Remittance
“Can a cross-border remittance platform become the full financial services stack for the global immigrant population?”
Founded2011
HQSeattle, WA, USA
FoundersMatt Oppenheimer, Josh Hug, Shivaas Gulati
Total raised$407.7M+ (pre-IPO)
Latest roundIPO, September 2021
Valuation$6.9B (IPO, 2021)
IndustryFintech / Cross-border payments
The story
Founded in 2011 as a US-to-Philippines remittance service for immigrants, Remitly rapidly expanded its corridor coverage to 17 sending and 115 receiving countries. The company positioned itself specifically around immigrant needs, arguing the US banking system was not built with immigrants in mind. After IPO in 2021, Remitly transitioned from a pure remittance corridor play to broader digital financial services for immigrants globally, with stablecoin and embedded wallet infrastructure emerging as a strategic direction for treasury and receiver-side financial services.
Last 12 months
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Product timeline
2011
Founded in Seattle; initially processed remittances between the US and Philippines.· pivot
2019
Expanded to payments from 17 sending countries to 115 receiving countries globally.· banking
2020
Raised $85M Series E, reaching $1.5B valuation; processed $16.1B in the 12 months ending June 30, 2021.· lending
2021
IPO on Nasdaq under ticker RELY, raising $300M and valuing the company at $6.9B.· ipo
The stack
Accounting gap: none