Remitly’s business is on a roll.
The Seattle-based digital remittance company reported its full-year results Wednesday for 2023. Total revenue last year came in at $944.3 million, up 44% year-over-year; and send volume increased to $39.5 billion, up 38%.
The company’s losses grew slightly last year to $117.8 million.
Remitly said it expects revenue to exceed $1.2 billion for its fiscal 2024, while trimming its losses.
Active customers in the most recent quarter grew to 5.9 million, up 41% year-over-year.
Shares of Remitly were up more than 9% in after-hours trading Wednesday.
“We see significant opportunities ahead to continue driving strong customer growth and sustainably improving our profitability,” Remitly CEO Matt Oppenheimer said in a statement.
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, and agents typically associated with the international money transfer process.
Remitly is now active in more than 170 countries. The company, which went public in 2021, employs more than 2,700 people. It’s the most recent company out of Seattle to go public via traditional IPO.
Speaking at a Harvard Business School panel earlier this month in Seattle, Oppenheimer said Remitly is looking to new technologies such as AI to boost customer support automation and prevent fraud.
Previously: Collaboration — and couches: Remitly rethinks its downtown Seattle office for a new era of work
