Remitly Global, Inc. reported significant financial growth in its 2024 fiscal year, with total revenue reaching $1.26 billion, a 34% increase from $944.3 million in 2023. The company's net loss narrowed to $37.0 million, compared to a loss of $117.8 million the previous year, reflecting improved operational efficiency and a growing customer base. The increase in revenue was primarily driven by a 32% rise in active customers, which reached approximately 7.8 million, and a 38% increase in send volume, totaling $54.6 billion for the year.
The company experienced notable changes in its operational metrics, with transaction expenses rising to $431.6 million, up 31% from the previous year, largely due to increased transaction volumes. Despite this rise, transaction expenses as a percentage of revenue decreased slightly to 34%, indicating improved cost management. Marketing expenses also increased by 30% to $303.8 million, reflecting the company's ongoing investment in customer acquisition and brand awareness. Additionally, Remitly's technology and development expenses rose by 23% to $269.8 million, underscoring its commitment to enhancing its digital platform.
Strategically, Remitly completed the acquisition of Rewire in January 2023, which is expected to enhance its service offerings and expand its geographic reach. The integration of Rewire is anticipated to create synergies that will further drive customer engagement and retention. The company continues to focus on expanding its global disbursement network, which now spans over 5,100 corridors, and aims to deepen relationships with existing customers while attracting new ones through innovative product offerings.
As of December 31, 2024, Remitly had cash and cash equivalents of $368.1 million, alongside a revolving credit facility with $325 million in commitments. The company reported a strong liquidity position, which it expects will support its operational needs and growth initiatives over the next twelve months. Looking ahead, Remitly anticipates continued growth in its customer base and send volume, although it acknowledges potential challenges related to market conditions and competition in the cross-border payments sector. The company remains committed to investing in technology and customer experience to maintain its competitive edge in the evolving financial services landscape.
About Remitly Global, Inc.
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