Remitly was founded in 2011 by Matt Oppenheimer, Josh Hug, and Shivaas Gulati. Oppenheimer got the idea while working in Kenya, where he saw firsthand how expensive and slow it was for immigrants to send money home through traditional wire transfer services like Western Union.
Remitly went public on the NASDAQ in September 2021 under the ticker RELY. The company’s pitch is straightforward: send money internationally with better exchange rates, lower fees, and faster delivery than legacy providers. Most transfers arrive within minutes, either to a bank account, mobile wallet, or as cash pickup.
The service supports transfers from 17 sending countries (including the US, UK, Canada, Germany, and Australia) to over 170 receiving countries. Top receiving corridors include India, Philippines, Mexico, and Guatemala — reflecting major immigrant communities in the US and Europe.
Remitly offers two tiers: Express (faster delivery, slightly higher fees) and Economy (lower fees, slower delivery). The company also acquired Passbook, a banking app for immigrants, to offer a broader financial services bundle to its customer base.
For 2023, Remitly reported revenue of approximately $945 million, up significantly from the prior year. The company serves over 5 million active customers and processed more than $40 billion in send volume. Remitly is headquartered in Seattle with offices in London, Manila, Managua, and Cork, Ireland.
