Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial
services provider for immigrants and their families in over 135
countries around the world, reported results for the third quarter
ended September 30, 2021.
“As we exit our first quarter as a public company, we’re
incredibly grateful for the position we’re in to both create
positive business outcomes, as well as meaningful impact through
mission-driven work,” said Matt Oppenheimer, Remitly’s Chief
Executive Officer. “Remitly’s vision is to transform the lives of
immigrants and their families by providing the most trusted
financial services on the planet. Our strong results in the quarter
are a direct reflection of our customers' commitment to their
families and trust in Remitly.”
Third Quarter 2021 Highlights and Key Operating
Data:(All comparisons relative to the third quarter of
2020)
- Revenue totaled $121.2 million, compared to $71.8 million, up
69% year over year.
- Net loss was $13.0 million, compared to $2.4 million net loss.
The increase in Remitly's net loss was primarily due to the $6.9
million non-cash donation of common stock in connection with our
Pledge 1% commitment, as well as incremental stock-based
compensation expense.
- Adjusted EBITDA decreased to $0.3 million, compared to
$0.6 million.
- Send volume increased to $5.2 billion, from $3.2 billion, up
61% year over year.
- Active customers increased to 2.6 million, from 1.7 million, up
51% year over year.
- Average revenue per active customer increased 12% year over
year to $47.34.
2021 Financial Outlook:For fiscal year 2021,
Remitly currently expects:
- Total revenue in the range of $445 million to $450 million,
representing a growth rate of 73 to 75% year over year.
- Adjusted EBITDA in the range of $(17) million to $(19)
million.
A reconciliation of GAAP to non-GAAP financial measures has been
provided in the financial statement tables included in this
earnings release. An explanation of these measures is also included
below under the heading “Non-GAAP Financial Measures.” We have not
provided a quantitative reconciliation of forecasted Adjusted
EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP
income (loss) before income taxes within this earnings release
because we cannot, without unreasonable effort, calculate certain
reconciling items with confidence due to the variability,
complexity and limited visibility of the adjusting items that would
be excluded from forecasted Adjusted EBITDA. These items include
but are not limited to income taxes and stock-based compensation
expense which are directly impacted by unpredictable fluctuations
in the market price of our common stock.
Webcast Information Remitly will host a webcast
at 5:00 PM Eastern Time on Wednesday, November 10, 2021 to discuss
its third quarter 2021 financial results. The live webcast will be
accessible on Remitly’s website at https://ir.remitly.com/. A
webcast replay will be available on our website at
https://ir.remitly.com/ following the live event.
We have used, and intend to continue to use, the Investor
Relations section of our website at https://ir.remitly.com as a
means of disclosing material non-public information and for
complying with our disclosure obligations under Regulation FD.
Non-GAAP Financial MeasuresSome of the
financial information and data contained in this presentation, such
as adjusted EBITDA and non-GAAP operating expenses, have not been
prepared in accordance with United States generally accepted
accounting principles ("GAAP"). We regularly review our key
business metrics and non-GAAP financial measures to evaluate our
performance, identify trends affecting our business, prepare
financial projections, and make strategic decisions. We believe
that these key business metrics and non-GAAP financial measures
provide meaningful supplemental information for management and
investors in assessing our historical and future operating
performance. Adjusted EBITDA and non-GAAP operating expenses are
key output measures used by our management to evaluate our
operating performance, inform future operating plans, and make
strategic long-term decisions, including those relating to
operating expenses and the allocation of internal resources.
Remitly believes that the use of adjusted EBITDA and non-GAAP
operating expenses provide additional tools to assess operational
performance and trends in, and in comparing Remitly’s financial
measures with, other similar companies, many of which present
similar non-GAAP financial measures to investors. Remitly’s
non-GAAP financial measures may be different from non-GAAP
financial measures used by other companies. The presentation of
non-GAAP financial measures is not intended to be considered in
isolation or as a substitute for, or superior to, financial
measures determined in accordance with GAAP. Because of the
limitations of non-GAAP financial measures, you should consider the
non-GAAP financial measures presented herein in conjunction with
Remitly’s financial statements and the related notes thereto.
Please refer to the non-GAAP reconciliations in this press release
for a reconciliation of these non-GAAP financial measures to the
most comparable financial measure prepared in accordance with
GAAP.
We calculate adjusted EBITDA as net loss adjusted by i) interest
expense, net; ii) provision for income taxes; iii) noncash charge
of depreciation and amortization; iv) other expense (income), net,
including gains and losses from the remeasurement of foreign
currency assets and liabilities into their functional currency; and
v) non-cash stock-based compensation expense, as well as non-cash
charges associated with our donation of common stock in connection
with our Pledge 1% commitment. We calculate non-GAAP operating
expenses as our GAAP operating expenses adjusted by i) non-cash
stock-based compensation expense, as well as ii) non-cash charges
associated with our donation of common stock in connection with our
Pledge 1% commitment.
Forward Looking StatementsThis press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact are forward-looking
statements. These statements include, but are not limited to,
statements regarding our future operating results and financial
position, including our fiscal year 2021 financial outlook,
including forecasted fiscal year 2021 revenue and adjusted EBITDA,
anticipated future expenses and investments, expectations relating
to certain of our key financial and operating metrics, our business
strategy and plans, market growth, our market position and
potential market opportunities, and our objectives for future
operations. The words “believe,” “may,” “will,” “estimate,”
“potential,” “continue,” “anticipate,” “intend,” “expect,” “could,”
“would,” “project,” “plan,” “target,” and similar expressions are
intended to identify forward-looking statements. Forward-looking
statements are based on management’s expectations, assumptions, and
projections based on information available at the time the
statements were made. These forward-looking statements are subject
to a number of risks, uncertainties, and assumptions, including
risks and uncertainties related to: our ability to successfully
execute our business and growth strategy, our ability to achieve
and maintain future profitability, our ability to further penetrate
our existing customer base and expand our customer base in existing
and new corridors, our ability to expand into broader financial
services, our ability to expand internationally, the effects of
seasonal trends on our results of operations, our expectations
concerning relationships with third parties, including strategic,
banking and disbursement partners, our ability to obtain, maintain,
protect, and enhance our intellectual property and other
proprietary rights, our ability to keep data and our technology
platform secure, the success of any acquisitions or investments
that we make, our ability to compete effectively, and our ability
to stay in compliance applicable laws and regulations, our ability
to buy foreign currency at generally advantageous rates, and the
effects of changes to immigration laws, macroeconomic conditions
and geopolitical forces on our customers and business operations.
It is not possible for our management to predict all risks, nor can
we assess the impact of all factors on our business or the extent
to which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. In light of these risks,
uncertainties, and assumptions, our actual results could differ
materially and adversely from those anticipated or implied in the
forward-looking statements. Further information on risks that could
cause actual results to differ materially from forecasted results
are included in our filings with the Securities and Exchange
Commission (SEC) including our final Prospectus dated September 22,
2021, filed with the SEC pursuant to Rule 424(b), copies of which
are available on our website at https://ir.remitly.com and on the
SEC’s website at www.sec.gov. Except as required by law, we assume
no obligation to update these forward-looking statements, or to
update the reasons if actual results differ materially from those
anticipated in the forward-looking statements.
About RemitlyRemitly is a leading digital
financial services provider for immigrants and their families in
over 135 countries around the world. Its vision is to transform the
lives of immigrants and their families by providing the most
trusted financial services on the planet. Through its cross-border
remittances, Remitly helps immigrants send money home in a safe,
reliable, and transparent manner via its digitally-native app,
which eliminates the long wait times, complexities and fees typical
of traditional remittance processes. Passbook by Remitly, a money
management app specifically designed for immigrants in the United
States, eliminates fees and other common barriers to storing,
spending, and sending money. Remitly for Developers allows
companies to offer locally relevant payout options to customers
with a simple API integration. Remitly is headquartered in Seattle
and has offices around the world, including London, Kraków, Manila
and Managua. For more information, visit Remitly.com, Passbook.app,
and developer.remitly.com.
Contacts
Media:Danielle Vincentremitly@inkhouse.com
Investors:Stephen ShulsteinVice President of
Investor Relationsstephens@remitly.com
REMITLY GLOBAL,
INC.Condensed Consolidated Statements of
Operations(unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands, except per
share amounts) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
$ |
121,244 |
|
|
|
$ |
71,790 |
|
|
|
$ |
323,350 |
|
|
|
$ |
176,939 |
|
|
Costs and
expenses |
|
|
|
|
|
|
|
Transaction expenses(1) |
47,560 |
|
|
|
28,046 |
|
|
|
135,175 |
|
|
|
74,256 |
|
|
Customer support and
operations(1) (2) |
12,005 |
|
|
|
7,632 |
|
|
|
32,435 |
|
|
|
17,795 |
|
|
Marketing(1) (2) |
30,365 |
|
|
|
18,816 |
|
|
|
82,639 |
|
|
|
50,923 |
|
|
Technology and development(1)
(2) |
18,123 |
|
|
|
10,380 |
|
|
|
44,965 |
|
|
|
29,439 |
|
|
General and administrative(1)
(2) |
24,539 |
|
|
|
7,667 |
|
|
|
47,429 |
|
|
|
22,008 |
|
|
Depreciation and
amortization |
1,319 |
|
|
|
1,002 |
|
|
|
3,890 |
|
|
|
2,859 |
|
|
Total costs and expenses |
133,911 |
|
|
|
73,543 |
|
|
|
346,533 |
|
|
|
197,280 |
|
|
Loss from operations |
(12,667 |
) |
|
|
(1,753 |
) |
|
|
(23,183 |
) |
|
|
(20,341 |
) |
|
Interest income |
82 |
|
|
|
7 |
|
|
|
92 |
|
|
|
181 |
|
|
Interest expense |
(512 |
) |
|
|
(247 |
) |
|
|
(1,048 |
) |
|
|
(1,027 |
) |
|
Other income (expense),
net |
396 |
|
|
|
(241 |
) |
|
|
3,044 |
|
|
|
(1,737 |
) |
|
Loss before provision for income taxes |
(12,701 |
) |
|
|
(2,234 |
) |
|
|
(21,095 |
) |
|
|
(22,924 |
) |
|
Provision for income
taxes |
261 |
|
|
|
195 |
|
|
|
1,085 |
|
|
|
635 |
|
|
Net loss |
$ |
(12,962 |
) |
|
|
$ |
(2,429 |
) |
|
|
$ |
(22,180 |
) |
|
|
$ |
(23,559 |
) |
|
Deemed dividend on redeemable convertible preferred stock |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss attributable to common stockholders |
$ |
(12,962 |
) |
|
|
$ |
(2,429 |
) |
|
|
$ |
(22,180 |
) |
|
|
$ |
(23,559 |
) |
|
Net loss per share
attributable to common stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.41 |
) |
|
|
$ |
(0.11 |
) |
|
|
$ |
(0.85 |
) |
|
|
$ |
(1.11 |
) |
|
Weighted-average shares used
in computing net loss per share attributable to common
stockholders: |
|
|
|
|
|
|
|
Basic and diluted |
31,641,400 |
|
|
|
21,868,865 |
|
|
|
26,055,903 |
|
|
|
21,186,012 |
|
|
(1) Exclusive of depreciation and amortization, shown
separately, above.(2) Includes stock-based compensation
expense.
Stock-based Compensation Expense:
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Customer support and operations |
$ |
40 |
|
|
$ |
5 |
|
|
$ |
77 |
|
|
$ |
14 |
|
Marketing |
486 |
|
|
216 |
|
|
1,207 |
|
|
627 |
|
Technology and
development |
1,698 |
|
|
533 |
|
|
3,522 |
|
|
1,548 |
|
General and
administrative |
2,516 |
|
|
575 |
|
|
4,159 |
|
|
1,663 |
|
Total |
$ |
4,740 |
|
|
$ |
1,329 |
|
|
$ |
8,965 |
|
|
$ |
3,852 |
|
REMITLY GLOBAL,
INC.Condensed Consolidated Balance
Sheets(unaudited)
(in thousands except for share
and per share amounts) |
September 30,2021 |
|
December 31,2020 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
443,313 |
|
|
|
$ |
186,694 |
|
|
Disbursement prefunding |
108,770 |
|
|
|
101,558 |
|
|
Customer funds receivable, net |
79,243 |
|
|
|
50,729 |
|
|
Prepaid expenses and other current assets |
15,992 |
|
|
|
6,350 |
|
|
Total current assets |
647,318 |
|
|
|
345,331 |
|
|
Restricted cash |
302 |
|
|
|
1,381 |
|
|
Property and equipment,
net |
9,225 |
|
|
|
9,675 |
|
|
Operating lease right-of-use
assets |
6,052 |
|
|
|
5,605 |
|
|
Other non-current assets,
net |
1,972 |
|
|
|
997 |
|
|
Total assets |
$ |
664,869 |
|
|
|
$ |
362,989 |
|
|
Liabilities,
Redeemable Convertible Preferred Stock and Stockholders' Equity
(Deficit) |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
6,869 |
|
|
|
$ |
4,256 |
|
|
Borrowings |
— |
|
|
|
80,000 |
|
|
Customer liabilities |
104,683 |
|
|
|
54,819 |
|
|
Accrued expenses and other current liabilities |
57,699 |
|
|
|
39,742 |
|
|
Operating lease liabilities |
3,411 |
|
|
|
2,959 |
|
|
Total current liabilities |
172,662 |
|
|
|
181,776 |
|
|
Operating lease liabilities,
non-current |
3,623 |
|
|
|
4,008 |
|
|
Other non-current
liabilities |
901 |
|
|
|
827 |
|
|
Total liabilities |
$ |
177,186 |
|
|
|
$ |
186,611 |
|
|
Commitments and
contingencies |
|
|
|
Redeemable convertible
preferred stock, $0.0001 par value per share; 50,000,000 |
— |
|
|
|
387,707 |
|
|
and 132,674,735 shares authorized as of September 30, 2021 and
December 31, 2020; zero and 127,082,605 shares issued and
outstanding as of September 30, 2021 and December 31, 2020,
respectively; liquidation preference of zero and $399,815 as of
September 30, 2021 and December 31, 2020, respectively |
|
|
|
|
|
|
|
Stockholders' equity
(deficit) |
|
|
|
Common stock, $0.0001 par value; 725,000,000 and 190,000,000
shares |
16 |
|
|
|
2 |
|
|
authorized as of September 30, 2021 and December 31, 2020,
respectively; 163,765,500 and 24,289,906 shares issued and
outstanding, as of September 30, 2021 and December 31, 2020,
respectively |
|
|
|
|
|
|
|
Additional paid-in capital |
730,253 |
|
|
|
8,766 |
|
|
Accumulated other comprehensive income |
282 |
|
|
|
591 |
|
|
Accumulated deficit |
(242,868 |
) |
|
|
(220,688 |
) |
|
Total stockholders' equity (deficit) |
487,683 |
|
|
|
(211,329 |
) |
|
Total liabilities, redeemable convertible preferred stock, and
stockholders' equity (deficit) |
$ |
664,869 |
|
|
|
$ |
362,989 |
|
|
REMITLY GLOBAL,
INC.Condensed Consolidated Statements of Cash
Flows(unaudited)
|
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
Cash flows from
operating activities |
|
|
|
|
Net loss |
|
$ |
(22,180 |
) |
|
|
$ |
(23,559 |
) |
|
Adjustments to reconcile net
loss to net cash provided by (used in) operating activities |
|
|
|
|
Depreciation and amortization |
|
3,890 |
|
|
|
2,859 |
|
|
Stock-based compensation expense, net |
|
8,965 |
|
|
|
3,852 |
|
|
Donation of common stock |
|
6,933 |
|
|
|
— |
|
|
Other |
|
360 |
|
|
|
27 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Disbursement prefunding |
|
(7,212 |
) |
|
|
(30,345 |
) |
|
Customer funds receivable |
|
(29,072 |
) |
|
|
(13,465 |
) |
|
Prepaid expenses and other assets |
|
(9,491 |
) |
|
|
(4,952 |
) |
|
Operating lease right-of-use assets |
|
2,023 |
|
|
|
1,803 |
|
|
Accounts payable |
|
1,229 |
|
|
|
1,840 |
|
|
Customer liabilities |
|
50,284 |
|
|
|
(28,916 |
) |
|
Accrued expenses and other liabilities |
|
16,013 |
|
|
|
21,595 |
|
|
Operating lease liabilities |
|
(2,317 |
) |
|
|
(1,915 |
) |
|
Net cash provided by (used in) operating activities |
|
19,425 |
|
|
|
(71,176 |
) |
|
Cash flows from
investing activities |
|
|
|
|
Purchases of property and
equipment |
|
(1,347 |
) |
|
|
(1,825 |
) |
|
Capitalized internal-use
software costs |
|
(1,941 |
) |
|
|
(1,591 |
) |
|
Net cash used in investing activities |
|
(3,288 |
) |
|
|
(3,416 |
) |
|
Cash flows from
financing activities |
|
|
|
|
Proceeds from issuance of
common stock upon initial public offering and the private
placement, net of underwriting discounts and commissions and other
offering costs |
|
307,094 |
|
|
|
— |
|
|
Repayment of non-recourse
promissory note |
|
3,060 |
|
|
|
— |
|
|
Proceeds from issuance of
Series F convertible preferred stock, net of issuance costs |
|
2,980 |
|
|
|
84,855 |
|
|
Proceeds from exercise of
stock options |
|
7,519 |
|
|
|
1,995 |
|
|
Payment of debt issuance
costs |
|
(988 |
) |
|
|
— |
|
|
Repayments on borrowings,
net |
|
(80,000 |
) |
|
|
(45,000 |
) |
|
Net cash provided by financing activities |
|
239,665 |
|
|
|
41,850 |
|
|
Effect of foreign exchange
rate changes on cash, cash equivalents and restricted cash |
|
(262 |
) |
|
|
338 |
|
|
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
255,540 |
|
|
|
(32,404 |
) |
|
Cash, cash equivalents, and
restricted cash at beginning of period |
|
188,075 |
|
|
|
183,520 |
|
|
Cash, cash equivalents, and
restricted cash at end of period |
|
$ |
443,615 |
|
|
|
$ |
151,116 |
|
|
Supplemental
disclosure of cash flow information |
|
|
|
|
Cash paid for interest |
|
$ |
936 |
|
|
|
$ |
998 |
|
|
Cash paid for income
taxes |
|
303 |
|
|
|
334 |
|
|
Supplemental
disclosure of non-cash investing and financing
activities |
|
|
|
|
Operating lease right-of-use
assets obtained in exchange for operating lease liabilities |
|
$ |
2,532 |
|
|
|
$ |
1,523 |
|
|
Vesting of early exercised
options |
|
263 |
|
|
|
69 |
|
|
Initial public offering and
debt issuance costs incurred but not yet paid |
|
2,287 |
|
|
|
— |
|
|
Conversion of preferred stock
to common stock |
|
390,687 |
|
|
|
— |
|
|
Reconciliation of
cash, cash equivalents and restricted cash |
|
|
|
|
Cash and cash equivalents |
|
$ |
443,313 |
|
|
|
$ |
149,881 |
|
|
Restricted cash |
|
302 |
|
|
|
1,235 |
|
|
Total cash, cash equivalents
and restricted cash |
|
$ |
443,615 |
|
|
|
$ |
151,116 |
|
|
REMITLY GLOBAL,
INC.Reconciliation of GAAP to Non-GAAP
Data(unaudited)
Reconciliation of net loss to Adjusted
EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Net loss |
|
$ |
(12,962 |
) |
|
|
$ |
(2,429 |
) |
|
|
$ |
(22,180 |
) |
|
|
$ |
(23,559 |
) |
|
Add: |
|
|
|
|
|
|
|
|
Interest expense, net |
|
430 |
|
|
|
240 |
|
|
|
956 |
|
|
|
846 |
|
|
Provision for income taxes |
|
261 |
|
|
|
195 |
|
|
|
1,085 |
|
|
|
635 |
|
|
Depreciation and amortization |
|
1,319 |
|
|
|
1,002 |
|
|
|
3,890 |
|
|
|
2,859 |
|
|
Foreign exchange (gain) loss |
|
(396 |
) |
|
|
241 |
|
|
|
(3,044 |
) |
|
|
1,737 |
|
|
Donation of common stock |
|
6,933 |
|
|
|
— |
|
|
|
6,933 |
|
|
|
— |
|
|
Stock-based compensation expense |
|
4,740 |
|
|
|
1,329 |
|
|
|
8,965 |
|
|
|
3,852 |
|
|
Adjusted EBITDA |
|
$ |
325 |
|
|
|
$ |
578 |
|
|
|
$ |
(3,395 |
) |
|
|
$ |
(13,630 |
) |
|
Reconciliation of operating expenses to non-GAAP operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Customer support and operations |
|
$ |
12,005 |
|
|
$ |
7,632 |
|
|
$ |
32,435 |
|
|
$ |
17,795 |
|
Excluding: Stock-based compensation expense |
|
40 |
|
|
5 |
|
|
77 |
|
|
14 |
|
Non-GAAP customer support and operations |
|
$ |
11,965 |
|
|
$ |
7,627 |
|
|
$ |
32,358 |
|
|
$ |
17,781 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Marketing |
|
$ |
30,365 |
|
|
$ |
18,816 |
|
|
$ |
82,639 |
|
|
$ |
50,923 |
|
Excluding: Stock-based compensation expense |
|
486 |
|
|
216 |
|
|
1,207 |
|
|
627 |
|
Non-GAAP marketing |
|
$ |
29,879 |
|
|
$ |
18,600 |
|
|
$ |
81,432 |
|
|
$ |
50,296 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Technology and development |
|
$ |
18,123 |
|
|
$ |
10,380 |
|
|
$ |
44,965 |
|
|
$ |
29,439 |
|
Excluding: Stock-based compensation expense |
|
1,698 |
|
|
533 |
|
|
3,522 |
|
|
1,548 |
|
Non-GAAP technology and development |
|
$ |
16,425 |
|
|
$ |
9,847 |
|
|
$ |
41,443 |
|
|
$ |
27,891 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
General and administrative |
|
$ |
24,539 |
|
|
$ |
7,667 |
|
|
$ |
47,429 |
|
|
$ |
22,008 |
|
Excluding: Stock-based compensation expense |
|
2,516 |
|
|
575 |
|
|
4,159 |
|
|
1,663 |
|
Excluding: Donation of common stock |
|
6,933 |
|
|
— |
|
|
6,933 |
|
|
— |
|
Non-GAAP general and administrative |
|
$ |
15,090 |
|
|
$ |
7,092 |
|
|
$ |
36,337 |
|
|
$ |
20,345 |
|
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