William Blair initiated research coverage of Remitly Global, Inc. (RELY $38.30), which provides financial services, primarily to immigrants.
“Founded in 2011, Remitly Global is a cloud-based, API-driven platform that is focused on providing financial services to immigrants,” Napoli said. “The company’s tech platform supports seamless integration with a growing list of global partners and serves as an efficient distribution platform of new services at scale.”
Kennedy added. “We estimate over 90% of revenue is from money remittance services. However, Remitly launched new solutions in 2020 that should help leverage its global platform and diversify its revenue base. Over 5 million customers have transacted via Remitly since its founding, with 2.4 million active users in the June quarter, and remittance volume exceeded $16 billion over the last 12 months.”
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Current Ratings Distribution (as of 10/15/21)
Outperform (Buy): 76%
Market Perform (Hold): 24%
Underperform (Sell): 1%
Inv. Banking Relationships*
Outperform (Buy): 31%
Market Perform (Hold): 14%
Underperform (Sell): 0%
* Percentage of companies in each rating category that are investment banking clients, defined as companies for which William Blair has received compensation for investment banking services within the past 12 months.
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