Remitly

Remitly

International money transfer for immigrants

About Remitly

Simplify's Rating
Why Remitly is rated
C+
Rated D+ on Competitive Edge
Rated B on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

1,001-5,000

Company Stage

IPO

Total Funding

$423.9M

Headquarters

Seattle, Washington

Founded

2011

Overview

Remitly focuses on international money transfers, helping immigrants send money to their families quickly and securely at lower costs than traditional banks. The company charges transaction fees and earns from the exchange rate margin, offering various transfer options like bank deposits and cash pickups. Remitly enhances user experience through its website and mobile app, allowing real-time tracking of transfers, and engages with immigrant communities by providing helpful resources and educational support. Its goal is to meet the unique needs of immigrants while ensuring fast, affordable, and reliable money transfer services.

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Simplify's Take

What believers are saying

  • Increased digital wallet adoption in key markets expands Remitly's reach to unbanked individuals.
  • AI agents in operations could reduce costs and improve Remitly's efficiency.
  • Visa collaboration enhances Remitly's cross-border fund flow services, boosting customer satisfaction.

What critics are saying

  • Swift's integration into banks' channels poses a competitive threat to Remitly.
  • AI agents' rise may challenge Remitly's operational model in efficiency and cost-effectiveness.
  • Schall Law Firm's investigation could impact investor confidence and Remitly's reputation.

What makes Remitly unique

  • Remitly focuses on immigrants, offering competitive rates and fast, secure transactions.
  • The company leverages technology for a seamless user experience via its app and website.
  • Remitly engages with immigrant communities through content and educational initiatives.

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Funding

Total Funding

$423.9M

Above

Industry Average

Funded Over

10 Rounds

IPO funding comparison data is currently unavailable. We're working to provide this information soon!
IPO Funding Comparison
Coming Soon

Benefits

Continuing Education or Travel Stipend

Office Culture

Flexible PTO, Schedules and Leaves

DEI Learning Opportunities

Community Engagement

Inclusive Benefits

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

1%

2 year growth

0%
PYMNTS
Dec 9th, 2024
Banks Fight Back: How Cross-Border Technology Is Challenging Fintech Disruptors

Global financial messaging network Swift said earlier this year that it was working with 25 financial institutions (FIs) and application providers on a “proof of value” initiative focused on improving front-end interactions, where the lower-end value transactions (defined as payments below the $100,000 threshold) is worth as much as $12 million. Andy Elliott, vice president of strategy at EvonSys, and Costa Hagidimitriou, senior manager at the National Bank of Canada, told PYMNTS that the drive to integrate Swift services into their front-end channels — through websites and apps — can help traditional FIs compete directly with the digital upstarts, especially in cross-border remittances. Banks may dominate commercial cross-border payments, said the duo, but there’s still opportunity for innovation

PYMNTS
Nov 21st, 2024
New Ai Agents Take On Management Jobs

A new breed of autonomous artificial intelligence called agents is taking over customer service and operations at major companies, making decisions that, until recently, required human managers. The shift marks a turning point in enterprise automation as companies move beyond basic chatbots to deploy sophisticated AI agents that can navigate complex business processes independently. Commerce.AI’s latest offering exemplifies this trend, with AI systems increasingly trusted to handle sensitive customer interactions and operational decisions that shape company performance. Commerce.AI launched auto-AGENTS, an AI system that autonomously handles business interactions across voice, chat and text channels. The system includes specialized AI agents for tasks like data retrieval, sentiment tracking and post-call automation, aiming to boost enterprise efficiency while allowing human agents to focus on high-value work

PR Newswire
Aug 27th, 2024
Amazon Photos, Bank Of America, Coca-Cola, Docusign, First Citizens, Wyndham Hotels, Others Awarded Unitq Quality Excellence Awards

BURLINGAME, Calif., Aug. 27, 2024 /PRNewswire/ -- unitQ, the leading AI-powered customer feedback platform empowering organizations to take a customer-centric, real-time data-driven approach to craft high quality products, services and experiences, announced today the 50 winners of the unitQ 2024 Summer Quality Excellence Awards.These awards celebrate and recognize companies that have shown exceptional commitment to delivering consistently high-quality products and services, and have earned overwhelmingly positive user feedback.Recognizing companies delivering quality products and services, and have earned overwhelmingly positive user feedback Post thisThe winners are setting new benchmarks for excellence in their respective sectors, demonstrating unparalleled dedication to the customer experience. These awards represent a commitment from product, engineering and support teams to foster a culture of continuous improvement backed by high user satisfaction."The dedication and effort these companies have shown in upholding superior quality across their offerings and client interactions is remarkable and deserves recognition with the unitQ Quality Excellence Award," said Christian Wiklund, unitQ CEO. "We are proud to honor these organizations for their unwavering commitment to excellence."The unitQ 2024 Summer Quality Excellence Awards, released today, are grounded on the comprehensive AI analysis provided by unitQ's customer feedback software. unitQ's proprietary AI and ML algorithms translated, categorized and summarized 40,040,889 pieces of publicly available Google Play Store and Apple App Store user reviews for 7,850 top Android and iOS top mobile applications, surfacing:Top Quality IssuesTop feature requestsTrending 4-start reviews on brink of a 5-star reviewTop 50 apps driving quality excellenceRecipients were among those companies that received a Good to Epic unitQ Score. The unitQ Score is unitQ's unbiased and proprietary machine-generated metric that represents the percentage of a company's users reporting a frictionless experience with their product or service

GeekWire
Aug 6th, 2024
Seattle Digital Remittance Company Remitly Opening New Office In Vancouver, B.C., Area

Remitly’s new office in New Westminster, B.C. (Remitly Photo)Seattle-based digital remittance company Remitly is expanding its office-space footprint to the Greater Vancouver, B.C., area, the company announced Tuesday.The location in New Westminster, B.C., is the first in Canada for the 13-year-old company.Remitly said the 3,600-square-foot office will support up to 35 employees with a focus on product development “across several priority areas for the business.” At least 10 job openings on the Remitly site are for a variety of engineering roles.In June, Remitly confirmed that it had secured space at the Rainier Square Tower in downtown Seattle, with plans to relocate next year from its current headquarters, just around the corner at 1111 3rd Ave.Remitly employs more than 450 people in Seattle, and more than 2,700 worldwide.A company spokesperson said Tuesday that the B.C. office “does not impact Remitly’s hiring plans in Seattle” where the company’s “foot is still very much on the gas in terms of growth.”

The Economic Times
Jun 6th, 2024
Major League Cricket selects Remitly as signature partner

Major League Cricket (MLC) has inked a new multi-season partnership with Remitly, a digital financial services provider, as a Signature Partner ahead of the league's historic second season.

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