Digital Financial Services: Remitly Global Reports Increase in Active Customers, Send Volume Rises

Remitly Global, Inc. (NASDAQ: RELY), a digital financial services provider for immigrants and their families in over 170 countries around the world, reported results for the first quarter ended March 31, 2023.

Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly, said:

“We are pleased to have achieved another strong quarter as we remain focused on delivering a superior and trusted experience for our customers. Remitly’s strategy of making long-term, customer-centric investments, along with the benefits of our increasing scale, have created significant competitive advantages. Looking ahead, we expect to continue driving strong top-line results along with sustainable and increasing returns from our investments.”

First Quarter 2023 Highlights and Key Operating Data (All comparisons relative to the first quarter of 2022):

  • Active customers increased to 4.6 million, from 3.0 million, up 50%.
  • Send volume increased to $8.5 billion, from $6.1 billion, up 40%.
  • Revenue totaled $203.9 million, compared to $136.0 million, up 50%.
  • Net loss was $28.3 million, compared to a net loss of $23.3 million.
  • Adjusted EBITDA was $5.4 million, compared to $(12.1) million.

2023 Financial Outlook

For fiscal year 2023, Remitly currently expects:

  • Total revenue in the range of $875 million to $895 million, representing a growth rate of 34% to 37% year over year. This outlook reflects an increase from our prior outlook of $860 million to $880 million.
  • To remain in a GAAP net loss position for 2023 and for Adjusted EBITDA to be in the range of $5 million and $15 million. This outlook reflects an increase from our prior
  • Adjusted EBITDA outlook of between breakeven and $10 million.
  • Reconciliation of GAAP to Non-GAAP Financial Measures

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement included in this earnings update.

As covered last month, Remitly Global, Inc. announced the appointments of Phyllis Campbell and Ryno Blignaut to its Board of Directors.

Matt Oppenheimer, CEO of Remitly, said:

“We are delighted to welcome Phyllis and Ryno to Remitly’s Board of Directors. They each bring with them a wealth of knowledge and leadership experience to complement our existing team of accomplished directors. I’m grateful for their passion and dedication to our customer-centric vision for the future of digital financial services.”

Campbell and Blignaut reportedy “bring decades of leadership and advisory expertise to the company.”

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