Remitly Reports 34% Revenue Growth to $361.6 Million, Achieves Net Income of $11.4 Million

Remitly Global, Inc. reported significant financial growth in its latest quarterly results, with revenue reaching $361.6 million for the three months ended March 31, 2025, a 34% increase from $269.1 million in the same period last year. The company achieved a net income of $11.4 million, a substantial turnaround from a net loss of $21.1 million in the prior year. This improvement in profitability was attributed to a 29% increase in active customers, which rose to approximately 8 million, and a 41% increase in send volume, totaling $16.2 billion.

The company's operational metrics showed notable changes compared to the previous fiscal period. Transaction expenses increased by 35% to $121.4 million, reflecting the higher volume of remittance transactions processed. Despite this rise in expenses, the overall cost structure improved, with total costs and expenses growing at a slower rate of 21% to $349.4 million. This resulted in a significant increase in income from operations, which reached $12.2 million, compared to a loss of $20 million in the same quarter of 2024.

Strategically, Remitly has focused on expanding its global footprint and enhancing its product offerings. The company operates in over 170 countries and has developed a robust network of funding and disbursement partnerships, allowing it to efficiently complete money transfers across more than 5,200 corridors. The company continues to invest in its technology infrastructure to improve customer experience and operational efficiency. As of March 31, 2025, Remitly had 203.8 million shares of common stock outstanding, reflecting ongoing employee stock option exercises and participation in its employee stock purchase plan.

Looking ahead, Remitly's management expressed optimism about sustaining growth through continued customer acquisition and retention strategies. The company plans to leverage its mobile-first approach and enhance its marketing efforts to attract new users. Additionally, Remitly aims to expand its service offerings and geographic reach, which are expected to contribute positively to future revenue growth. The company maintains a strong liquidity position, with cash and cash equivalents of $493.9 million, which it believes will be sufficient to meet its operational needs for at least the next twelve months.