Remitly Achieves Significant Growth in 2024 Financial Results
Outstanding Performance by Remitly Global, Inc.
In an impressive demonstration of their market strength, Remitly Global, Inc. (NASDAQ: RELY) recently announced its financial results for the fourth quarter and full year of 2024, demonstrating significant growth across all key metrics.
Exceptional Growth in Customer Base
Remitly saw its active customer base soar to 7.8 million in the fourth quarter, marking a remarkable 32% increase from the previous year. This growth reflects the company’s commitment to providing reliable digital financial services that resonate deeply with customers around the globe.
Revenue and Send Volume Surge
Alongside the increase in active users, Remitly reported an impressive 33% rise in revenue, reaching a total of $351.9 million. Additionally, the send volume escalated to $15.4 billion, up by 39% compared to the same quarter last year. These results underline Remitly's robust performance, driven by the increasing demand for cross-border remittance services.
Financial Highlights of 2024
The full-year results were equally impressive, with Remitly achieving total revenue of $1.264 billion, up 34% from the previous year. They also improved their adjusted EBITDA significantly, reaching $134.8 million compared to $44.5 million in 2023.
Net Loss Reduction
Remitly's net loss for the fourth quarter was significantly reduced to $5.7 million, a stark improvement compared to a net loss of $35 million in the previous year. For the year, the net loss was recorded at $37 million, considerably less than the $117.8 million loss reported in 2023. This indicates a positive trend toward profitability and operational efficiency.
Looking Ahead: 2025 Financial Outlook
As part of its 2025 outlook, Remitly is optimistic about future growth, projecting total revenue to fall between $1.565 billion and $1.58 billion, a growth rate of approximately 24% to 25% year over year. The company also expects to report positive net income and adjusted EBITDA in the range of $180 million to $200 million for the fiscal year.
2025 Expectations for Q1
For the first quarter of 2025, Remitly anticipates a revenue range of $345 million to $348 million, which represents an impressive growth rate of 28% to 29% compared to the same quarter in 2024. This growth will occur alongside expectations of adjusted EBITDA in the range of $36 million to $40 million.
Commitment to Innovation
Matt Oppenheimer, CEO and co-founder of Remitly, emphasized the company's dedication to delivering innovative solutions that meet customer needs. He expressed excitement about the opportunities ahead, bolstered by both product strength and customer loyalty.
Continuous Improvement in Services
By continually innovating their product offerings and prioritizing customer service, Remitly is positioning itself as a leading provider of digital financial services, benefiting from its global reach across over 170 countries.
Frequently Asked Questions
1. What were Remitly's key financial metrics for 2024?
Remitly reported an active customer base of 7.8 million and total revenue of $1.264 billion in 2024.
2. How did net loss change from the previous year?
The net loss was reduced to $37 million in 2024, down from $117.8 million in 2023.
3. What is Remitly’s projection for 2025 revenue?
Remitly projects 2025 revenue to be between $1.565 billion and $1.58 billion.
4. What growth has Remitly seen in send volume?
Send volume increased by 39% in 2024, totaling $54.6 billion for the year.
5. Who should I contact for media inquiries?
For media inquiries, please contact Kendall Sadler at kendall@remitly.com.
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