Reuters exclusively reports U.S. remittance processor Remitly hires advisers for IPO

Reuters exclusively reported that Remitly Inc has hired investment banks to prepare for an IPO in New York this year that could value the U.S. remittance payments processor at around $5 billion. 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.com founder Jeff Bezos; and PayU, a unit of Prosus NV.