Every dollar that a Filipino nurse in Seattle sends home to Cebu passes through a foreign exchange transaction, a compliance check, a correspondent banking network, and a delivery mechanism that, until companies like Remitly arrived, extracted somewhere between 7 and 15 percent of the transferred amount in fees and exchange rate margins. Remitly was founded in Seattle in 2011 by Matthew Oppenheimer, Josh Oppenheimer, and Tristan Pollock with the specific thesis that digital infrastructure could rebuild those corridors at dramatically lower cost. By 2024, the company was processing approximately $60 billion in annual transfer volume for over 4.5 million active customers and generating $1.133 billion in revenue. The business model runs on two parallel mechanisms. The first is pricing architecture: an "Express" service for instant transfers and an "Economy" service for delayed transfers, allowing the company to capture different price points from customers with different urgency needs. The second is direct technical integration with local payment rails in destination markets — Mexico's SPEI system, India's UPI network — which eliminates the correspondent banking intermediaries that historically consumed most of the margin in cross-border money movement. Revenue grew from $882 million in 2023 to $1.133 billion in 2024, a 28 percent increase. The gross margin of 49 percent is exceptional for a financial services company handling real-money transfers, reflecting the cost advantage of direct payment rail integration over correspondent banking. The US to Philippines, US to Mexico, and US to India corridors are the highest-volume routes, serving the migration patterns of the communities most dependent on reliable low-cost remittance. The company remained marginally loss-making in 2024, with a net loss of $13 million — a number that reflects continued investment in customer acquisition and corridor expansion rather than structural unit economics problems. Revenue guidance of $1.35 billion for 2025 implies continued growth at scale, which is the test every payments company faces: whether growth economics remain favorable as the business matures and competitive intensity from PayPal's Xoom, traditional banks, and direct competitors increases.