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.
Remitly, a Seattle, WA-based mobile-first provider of remittances and financial services for immigrants, received an equity investment from Visa