Ankur Sinha
About Ankur Sinha
Ankur Sinha, 41, is Remitly’s Chief Product and Technology Officer (since Nov 2024) and previously served as Chief Technology Officer (Feb 2022–Nov 2024). He holds a B.S. in Information Technology from Dr. APJ Abdul Kalam Technical University and spent prior leadership roles at Google and Microsoft, as well as co-founding a startup in India . Company performance during his tenure includes 2024 revenue of $1.264 billion (+34% YoY), send volume of $54.6 billion (+38%), and Q4 2024 quarterly active customers of 7.8 million (+32% YoY) . Pay-versus-performance disclosure shows cumulative company TSR value of $47 (from IPO to 12/31/2024) and GAAP net loss of $36.978 million in 2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Engineering Director (commerce technologies in Google Cloud) | May 2019–Feb 2022 | Led commerce tech initiatives within Google Cloud, informing product scalability and reliability | |
| Microsoft | Senior Director (multiple services & experiences; various positions) | Jan 2007–Apr 2019 | Scaled consumer and enterprise services; multi-year leadership in product and platform experiences |
| RA Systems (India) | Co‑founder & CTO | Jun 2001–Dec 2006 | Built and led technology at a startup, foundational hands-on architecture and execution |
External Roles
None disclosed .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 246,301 | 290,000 | 290,000 |
| Bonus ($) | 225,000 | — | — |
| All Other Compensation ($) | 800 | 149 | 300 |
Remitly does not provide annual cash bonuses or maintain non‑equity incentive plans; executive upside is primarily driven by equity .
Performance Compensation
| Equity Award (RSUs) | Grant Date | Shares (#) | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSU | Apr 16, 2024 | 305,896 | 5,582,602 | Vests 1/8 on May 25, 2026, then 1/8 quarterly thereafter |
| RSU | Dec 8, 2024 | 200,000 | 4,220,000 | Vests 1/8 on May 25, 2026, then 1/8 quarterly thereafter |
| RSU | Apr 25, 2022 | 332,904 | — | Vested 1/4 on Feb 25, 2023, then 1/16 quarterly thereafter |
| 2024 RSU Vesting and Realized Value | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| RSU vesting during FY2024 | 266,323 | 4,638,019 |
The company does not disclose formulaic performance metrics (e.g., TSR, revenue targets) that determine equity vesting for NEOs; awards for Sinha are service‑based RSUs, consistent with Remitly’s emphasis on long‑term equity alignment .
Equity Ownership & Alignment
| Ownership Detail | Amount |
|---|---|
| Direct/Common shares | 397,805 |
| RSUs vesting within 60 days (as of Mar 31, 2025) | 66,581 |
| Total beneficial ownership | 464,386 |
| Ownership as % of shares outstanding (203,825,893) | <1% |
- Hedging of company stock is prohibited for directors, officers, and employees .
- Pledging requires pre‑approval and is limited; a pledge was approved for one director (Joshua Hug, 2,000,000 shares). No pledging is disclosed for Sinha .
| Outstanding Equity Awards at 12/31/2024 | Unvested Units (#) | Market Value ($) |
|---|---|---|
| RSU (Apr 25, 2022) | 332,904 | 7,513,643 (at $22.57) |
| RSU (Apr 16, 2024) | 305,896 | 6,904,073 (at $22.57) |
| RSU (Dec 8, 2024) | 200,000 | 4,514,000 (at $22.57) |
Employment Terms
- At‑will employment; offer letters set base salary and benefit eligibility .
- Change‑in‑Control and Severance Agreements (double‑trigger):
- Outside CIC period: lump sum 6 months’ base salary for NEOs; COBRA premiums may be covered for up to 6 months (Sinha’s table shows no health benefit estimate for his case); no equity acceleration for Sinha .
- During CIC period (from 3 months before CIC to 12 months after): lump sum 12 months’ base salary; 100% acceleration of unvested equity; COBRA premiums up to 12 months (Sinha’s table shows no health benefit estimate for his case) .
- No excise tax gross‑ups on CIC payments .
| Potential Payments (as of 12/31/2024) | Cash Compensation ($) | Health Care Benefits ($) | Equity Acceleration ($) |
|---|---|---|---|
| Termination outside CIC period (Sinha) | 145,000 | — | — |
| Termination within CIC period (Sinha) | 290,000 | — | 18,931,716 |
Compensation Structure Analysis
- Cash vs equity mix: Sinha’s 2024 total comp was driven by RSUs ($9,802,602) with modest base salary ($290,000), consistent with Remitly’s equity‑heavy philosophy .
- Shift to RSUs: Awards are service‑based RSUs; no options granted to Sinha in 2024, indicating lower downside risk vs options and stronger retention through scheduled vesting .
- Guaranteed vs at‑risk pay: No annual cash bonus program; upside is primarily equity tied to stock performance and continued service .
- Performance metrics: Remitly does not disclose use of company‑selected financial measures linking pay to performance; pay‑versus‑performance is presented for disclosure but not used to set executive compensation .
Say‑on‑Pay & Shareholder Feedback
- 2024 Say‑on‑Pay approval: ~98% of votes cast supported NEO compensation, indicating broad shareholder acceptance of equity‑heavy design .
Compensation Peer Group (for 2024 program design)
- Peer group includes payments/fintech and software firms such as Affirm, BILL, Flywire, Marqeta, Payoneer, Shift4, Wise, ACI Worldwide, Paylocity, Q2 Holdings, and others; used for benchmarking equity spend, vesting schedules, and market competitiveness .
Risk Indicators & Red Flags
- Hedging prohibited; pledging tightly controlled—positive alignment .
- Related party transactions: none reported beyond compensation arrangements .
- Section 16 filings: company reports general compliance in 2024, with two late Form 4s (Hug, Mehta); no issues noted for Sinha .
Performance & Track Record
- Product execution: Sinha is quoted as CPTO at the launch of Remitly One, an all‑in‑one financial membership expanding wallet, card, flex, and rewards—evidence of platform expansion beyond remittances .
- Operating momentum: 2024 revenue +34% to $1.264B; send volume +38%; Q4 active customers +32%, supporting product‑led growth under his technology/product leadership .
- Financial outcomes disclosure: Pay‑versus‑performance TSR value of $47 since IPO to 2024 and GAAP net loss of $36.978M in 2024 contextualize equity value sensitivity .
Investment Implications
- Alignment: Sinha’s low cash/high equity mix and sizable unvested RSUs (approx. 839k units with $18.93M acceleration potential in CIC) align retention with long‑term stock performance and service continuity .
- Vesting pressure: Two large RSU grants begin vesting in May 2026 on an 8‑quarter schedule, creating potential insider selling pressure around vest dates depending on blackout windows and personal diversification needs .
- Retention risk: Double‑trigger CIC acceleration reduces retention risk in change‑of‑control scenarios; outside CIC, limited severance and no equity acceleration increase cost of departure for Sinha .
- Governance signals: No hedging and controlled pledging, strong Say‑on‑Pay (~98%), and use of independent comp consultant/peer benchmarking support governance quality and compensation discipline .