Vikas Mehta
About Vikas Mehta
Vikas Mehta, 46, has served as Remitly’s Chief Financial Officer since August 2024; he previously held CFO roles at Komodo Health and Anaplan and senior finance roles at Nike Direct, Walmart e-Commerce, and Microsoft. He holds an MBA from the University of Washington, a Bachelor of Commerce from Gujarat University, and a CIMA certification (UK) . Company performance context during his tenure and immediately prior: 2024 revenue grew 34% to $1.264B, send volume rose 38% to $54.6B, and quarterly active customers reached 7.8M in Q4 2024; the “value of $100 initial investment” based on Company TSR stood at $47 vs peer group $117, and GAAP net loss was $36.98M . His current role and authority are corroborated by multiple SEC filings in 2025 bearing his CFO signature .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Komodo Health | Chief Financial Officer | 2023–2024 | Senior finance leadership for health-tech growth strategy |
| Anaplan | Chief Financial Officer | 2021–2022 | Enterprise SaaS finance leadership through transformation |
| Nike Direct | Chief Financial Officer | 2020–2021 | Led finance for direct-to-consumer segment |
| Walmart e-Commerce | VP of Finance | 2019–2020 | Finance leadership in large-scale e-commerce operations |
| Microsoft | Various finance leadership roles | 2008–2018 | Long-tenured finance leadership across segments |
Fixed Compensation
| Metric | 2024 |
|---|---|
| Base Salary ($) | $107,652 |
| Bonus ($) | $500,000 (sign-on cash bonus) |
| All Other Compensation ($) | $1,602 (includes 401(k) $1,208; HSA $281) |
Notes:
- Remitly does not provide annual cash bonuses or maintain non‑equity incentive plans; equity is emphasized for long-term incentives .
Performance Compensation
| Grant Type | Grant Date | Units | Grant Date Fair Value ($) | Vesting Schedule |
|---|---|---|---|---|
| RSUs | 9/16/2024 | 875,000 | $12,652,500 | Service‑based: 15% on Aug 25, 2025; then 3.75% for next 4 quarters; then 8.75% for remaining 8 quarters |
Outstanding as of FY-end:
- Unvested RSUs: 875,000 with market value $19,748,750 (at $22.57 close on 12/31/2024) .
- No stock options reported for Mehta .
Performance linkage:
- The company does not use specific financial performance measures to link “compensation actually paid” to company performance under SEC Item 402(v) (no company-selected measure) .
Equity Ownership & Alignment
| Item | As of | Amount |
|---|---|---|
| Total beneficial ownership (shares) | March 31, 2025 | — (none reported) |
| Ownership (%) | March 31, 2025 | — (none reported) |
| Unvested RSUs (count) | December 31, 2024 | 875,000 |
| Stock options (exercisable / unexercisable) | December 31, 2024 | None |
| Shares pledged as collateral | FY 2024/2025 disclosures | No pledges disclosed for Mehta; pledging permitted only with pre‑approval (one director has an approved pledge) |
Policy alignment:
- Hedging of company stock is prohibited for directors, officers, and employees .
- Pledging requires written pre‑approval and adherence to guidelines; only an eligible director has an approved pledge, not Mehta .
Insider filings/compliance:
- One late Form 4 reported for Mr. Mehta on October 3, 2024 (company-wide Section 16(a) compliance otherwise satisfactory) .
Potential selling pressure watchpoint:
- Initial RSU vesting starts August 25, 2025; subsequent quarterly service‑vesting may introduce periodic float from RSU releases (company policy permits trading only within windows and subject to the insider trading policy) .
Employment Terms
| Term | Outside Change-in-Control (CIC) | Within CIC Period (3 months before to 12 months after CIC) |
|---|---|---|
| Cash severance | $145,000 (6 months’ base salary) | $290,000 (12 months’ base salary) |
| Target bonus | Not provided | 100% of annual target bonus if applicable (not shown in 2024 scenario table) |
| Health care benefits (COBRA or equivalent) | $3,619 | $7,239 |
| Equity vesting acceleration | None | 100% acceleration of unvested equity awards ($19,748,750 for Mehta at 12/31/2024) |
Additional terms:
- At-will employment; no fixed term; eligible for company benefit plans .
- CIC arrangements are “double trigger” (CIC plus qualifying termination) and require an effective release of claims; no excise tax gross‑ups .
Compensation Structure Analysis
- Cash vs equity mix: Heavy emphasis on equity RSUs with multi‑year service‑vesting; limited cash outside salary and a one‑time sign‑on .
- Lack of annual cash incentives: No annual cash bonuses/non‑equity incentive plan; retention and performance aligned via equity .
- CIC economics: Double‑trigger protection with full equity acceleration during CIC period; no gross‑ups .
- Governance and process: Independent Talent & Compensation Committee uses an independent consultant (Compensia) and peer benchmarking; 2024 say‑on‑pay approved by ~98% .
Compensation peer group (2024 benchmarking examples):
- Affirm, BILL, BlackLine, EVERTEC, Flywire, LendingClub, Lightspeed, Marqeta, NerdWallet, Paylocity, Paymentus, Payoneer, Q2 Holdings, Shift4, Smartsheet, SoFi, Squarespace, Wise, ZoomInfo .
Investment Implications
- Equity-heavy, service‑vesting RSUs with a defined vest cadence indicate retention incentives but can create periodic supply overhang starting August 2025; monitor trading windows and Form 4 activity around vest dates .
- CIC terms provide downside protection with full equity acceleration on double trigger; absent gross‑ups and with hedging prohibited, alignment is improved, though Mehta’s lack of current beneficial ownership pre‑vesting means limited “skin in the game” until RSUs settle .
- Governance signals are favorable: independent comp oversight, external consultant, robust peer benchmarking, and strong say‑on‑pay support (~98%), reducing compensation-related overhang risk .
- Performance backdrop is mixed: strong 2024 operating momentum (revenue +34%, send volume +38%) against a TSR that underperformed peer group since IPO (Company $47 vs peer $117 on $100 basis) and GAAP net losses; CFO execution on profitable growth, capital allocation, and investor communications remains a key lever .