Remitly will be valued at nearly $7 billion when it goes public on Thursday.
The Seattle company priced shares at $43 on Wednesday evening, above its expected range of $38-to-$42, valuing the fintech giant at $6.9 billion.
Remitly shares will begin trading Thursday morning on the NASDAQ under the ticker RELY.
The company will raise more than $300 million as part of the IPO, one of the largest for a Seattle-area tech company.
Remitly’s last valuation was $1.5 billion in July.
Founded in 2011, Remitly’s mobile technology lets people send and receive money across borders, including immigrants in the U.S. and U.K. who support families back home in countries such as the Philippines, India, El Salvador, and others. The service eliminates forms, codes, and agents typically associated with the international money transfer process.
The company posted $202 million in revenue and a $9.2 million net loss in the first six months of this year. It generated $257 million in revenue and a $32.5 million net loss in 2020, doubling its annual revenue and cutting its loss nearly in half.
Remitly competes against a number of other cross-border money transfer companies, including Wise (formerly TransferWise), which was valued at $11 billion after going public via direct listing in July, and Zepz (previously WorldRemit), which raised $292 million in a Series E funding round earlier this month.
We’ll have additional coverage of Remitly’s IPO on Thursday, so check back on Mekhato for updates.