Expansion Plans of Remitly Worldwide: CEO Matt Oppenheimer Discusses FY 2021 Financial Results
In a recent interview, Remitly CEO Matt Oppenheimer discussed the company's impressive results and plans for the future.
Remitly, a leading digital remittance company, saw a significant surge in its revenue and customer base in 2021. The company's revenue for the fiscal year (FY) 2021 reached $459 million, marking a 78% year-over-year (yoy) increase. This growth was particularly noticeable in the fourth quarter (Q4) of 2021, where revenue rose by 69% to $135 million.
The company also expanded its reach in 2021, adding more than 700 new payment corridors, bringing its total number of corridors to over 2,100. This expansion has enabled Remitly to serve a wider range of customers and regions. However, the company remains tight-lipped about its plans to enter specific countries or regions in the future to further expand its global disbursement network.
Despite the overall remittance market only seeing single digit growth, Remitly is growing at a much higher rate. This is reflected in the 50% yoy increase in active customers the company saw in 2021. Remitly also achieved 90% revenue retention in its operations, a testament to the satisfaction of its existing customers.
Looking ahead, Remitly is focusing on building its global disbursement network in 2022. The company is planning to invest in more financial services to enhance its offerings and provide a better remittance experience for its customers. While the exact details of these investments and expansion plans remain undisclosed, it is clear that Remitly is committed to reinventing the remittance experience and continuing its growth trajectory.
Stay tuned for more updates on Remitly's plans and achievements in 2022.
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