Remitly
remittances . mobile/online remittance . consumer
FOUNDING YEAR: 2011
LOCATION: United States
Last Update: 19/01/2021
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About
Remitly is an international payments company that leverages digital channels, including mobile phones, to send money internationally. Remitly's digital products are fundamentally faster, less expensive, and far more convenient for customers to send money across borders.
MEDICI Analysis
Remitly is a mobile payments service that enables users to make person-to-person international money transfers from the United States. It provides an option to perform international transfers, either directly to a recipient’s bank account, for pickup or home delivery of cash, or to a mobile wallet. The company is currently operating in 21 states and sends millions of dollars to thousands of customers each month. Recently, Remitly was selected for the 2019 Forbes FinTech 50 startups list.
Focus
PRODUCTS & SERVICES
It currently offers a money transfer platform for US & Canada, which is an easy, fast, and affordable way to send money online from the desktop, tablet or mobile device.
REVENUE MODEL
Remitly charges a fee of $3.99 per transfer up to $1,000. There are no transfer charges for transactions above $1,000.
MAIN CLIENTS
Retail consumers
EXISTING PARTNERSHIPS
PNB
BPI
Metro Bank
BDO
Global Pinoy
YES Bank
Punjab Bank
etc
Traction
VALUATION / MARKET CAP:
$13.06 B in 2018
COMPANY TYPE:
For Profit
REVENUE
$10M+ in 2018
REVENUE COMMENT:
The company had a revenue of $3.9Billion in 2018
TRANSACTIONS VALUE:
$600 M in 2018
TRANSACTIONS COMMENT:
In 2018, the company processed more than $6 billion in remittance transactions; more than one million customers have used the platform to send money. (Feb. 2019)
People
FOUNDERS
Shivaas Gulati
Joshua Hug
Matthew Oppenheimer
BOARD MEMBERS AND ADVISORS
Chris DeVore
Ron Shah
NUMBER OF EMPLOYEES
501-1000
INVESTORS:
International Finance Corporation
Momentum
FUNDED
YES
NUMBER OF FUNDING ROUNDS
8
TOTAL FUNDING
$378.15 M
DATE OF LAST FUNDING
Jul 2020
IPO STATUS
Private
ESTIMETED REVENUE RANGE
$10M to $50M
SEED & PRIOR FUNDING
$1.65 M
SEED CLOSED ON
Apr 2012
FUNDING SERIES
SERIES A · $5.5 M · Jan 2014
SERIES B · $12.5 M · Mar 2015
SERIES C · $23.5 M · Sep 2016
SERIES D · $115 M · Oct 2017
SERIES E · $135 M · Jul 2019
SERIES F · $85 M · Jul 2020
DEBT FUNDING
$85 M
LISTED
NO
company provided insights
Acquisitions
ACQUIREE NAME
Symphoni
ANNOUNCED DATE
May 2019
PRICE
---
company provided insights
Web Traffic
MONTHLY VISITS
3,086,509
AVERAGE VISITS (6 MONTHS)
2,621,168.97
MONTHLY VISITS GROWTH
-11.15%
VISIT DURATION
607
VISIT DURATION GROWTH
134.85%
PAGE VIEWS VISIT
4.57
PAGE VIEWS VISIT GROWTH
-3.89%
BOUNCE RATE
45.17%
BOUNCE RATE GROWTH
-1.39%
GLOBAL TRAFFIC RANK
15,092
MONTHLY RANK CHANGE
284
MONTHLY RANK GROWTH
1.92%
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