Remitly is going public.
The mobile remittance company said Wednesday it confidentially submitted a draft registration statement with the SEC for its proposed IPO.
Reuters reported last month that Remitly had hired investment banks as it prepared to go public at a valuation of around $5 billion.
Remitly’s last valuation was $1.5 billion in July when it raised an $85 million investment round.
Founded in 2011, Remitly’s mobile technology lets people send and receive money across borders, including immigrants in the U.S. and U.K. who support families back home in countries such as the Philippines, India, El Salvador, and others. The service eliminates forms, codes, agents, and other fees typically associated with the international money transfer process dominated by Western Union, MoneyGram, and other longstanding providers.
Remitly landed an undisclosed equity investment from Visa last month.
Remitly, ranked No. 3 on the GeekWire 200 list of top Pacific Northwest tech startups, has around 1,000 employees across its Seattle HQ and six other offices in Spokane, Wash., London, Cork, Krakow, Manila, and Managua.
Three Washington state companies — Sana Biotechnology, Impel Neuropharma and Paymentus — have gone public with a traditional IPO this year. This week Seattle-based Nautilus Biotechnology, led by Isilon Systems co-founder Sujal Patel, went public via a SPAC merger.
