Remitly Global, Inc.
Digital Cross-Border Payments and RemittancesFounded 2011- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Remitly Global, Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$1.13B
Market Cap
$4.5B
Employees
1,800
Revenue of $1.133 billion in fiscal year 2024 represents a 28 percent year-over-year increase from $882 million in 2023 — growth that is explicitly attributed in the company's own analysis to the dual-tier pricing architecture's ability to capture different price sensitivities across the customer base. The $60 billion in annual transfer volume processed through that revenue base implies an effective take rate of roughly 1.9 percent, which is dramatically lower than the 7 to 15 percent historical rates of traditional remittance operators but still economically viable at scale. The 49 percent gross margin is the single most important financial metric for understanding whether Remitly's model is structurally sound. Traditional correspondent banking operations carry gross margins under 30 percent because of the fees paid to intermediaries at each step of the transfer chain. Remitly's direct integration with Mexico's SPEI and India's UPI eliminates most of those intermediary costs, and the machine learning pricing engine further optimizes the foreign exchange spread on each transaction. The net loss of $13 million in 2024 — on $1.133 billion in revenue — puts the company in the category of businesses that are profitable at the contribution margin level but reinvesting the surplus in growth. Revenue guidance for 2025 at $1.35 billion implies management believes the trajectory continues. The question for investors is whether customer acquisition costs remain manageable as the company expands into corridors where it has less brand recognition and less operational infrastructure than in the founding US-Philippines and US-Mexico routes. Regulatory scrutiny in the Indian corridor in 2023 demonstrated that cross-border payments businesses face compliance complexity that scales with the number of jurisdictions served, adding both cost and operational risk that pure software companies do not carry.
Revenue Trend Analysis
YoY Change
+19.2%
2-Year CAGR
+23.7%
Peak Year
2025
Trend
Consistent Growth
Remitly Global, Inc. has reported revenue across 3 fiscal years, compounding at +23.7% annually over 2 years. The most recent year saw a 19.2% increase versus the prior year. Revenue peaked in 2025 at $1.4B. Out of 2 reported periods, 2 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | YoY Change |
|---|---|---|
| FY2025 | $1.4B | +19.2% |
| FY2024 | $1.1B | +28.5% |
| FY2023 | $882M | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Remitly reported 2024 revenue of approximately $1.13 billion, up roughly 34 percent from $945 million in 2023, which itself was up 45 percent from $653 million in 2022. The four-year compound growth rate from 2020 through 2024 exceeded 45 percent, driven by send-volume growth from under $20 billion in 2020 to more than $50 billion in 2024 and active-customer growth that crossed 7 million by year-end 2024. Gross margin held above 60 percent throughout the period, expanding modestly as transaction volume diluted fixed compliance, licensing, and technology costs. The take rate (revenue as a percentage of send volume) compressed slightly each year as the company added customers in the largest, most-competitive corridors, but absolute revenue growth was driven by volume and customer additions rather than pricing. Operating expenses scaled more slowly than revenue, particularly in marketing, allowing Remitly to deliver its first GAAP net income year in 2024 and to issue 2025 guidance that emphasized adjusted EBITDA margin expansion alongside continued double-digit revenue growth. The 2024 result confirmed the operating-leverage thesis that public investors bought into at the 2021 IPO: build a global digital remittance network, take share from legacy operators, and turn growth into compounding profit once fixed costs are absorbed.
At the end of 2024, Remitly served roughly 7 million active customers, defined as senders who completed at least one transfer in the trailing 12 months, and processed more than $50 billion in annualized send volume. Active customer growth and send volume have grown faster than revenue in recent years because the platform has been adding lower-priced corridors and economy-tier products that lift volume without proportional revenue. The customer base spans roughly 30 send countries (the United States accounts for the majority of revenue, with Canada, the United Kingdom, Australia, and continental Europe contributing the balance) and disburses to more than 170 receive countries through a network of bank accounts, mobile wallets, and cash-pickup partners. Average transaction size sits in the low hundreds of dollars and sender frequency averages multiple sends per month for active customers, with retention curves that show repeat-send behavior compounding for years after acquisition. The combination of 7 million senders and $50 billion of annual volume places Remitly among the largest pure-play digital remittance companies in the world by both metrics, though it remains smaller than Western Union and MoneyGram on principal sent because those incumbents still capture a large share of high-ticket retail transactions.
Remitly reported its first full year of GAAP net income in 2024, after more than a decade of planned losses while the company invested in corridor expansion, marketing, and platform infrastructure. The path to profitability was a textbook operating-leverage story: gross margin sat above 60 percent throughout the post-IPO period and operating expenses grew more slowly than revenue once the company crossed roughly $750 million in annual revenue. Marketing expense, which was historically the largest discretionary line, declined as a percentage of revenue from the mid-30s to the mid-20s as the customer base matured and word-of-mouth referrals lifted organic acquisition. Technology and operations costs benefited from volume scale across compliance, licensing, fraud, and customer support infrastructure that is largely fixed once a corridor is operational. The company's 2025 guidance emphasized continued adjusted EBITDA margin expansion alongside double-digit but slowing revenue growth, signaling the transition from a growth-at-all-costs profile to disciplined unit economics. Stock-based compensation remains a notable item between adjusted EBITDA and GAAP earnings, but the trajectory toward sustained GAAP profitability is clearer than at any point since founding, and management has begun discussing capital-return options for the first time.
Remitly priced its IPO on NASDAQ in September 2021 at $43 per share, raising more than $300 million in primary proceeds and valuing the company at approximately $7 billion at the offering price. The stock rallied in initial trading on the back of the pandemic-era growth-investing thesis but, like most fintech listings of that vintage, gave back most of those gains as interest rates rose through 2022 and 2023 and investors re-priced unprofitable growth names. By 2023 the market capitalization had fallen well below the IPO valuation despite continued revenue growth. The 2024 turn to GAAP profitability and the inflection in operating leverage helped re-rate the stock, with the market capitalization recovering to roughly $4.5 billion by mid-decade. Insider ownership remains concentrated among the founders, early venture investors including Stripes, DN Capital, PayU, and Naspers/Prosus, and the executive team, though secondary selling has reduced concentration since the IPO. Remitly does not pay a dividend and has not repurchased shares, instead reinvesting cash flow into growth and balance-sheet flexibility. The longer-term equity story rests on continued share gains in digital remittance, sustained adjusted EBITDA margin expansion, and the optionality of adjacent products like Remitly for Business that the platform can layer onto an authenticated immigrant customer base.
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CorpDigest. "Remitly Global, Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/remitly/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Remitly Global, Inc. reported $1B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/remitly/financials" target="_blank" rel="noopener">CorpDigest — Remitly Global, Inc. financials</a></div>