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: Migrant-remittance company Remitly files to go public

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Remitly Global Inc., a Seattle-based company that provides financial services for immigrants, plans to go public, according to a filing with the Securities and Exchange Commission on Monday.

The company said it plans to raise up to $100 million, but that figure is often used as a placeholder and is updated in subsequent filings. Goldman Sachs, J.P. Morgan, Barclays, and Citigroup are listed among the underwriters for the offering.

The company plans to list its stock under the ticker “RELY” on the Nasdaq.

Remitly reported sales of $257 million and loss of $32.6 million in 2020, compared with revenue of $126.6 million and a loss of $63.5 million in 2019. For the first half of 2021, the company reported revenue of $202.1 million and a loss of $9.2 million, compared with revenue of $105.1 million and a loss of $21.1 million for the first half of 2020.

Remitly estimates the 2020 total cross-border remittance market alone at about $1.5 trillion in total migrant remittance inflow volume.

PayU Fintech Investments owns nearly 24% of shares, Stripes III owns 12%, Threshhold Ventures owns 9.4%, Generation IM Sustainable Solutions Fund III owns 8%, and Trilogy Equity Partners owns 6.2%, according to the filing.

Meanwhile, co-founder and Chief Executive Matthew Oppenheimer owns 4.8% of the shares, while co-founder and Chief Operating Officer Joshua Hug owns 3.1%.

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