Remitly Global, Inc. (NASDAQ: RELY), a provider of digital financial services, has announced the appointment of finance executive Vikas Mehta as Chief Financial Officer, succeeding Hemanth Munipalli, effective August 19, 2024.
Munipalli is leaving for family reasons, and will “oversee an orderly transition, remaining with the company through September 30, 2024.”
Matt Oppenheimer, Co-founder and CEO of Remitly, said:
“I am delighted to welcome Vikas to Remitly as our Chief Financial Officer. Vikas’s impressive track record leading finance functions at high-growth companies, experience driving public company and investor relations strategy, and commitment to data-driven decision-making will be invaluable as we continue to scale and deliver value to our customers and shareholders.”
Mehta has over 25 years of global experience “across Fintech, Software, and eCommerce, driving hyper-growth and business transformation.”
He has held CFO roles “at Anaplan and Nike Direct, as well as significant leadership positions at Walmart, Microsoft, and PayPal. In his most recent role as CFO of Komodo Health, Mehta was responsible for scaling revenue and improving margins and profitability.”
Mehta said:
“I am thrilled to be stepping into the role of CFO at Remitly, a company whose mission resonates with me both professionally and personally. As a leader, I am energized by the opportunity to contribute my expertise in financial management, strategy, and operational excellence at such an exciting time in Remitly’s journey. As an immigrant, I relate to the challenges and aspirations of so many of Remitly’s customers, and I look forward to furthering our vision of transforming lives with trusted financial services that transcend borders.”
In the role of Chief Financial Officer, Mehta will lead all “aspects of Remitly’s financial planning and analysis, procurement, accounting and tax, investor relations, and treasury.”
As covered, Remitly is a “provider of digital financial services that transcend borders.”
With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app supports customers “with a fast, reliable, and transparent money movement experience.”
Building on its strong foundation, Remitly is “expanding its suite of products to further its vision and transform lives around the world.”
In other updates, Remitly Global reported results for the second quarter ended June 30, 2024.
Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly said:
“We are pleased with our second quarter performance as our product experience delights both new and existing customers. Our differentiated positioning, focus on building long-term customer trust, and our increasing global scale enabled these strong results. Looking ahead, we are pleased to raise our 2024 outlook for revenue and Adjusted EBITDA.”
Second Quarter 2024 Highlights and Key Operating Data – (All comparisons relative to the second quarter of 2023):
- Active customers increased to 6.9 million, from 5.0 million, up 36%.
- Send volume increased to $13.2 billion, from $9.6 billion, up 38%.
- Revenue totaled $306.4 million, compared to $234.0 million, up 31%.
- Net loss was $12.1 million, compared to $18.9 million, an improvement of 36%.
- Adjusted EBITDA was $25.1 million, compared to $20.4 million, up 23%.