In a confidence vote for more modern remittance technology, shares of Remitly Global Inc. rose more than 20% in their initial-public-offering debut on Thursday.
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Opened at $ 52.90, above the company’s $ 43 IPO price, which in itself came in between কোম্প 38 and $ 42 of the company’s proposed price. The stock was slightly lower after the first trade and recently changed hands above $ 50.
The company, which has raised 30 301 million through its offer, sees this as a huge market opportunity as it seeks to simplify the process of allowing immigrants to send money to relatives living abroad. Remittance inflows to low- and middle-income countries formally target an বাজার 540 billion address market. The agency is serving immigrants who are told they often have to pay extra fees or deal with unscrupulous operators when trying to send funds in the traditional way.
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“Influenced by banks, brick-and-mortar location operators, and informal channels, players in this market typically rely on different inheritance systems and processes,” Remitley said in his prospectus. “This results in poor customer experience and additional operating costs that are passed on to the customer.”
The company earned ২০ 2021.1 million in the first six months of 2021, up from ৫ 105.1 million in the first six months of 2020. It lost ২ 9.2 million in the first six months of 2021, down from ২১ 21.1 million in the first six months of 2020.
Looking beyond remittances, the company sees room to expand into financial services more broadly with offers suitable for the immigrant population. Last year Rimitly launched its Passbook mobile app, which allows customers to access digital banking services provided by a partner bank, and has seen it “initially encourage adoption” since the rollout began.
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So far the year has seen an 8% gain, while the S&P 500 SPX,