US remittance processor Remitly hires advisers for IPO: Report

Remitly has hired investment banks to prepare for an initial public offering (IPO) in New York this year that could value the U.S. remittance payments processor at around $5 billion, people familiar with the matter said on Thursday.

It would be a significant jump from the $1.5 billion valuation the Seattle-based company attained in its last private funding round in July 2020.

Founded in 2011, Remitly is backed by investment firms including Generation Investment Management, which was co-founded by former U.S. Vice President Al Gore; the family office of Amazon founder Jeff Bezos; and PayU, a unit of Prosus NV.