← Embedded Finance Index 2026

Remitly

“Can Remitly expand from the world's leading digital remittance platform into the primary financial membership for cross-border households — bundling send, store, and grow capabilities into a single app?”

Founded2011
HQSeattle, WA, USA
FoundersMatthew Oppenheimer, Josh Hug, Shivaas Gulati
Total raised~$1.5B+ (pre-IPO)
Latest roundIPO, September 2021 (NASDAQ: RELY)
Valuation~$1.5B valuation at Series E (2020); public since 2021
IndustryFintech / Cross-border payments
The story

Founded in 2011 as BeamIt Mobile, a remittance search engine, Remitly quickly pivoted to becoming a direct digital money transfer platform, rebranding in 2012. Over the next decade it scaled into one of the largest digital remittance networks, covering 175+ countries and going public on NASDAQ in 2021. In 2025, Remitly announced a significant product expansion with Remitly One — moving beyond pure remittances to offer a financial membership that bundles send-now-pay-later credit (Remitly Flex), a rewards wallet (Remitly Wallet), and cashback, positioning itself as a broader financial platform for immigrants and cross-border households.

Last 12 months
2025-09
2026-02
2026-01
Product timeline
2011
Founded as BeamIt Mobile, initially a search engine for remittance services.· pivot
2012
Rebranded from BeamIt to Remitly and pivoted fully to direct money transfer operations.· pivot
2013
Launched first international remittance corridor to the Philippines.· banking
2017
Obtained money transmitter licenses across all 50 US states.· banking
2021
IPO on NASDAQ under ticker RELY, becoming a public company.· ipo
2025
Launched Remitly One, an all-in-one financial membership including Remitly Flex (BNPL for remittances up to $250), Remitly Wallet (3% annual rewards), and cashback features.· banking
Regulated entities
1
regulatory licence held by Remitly
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Remitly’s embedded-finance stack
Payments / PSP
Stripe
Banking / BaaS
in the full report
Lending
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: none
4 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.