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Remittance Startup Remitly Launches IPO

Seattle-based global remittance startup Remitly is beginning the roadshow for its initial public offering (IPO) in which it will offer more than 12 million shares of common stock, the company announced in a Tuesday (Sept. 14) press release.

The online provider of international remittances and financial services said in its filing with the Securities and Exchange Commission (SEC) that it intends to offer 7 million shares of common stock, while Remitly’s existing stockholders will offer 5,162,777 shares of common stock as part of the IPO. Remitly and selling stockholders plan to offer underwriters a 30-day choice to buy up to an extra 1,824,417 shares of common stock, according to the announcement.

The IPO price is estimated to be $38 to $42 per share. The 10-year-old company is looking to list its common stock on the stock market under the ticker symbol RELY.

Current stockholder PayU Fintech Investments B.V., intends to buy shares of common stock with a combined purchase price equivalent to the IPO price, up to $25 million.

Remitly’s IPO will be made only via prospectus through the company’s lead book-running manager, Goldman Sachs & Co. LLC.

The company’s IPO comes on the heels of a recent PYMNTS report detailing Remitly’s cross-border payments opportunity valued in the trillion of dollars annually. In its filing with the SEC, Remitly noted that cross-border remittance and banking are “two of the largest financial markets in the world.”

The cross-border remittance market alone is estimated to be approximately $1.5 trillion in total migrant remittance inflow volume in 2020 (including both formal and informal person-to-person channels) and generates over $40 billion in transaction fees globally.

Read more: Remitly Points To $1.5T Opportunity Within Fragmented, Outdated Remittance Market

In 2020, Remitly said customers completed 31 million remittance transactions. Send volume was $16.1 billion for the 12 months ending in June 2021 — representing roughly 1 percent of the market.

Remitly, in its quest to expand its market share, last year launched a Passbook, a mobile app uniquely designed for immigrants through which, in a partnership with Sunrise Bank NA, digital banking services are available.

Related: Remitly Taps Immigrant Market With New Passbook Mobile App



About: Forty-seven percent of U.S. consumers are shying away from digital-only banks due to data security worries, despite significant interest in these services. In Digital Banking: The Brewing Battle For Where We Will Bank, PYMNTS surveyed over 2,200 consumers to reveal how digital-only banks can shore up privacy and security while offering convenient services to satisfy this unmet demand.

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