Remitly's Globally Expanded Horizons: CEO Matt Oppenheimer Discusses FY 2021 Outcomes
Remitly Expands Globally and Shifts Focus to Financial Services
Remitly, a leading digital remittance company, has made significant strides in its mission to reinvent the remittance experience. In a recent discussion between Remitly CEO Matt Oppenheimer and financial analyst David Webber, the company's results and future plans were delved into.
The year 2021 saw Remitly expanding into over 700 new payment corridors, bringing its total number of corridors to over 2,100. This expansion has enabled the company to reach more customers and offer greater convenience in sending and receiving international money transfers.
However, details about Remitly's pricing strategy and financial performance were not explicitly mentioned in the discussion. What was clear, though, is that Remitly is not content with just being a remittance service. In 2022, the company is investing in more financial services to transform the remittance experience.
Remitly One, a membership model, was launched to serve both individual users and small and medium businesses (SMBs). This membership offers a suite of new financial products, including wallets and 'send now, pay later' services. The ultimate goal is to become a full financial hub, with future offerings such as debit and credit cards to facilitate international spending.
These initiatives aim to differentiate Remitly from competitors and drive growth by expanding beyond remittances into broader financial services and small business international transfers.
In FY 2021, Remitly achieved 90% revenue retention and saw a 50% year-over-year increase in active customers. The company's revenue increased by 78% year-over-year to $459 million, with Q4 of FY 2021 seeing a 69% year-over-year increase in revenue to $135 million.
While the potential use of cryptocurrency in remittances was discussed, no specific plans or implementations were mentioned. Remitly is also continuing to build its global disbursement network in 2022, with new products being rolled out, although specific details were not provided.
As Remitly continues to grow and evolve, it is clear that the company is committed to providing innovative solutions to improve the remittance experience for its customers.
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