Trade Remitly Global Inc - RELY CFD

Remitly Global, Inc. Company profile

About Remitly Global Inc

Remitly Global Inc. is a digital financial services provider for immigrants. The Company serves customers who are primarily immigrants from developing countries who have moved away from their families to seek new opportunities. The Company offers services through its mobile application for cross-border remittances. It provides end to end process from the moment a customer connects their banking information to the application, they can send money home in minutes. Its customers and their families can also track the status of their transactions in real-time. The Company's features include digital experience, onboarding process, centralized portal for account management and customer support. It has partnered with various banks, such as Barclays, Chase, HSBC, and Wells Fargo, and other global payment providers, including Visa.

Financial summary

BRIEF: For the fiscal year ended 31 December 2021, Remitly Global Inc revenues increased 78% to $458.6M. Net loss increased 19% to $38.8M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Higher net loss reflects Marketing - Balancing value increase from $10.9M to $118.6M (expense), Transaction Expenses increase of 74% to $191.6M (expense).