Why Remitly Stock Popped Higher This Week
Shares of Remitly (NASDAQ: RELY) shot up over 10% this week, according to data from S&P Global Market Intelligence. The mobile-first remittance platform posted strong user and revenue growth last quarter, beating Wall Street expectations. As of 10:01 a.m. ET on Friday, shares of Remitly are up 14.5% in the last five trading days.
Remitly is a mobile-first platform that allows people to send money across international borders quickly and with low costs. Along with companies like Wise, Remitly is disrupting the legacy remittance market that traditionally had higher fees on international transfers. It is able to offer lower fees because of its digital-only model where customers can send money directly between two smartphones.
Last quarter (the last three months of 2022), Remitly's revenue grew 41% year over year to $191 million, significantly beating analyst estimates of $181 million for the period. This was driven by the number of active users growing 48% year over year to 4.2 million around the globe.
Source Fool.com
