Remitly (NASDAQ: RELY), a payments and transfers Fintech, reported Q4 earnings results yesterday and the company said that it generated “record” revenue of $351.9 million an increase of 33%.
At the same time, Remitly booked a net loss of $5.7 million, an improvement over Q4 2023 when the company lost $35 million.
For the full year 2024, Remitly generated $1.264 billion compared to $944.3 million in 2023, up by 34% while losing $36 million.
Matt Oppenheimer, co-founder and Chief Executive Officer of Remitly, described the quarter as “exceptional.”
“Our product experience continues to resonate with customers as we deliver simplicity, convenience, and trust. As we look ahead to 2025 and beyond, I am excited about the growth opportunities and innovation that will enable us to deliver on our vision.”
Remitly enables users to send funds just about anywhere in the world. The company reports 7.8 million quarterly users. Most transfers occur in the US followed by Canada.
Remitly shared expectations for the coming quarter and full year 2025. The company expects the growth to continue with Q1 revenue ranging from $345 million to$348 million. Full year revenue is anticipated at $1.565 billion to $1.580 billion.
Shares in Remitly were little changed following the results but they have increased by over 14% year to date.