Remitly is a fintech company and provider of payments solutions that leverages digital channels, including mobile phones, to send money internationally.
In May, the company had hired investment banks to prepare for an IPO this year, which could value it at around $5B, Reuters reported. Remitly earns from transactions fees and foreign exchange spreads. Its revenue more than doubled to $257M last year, and it incurred a net loss of $32.6M.
Remitly, the mobile-first provider of international remittances and financial services for immigrants, today announced the launch of several new digital banking features in the Passbook by Remitly app.