Mission Statement, Vision, & Core Values (2024) of Remitly Global, Inc. (RELY)

An Overview of Remitly Global, Inc. (RELY)

General Summary of Remitly Global, Inc.

Remitly Global, Inc. (RELY) was founded in 2011, primarily focusing on providing digital remittance services to help immigrants send money back home. The company has evolved to serve over 7.3 million active customers as of September 30, 2024, reflecting a growth of 35% compared to the same period in 2023. Remitly's primary products include remittance services that facilitate cross-border money transfers via its mobile and web platforms, allowing users to send money to family and friends in over 170 countries.

As of 2024, Remitly has reported a significant increase in its sales, with a total send volume of $14.5 billion for the three months ended September 30, 2024, and $39.2 billion for the nine months ended September 30, 2024, marking a 42% and 38% increase respectively compared to the same periods in 2023.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, Remitly reported a revenue of $336.5 million, a 39% increase from $241.6 million in the same quarter of 2023. Over the nine-month period, total revenue reached $912.1 million, up from $679.5 million, representing a 34% growth year-over-year.

The company's net income for the third quarter of 2024 was $1.9 million, recovering from a net loss of $35.7 million in the third quarter of 2023. For the nine months ended September 30, 2024, the net loss was $31.3 million, an improvement from the $82.8 million loss in the same period of the previous year.

Transaction expenses increased to $115.6 million in Q3 2024 from $85.7 million in Q3 2023, primarily due to higher volumes of remittance transactions. The total costs and expenses for the three months ended September 30, 2024, were reported at $336.2 million, up from $278.5 million in the same period of 2023.

Introduction to Remitly as a Leader in the Industry

Remitly is recognized as a leader in the digital remittance sector, leveraging technology to enhance customer experience and streamline the money transfer process. The company's focus on mobile-first solutions and customer-centric services has driven its rapid growth and customer retention. As of September 2024, Remitly’s active customer base has expanded significantly, indicating its strong market presence and the effectiveness of its expansion strategies.

The following table summarizes key financial metrics and performance indicators for Remitly Global, Inc. as of September 30, 2024:

Mission Statement of Remitly Global, Inc. (RELY)

Mission Statement of Remitly Global, Inc. (RELY)

Remitly Global, Inc. is committed to transforming the way people send money across borders. The company's mission statement emphasizes its dedication to providing the most trusted financial services for cross-border payments. This mission is crucial as it guides the company towards achieving its long-term goals, focusing on customer satisfaction, innovation, and global expansion.

Core Component 1: Customer-Centric Approach

At the heart of Remitly's mission is a strong customer-centric approach. The company aims to deliver exceptional service tailored to the needs of its users. As of September 30, 2024, Remitly had approximately 7.3 million active customers, reflecting a 35% increase from the previous year. This growth is attributed to enhanced customer experience initiatives and the expansion of its global disbursement network.

Core Component 2: Innovation in Technology

Innovation is another key pillar of Remitly's mission. The company invests significantly in technology to streamline operations and improve user experience. For instance, Remitly's revenue increased by 39% to $94.9 million for the three months ended September 30, 2024, primarily driven by the adoption of its digital platform. The company continues to focus on developing new features that facilitate easier transactions for its customers.

Core Component 3: Global Expansion

Global expansion is a critical aspect of Remitly's mission. The company operates in over 170 countries, with significant send volume to regions like India, Mexico, and the Philippines. The send volume increased to $14.5 billion for the three months ended September 30, 2024, representing a 42% growth compared to the same period in 2023. This expansion strategy is vital for reaching new customers and enhancing the company's market presence.

Through its mission statement, Remitly Global, Inc. (RELY) demonstrates a robust commitment to enhancing the customer experience, leveraging technology for innovation, and pursuing aggressive global expansion strategies, thereby positioning itself as a leader in the remittance industry.

Vision Statement of Remitly Global, Inc. (RELY)

Vision Statement Overview

Remitly Global, Inc. (RELY) envisions a world where people can send money across borders easily and securely, empowering families and communities globally. Their commitment to innovation and customer-centric solutions drives this vision.

Commitment to Customer Empowerment

Remitly's vision emphasizes empowering customers through accessible financial services. As of September 30, 2024, the company reported an active customer base of approximately 7.31 million, reflecting a 35% increase from the previous year.

Global Reach and Accessibility

The company aims to enhance its global footprint, allowing users to send money to over 170 countries. For the three months ended September 30, 2024, Remitly facilitated a send volume of $14.49 billion, a growth of 42% year-over-year.

Innovation and Technology Integration

Remitly focuses on leveraging technology to improve user experience and streamline operations. For instance, the company invested $68.4 million in technology and development in the nine months ending September 30, 2024. This investment supports their vision of creating a seamless digital remittance experience.

Sustainability and Ethical Practices

Part of Remitly's vision includes a commitment to sustainability and ethical practices in financial transactions. The company continues to develop initiatives that promote responsible financial behaviors while ensuring compliance with global regulations.

Financial Growth and Performance Metrics

Remitly reported a revenue increase of 39% to $94.9 million for the three months ended September 30, 2024, compared to the same period in 2023. This growth is indicative of the company's ability to scale its operations while adhering to its vision of providing accessible financial services.

Future Aspirations

Looking ahead, Remitly aims to expand its services and enhance its technological capabilities to better serve its customers. The company anticipates maintaining a strong growth trajectory, supported by its strategic initiatives and commitment to its vision.

Core Values of Remitly Global, Inc. (RELY)

Customer Centricity

Remitly Global, Inc. prioritizes customer centricity as a core value, emphasizing the importance of understanding and meeting the needs of its diverse customer base. This commitment is reflected in their user-friendly mobile platform and customer support initiatives.

For instance, Remitly reported an increase in active customers to approximately 7.3 million, representing a growth of 35% year-over-year as of September 30, 2024. The company has invested significantly in improving customer experience, which has contributed to this growth.

Furthermore, the send volume for the three months ended September 30, 2024, reached $14.5 billion, a 42% increase from $10.2 billion in the same quarter of 2023, indicating strong customer engagement.

Innovation

Innovation is at the heart of Remitly's operations, driving the development of new services and enhancements to existing products. The company continuously seeks to leverage technology to improve transaction efficiency and customer experience.

As of the nine months ended September 30, 2024, Remitly's investment in technology and development amounted to $199.2 million, compared to $160.7 million in the same period of 2023. This investment supports the ongoing enhancement of their mobile application and backend systems.

In 2024, Remitly introduced new send and receive corridors, expanding its network and improving service delivery. This strategic focus on innovation has positioned the company as a leader in the remittance industry.

Integrity

Integrity is a foundational value for Remitly, guiding its business practices and customer interactions. The company maintains transparency in its operations and prioritizes ethical behavior across all levels of its organization.

Remitly's commitment to integrity is evident in its compliance with regulatory requirements and its proactive measures to ensure customer data security. As of September 30, 2024, Remitly had no outstanding borrowings under its $325 million revolving credit facility, reflecting a strong balance sheet and prudent financial management.

The company's net income for the three months ended September 30, 2024, was $1.9 million, indicating a positive financial performance despite the competitive landscape.

Diversity and Inclusion

Remitly embraces diversity and inclusion as core values, recognizing the importance of a diverse workforce in driving innovation and understanding customer needs across various markets.

The company has implemented initiatives aimed at creating an inclusive workplace, which is essential for attracting and retaining top talent. As of September 30, 2024, Remitly reported that its workforce diversity initiatives had contributed to a more engaged and productive employee base.

In terms of operational scale, Remitly's send volume reflects its commitment to serving diverse communities, with significant remittance flows to countries like India, Mexico, and the Philippines.

Community Engagement

Remitly is dedicated to community engagement, recognizing its role in supporting the communities it serves. The company's initiatives are designed to foster relationships and contribute to the economic well-being of its customers.

In 2024, Remitly donated approximately $2.6 million in stock to support various community initiatives. This commitment to social responsibility enhances the company's reputation and strengthens customer loyalty.

Moreover, Remitly's active customer base, which has grown significantly, indicates the positive impact of its community engagement efforts.

Article updated on 8 Nov 2024

Resources:

• Remitly Global, Inc. (RELY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Remitly Global, Inc. (RELY)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Remitly Global, Inc. (RELY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.