Remitly is one of the largest digital-first remittance providers. Customers in send markets such as the US, UK, Canada, Europe and Australia use its app to move money to bank accounts, mobile wallets or cash-pickup points abroad. It went public on Nasdaq in September 2021 and reported its first full year of GAAP profit in 2025, with $74.9 billion sent through the platform. The company is headquartered in Seattle, Washington. Remitly was founded in 2011 in Seattle, Washington, by Matt Oppenheimer, Shivaas Gulati, and Josh Hug, building a mobile-first digital network to transform cross-border financial remittances for immigrant families worldwide.
Remitly earns most of its revenue on each transfer a customer sends: a transaction fee that varies by corridor, speed and funding method, plus a foreign-exchange spread between the rate Remitly pays for currency and the rate shown to the customer. Costs sit mainly in payout-partner and payment-processing fees, marketing, fraud and transaction losses, compliance and customer support. Newer products such as Remitly Flex, Remitly Business, a wallet and card, and the Remitly One membership made up just over 1% of 2025 revenue, according to management on the Q4 2025 earnings call.