Payments Briefing: Deciphering Remitly’s profitability playbook with Matt Oppenheimer
- Remitly is striking the right chords with its growth strategies, as evidenced by its strong performance in the final quarter and full-year results of 2023.
- CEO Matt Oppenheimer discusses how Remitly differentiates itself in the competitive money transfer market and the role of effective marketing in driving profitability.
by SARA KHAIRI
Online money transfer provider, Remitly, is striking the right chords with its growth strategies, as evidenced by its strong performance in the final quarter and full-year results of 2023.
Source: Remitly
In comparison to the fourth quarter of 2022; active customers increased 41% to 5.9 million, revenue soared 39%, and totaled $264.8 million, while net loss was $35 million, compared to a net loss of $19.4 million. Among the highlights of the results was the company’s announcement of its inaugural positive full-year adjusted EBITDA figures, achieving an adjusted EBITDA margin of 4.7%.
“One of the most exciting phenomena to observe in our business is that the trust we build with customers directly feeds our flywheel, accelerating growth and deepening our competitive moat,” said Matt Oppenheimer, co-founder and CEO of Remitly. “The more we succeed in building trusted relationships with customers, the more we’re able to scale.”
He also believes the firm has opportunities to continue driving high-return investments across four priorities.
These include:
