Remitly Global, which provides a mobile payment service for international money transfers, raised $523 million by offering 12.2 million shares (42% secondary) at $43, above the range of $38 to $42. The company raised an additional $25 million in a concurrent private placement to existing shareholder PayU Global.
Remitly states that it is a leading digital financial services provider for immigrants and their families in over 135 countries. The company has expanded its core cross-border remittance product to over 1,700 corridors worldwide and extend its offering to a broader suite of financial services. As of June 30, 2021, over 85% of its customers engaged with Remitly via its mobile app.
Remitly Global plans to list on the Nasdaq under the symbol RELY. Goldman Sachs, J.P. Morgan, Barclays, Citi, and William Blair acted as joint bookrunners on the deal.
