Report: Seattle digital remittance startup Remitly hires banks for IPO at round $5B valuation

(Remitly Portray)

The news: Seattle startup Remitly has employed investment banks to rearrange for an preliminary public offering, in step with Reuters. The IPO would worth Remitly at round $5 billion, Reuters reported — a plentiful spike from its final valuation of $1.5 billion in July. Remitly declined to observation when contacted by GeekWire.

Remitly background: Based in 2011, Remitly’s cell expertise lets folk ship and receive money across borders, including immigrants in the U.S. and U.Okay. who abet households reduction home in countries such because the Philippines, India, El Salvador, and others. The provider eliminates styles, codes, brokers, and hundreds of charges most incessantly linked to the global money transfer task dominated by Western Union, MoneyGram, and hundreds of longstanding suppliers.

Remaining funding: Remitly raised $85 million in July at a $1.5 billion valuation. Total funding thus some distance, which contains a $220 million money infusion from July 2019, is type of $400 million.

Remitly, ranked No. 3 on the GeekWire 200 list of high Pacific Northwest tech startups, has round 1,000 staff across its Seattle HQ and six hundreds of locations of work in Spokane, Wash., London, Cork, Krakow, Manila, and Managua.

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