Remitly CEO Matt Oppenheimer discusses the company's billion-dollar revenue in FY 2024 and outlines their strategies for 2025.
In the digital remittance sector, Remitly Global has made significant strides in 2024, recording impressive growth and operational improvements. The company's success is evident in its financial performance, customer base, and geographic diversification.
## Achievements in 2024
The year 2024 saw Remitly's revenue soar by 33.85%, reaching $1.26 billion, up from $944.29 million in the previous year. This growth was driven by a surge in customer transactions and active user growth. The company demonstrated operational efficiency by nearly doubling its adjusted EBITDA projections, showcasing strong financial management and profitability.
Remitly also successfully diversified its business across different geographies and product offerings, reducing its dependence on any single market.
## Plans for Further Growth in 2025
Remitly started 2025 with a strong first quarter, reporting a 34.4% year-over-year revenue growth. This momentum is attributed to expanding customer engagement and targeted product enhancements for high-value senders.
The company has made efficiency gains in marketing spend and improved direct partner integrations to speed up transactions and lower costs. Remitly has slightly lifted its revenue guidance for the full year 2025 to $1.58 billion at the midpoint, indicating confidence in its growth trajectory.
Despite strong results, Remitly remains cautious due to potential macroeconomic uncertainties. It anticipates increased stock-based compensation expenses and marketing investments in the second quarter of 2025, which could impact short-term profitability.
## Future Plans
Remitly predicts 2025 could be its first year seeing positive GAAP net income. The company is also expanding services for existing and new customers and working on enhancing marketing ROI. Artificial Intelligence (AI) plays a significant role in enhancing productivity at Remitly.
Remitly's share price rose after its 2024 results and has continued an upward trend for the year so far. The company achieved annual revenue of over $1 billion for the first time in 2024, and its EBITDA grew by 203% YoY, reaching $135 million.
While this article does not provide new information about Remitly's financial performance or future predictions, it underscores the company's commitment to growth, operational efficiency, and customer engagement in the competitive cross-border payments industry.
In the context of Remitly's continuous growth in the digital remittance sector, their focus on expanding their business across various geographies and product offerings demonstrates a strategic approach in the field of technology, aimed at reducing dependence on individual markets and improving financial performance.
In light of the success Remitly has achieved in 2024, they are forecasting 2025 as a year towards achieving a positive GAAP net income and further growth, with a focus on artificial intelligence to boost productivity, enhance marketing ROI, and engage existing and new customers more effectively. Their plans for 2025 also include an increased investment in marketing and continued focus on technology to improve efficiency and maintain a competitive edge in the cross-border payments business.
