systems - Implements advanced systems to ensure secure transactions and compliance with anti-money laundering regulations across multiple jurisdictions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Matthew Oppenheimer ExecutiveBoard | Chief Executive Officer | Board Member of BECU | Matthew Oppenheimer has been the CEO and Co-Founder of Remitly Global, Inc. since 2011 and has served on the board of directors from the beginning. He also brings experience from previous roles, including his board membership at BECU and his tenure at Barclays. | View Report → |
Ankur Sinha Executive | Chief Product and Technology Officer | Ankur Sinha has been serving as the Chief Product and Technology Officer at RELY since November 2024 after previously being the Chief Technology Officer from February 2022 to November 2024. He has held leadership roles at Google, Microsoft, and co-founded RA Systems. | ||
Pankaj Sharma Executive | Chief Business Officer | Pankaj Sharma is the Chief Business Officer at REMIT since February 2024. He previously served as EVP, Global Remittance Business Management from October 2022 and as EVP, International since January 2018. | ||
Vikas Mehta Executive | Chief Financial Officer | Vikas Mehta is the Chief Financial Officer at Remitly Global, Inc. since August 2024. Previously, he held key financial leadership roles at Komodo Health, Anaplan, Nike Direct, Walmart e-Commerce, and Microsoft. | ||
Bora Chung Board | Member of the Board of Directors | Bora Chung has served as a board member at RELY since November 2020 and is the Chair of the Talent and Compensation Committee. She has extensive experience in product management and financial operations from her leadership roles at Bill.com, eBay, and Apple. | ||
Joshua Hug Board | Vice Chair of the Board | Joshua Hug is a co-founder of Remitly Global, Inc. and has held leadership roles including Chief Product Officer (Nov 2011-Oct 2016) and Chief Operating Officer (Oct 2016-May 2024) before becoming Vice Chair of the Board in May 2024. He will transition to a non-employee director role in May 2025, maintaining his strategic influence in the company. | ||
Laurent Le Moal Board | Member of the Board of Directors (Class II Director) | Advisor at Prosus N.V.; Global Future Council member at World Economic Forum | Laurent Le Moal has served as a board member at REMELY since October 2017. He previously held executive roles in the fintech industry, notably as CEO of PayU from January 2016 to September 2023. | |
Margaret M. Smyth Board | Member of the Board of Directors, Chair of the Audit and Risk Committee | Etsy, Inc.; Frontier Communications; Lilium GmbH | Margaret M. Smyth has served at Remitly Global, Inc. since May 2021 as a board member and Chair of the Audit and Risk Committee, where she leverages her extensive background in public company finance. She has also held executive roles at National Grid, Inc. and ConEdison, Inc., and continues to serve on several other boards. | |
Nigel Morris Board | Board Member, Chair of the Nominating & Corporate Governance Committee | co-founder, managing partner, and majority owner of QED Investors, LLC; co-founder, President, and COO of Capital One Financial Corporation | Nigel Morris has served on Remitly Global, Inc.'s board of directors since July 2021 and currently chairs the Nominating & Corporate Governance Committee. Previously, he co-founded and served as managing partner and majority owner of QED Investors, LLC and held executive roles at Capital One Financial Corporation. | |
Phillip Riese Board | Member of the Board of Directors | Board Member at Flywire Corporation | Phillip Riese has served as a board member at Remitly Global, Inc. since December 2016, following significant leadership roles at American Express and Chase Bank. He is known for his expertise in corporate governance and financial services. | |
Phyllis Campbell Board | Member of the Board of Directors | Member of the board of directors at Air Transport Services Group, Inc. | Phyllis Campbell joined Remitly's board in April 2023. She has extensive financial services experience, having served as Regional Chair for JPMorgan Chase, and as President and CEO at The Seattle Foundation and U.S. Bank of Washington. | |
Ryno Blignaut Board | Member of the Board of Directors | Operating Partner at Khosla Ventures | Ryno Blignaut has been serving as a board member at Remitly Global, Inc. since April 2023. Previously, he has also served as an Operating Partner at Khosla Ventures since December 2019. |
- Based on Q1 data where send volume per active customer hit a record high since 2021, can you clarify whether this growth is driven mainly by your refined risk-based send limits or if seasonal factors and mix shifts from high-dollar senders are also playing a significant role?
- With the increasing number of direct partner integrations, such as with Plin, MACH, and WhatsApp, how do you plan to mitigate potential operational complexities and cost escalations while maintaining your sub-hour transaction dispersal times?
- Q1 margins notably outperformed expectations due to marketing efficiencies; can you specify if any one-time benefits contributed to this result and how you plan to sustain margins as you shift to a spend-intensive Q2?
- Given that Q1 revenue growth outpaced quarterly active customer growth, what steps are you taking to ensure that this favorable mix endures when facing tougher comps, particularly in Q3 and the latter half of the year?
- As you enhance your high-dollar sender capabilities through improved risk management and dynamic limits, how do you strike the balance between expanding transaction sizes and containing potential increases in fraud or transaction losses?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Rewire (O.S.G) Research and Development Ltd. | 2023 | Completed on January 5, 2023, with a total estimated consideration of approximately $77.9 million structured mainly in cash along with an equity component; the deal included an $11.9 million holdback liability payable after 15 months and incurred $3.5 million in transaction costs. The acquisition is strategically aimed at differentiating the remittance experience by expanding into new geographies via complementary products and a culturally aligned team, driving both revenue and cost synergies. |
Recent press releases and 8-K filings for RELY.
- Q1 revenue grew 34% with a 16% EBITDA margin, meeting its “Rule of 50” growth-plus-profitability target.
- Volume increased 41%, driven by resilient, nondiscretionary remittance flows and market-share gains.
- U.S. revenue share fell from 75% to under two-thirds over four years, as rest-of-world revenue grew 41% (45% constant currency) in Q1.
- Transactions over $1,000 saw volume growth >45%, outpacing total volume for four consecutive quarters.
- 41% year-on-year send volume growth and 34% revenue growth on over $1 billion in revenue, with 16% adjusted EBITDA margins surpassing the Rule of 50.
- 8 million quarterly active users, ~2 million app reviews with 4.9/4.8 star ratings demonstrate strong product engagement and resilience in P2P remittances.
- $40 billion in FX volume in the past year underpins a competitive treasury and FX platform spanning 5,200 corridors, enabling real-time cash analytics and optimized pricing.
- Actively exploring stablecoin integration for treasury and potential customer use cases, while planning embedded finance services to extend beyond core remittances.
- Maintaining disciplined corridor expansion (currently < 3% of a $2 trillion market), prioritizing growth in existing markets and micro-SMB segments with selective new market additions.