Susanna Morgan, chief financial officer at Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY), is stepping down later this year.
The move was announced Thursday as part of the company's earnings report for the first quarter of 2022. Morgan will remain as an adviser to the company until Sep. 30. The company did not say exactly when she would leave her position as CFO.
Remitly said in a release a search is underway for a new CFO.
Morgan has overseen major growth at the company since joining as CFO in 2018. Under her guidance, Remitly raised rounds of $220 million in 2019 and $85 million in 2020. The company went public on the Nasdaq in September.
"Our vision has always been much larger than remittances," Morgan told the Business Journal in 2020. "You can expect to see us taking additional steps in the future to bring peace of mind to immigrants with a suite of financial services that work for them and they can trust."
Before joining Remitly, Morgan was the senior vice president of finance and investor relations at Bellevue-based Apptio, where she spent about three years, according to her LinkedIn page. Before that, she was senior vice president of finance at Bellevue-based Concur. SAP acquired Concur in 2014.
Remitly, founded in 2011, helps customers send and receive money internationally through a bank deposit, mobile money, home delivery or a cash pickup. The company also launched a digital spending account designed for immigrants in 2020 called Passbook, which doesn't require a Social Security number. Remitly's services are available in more than 160 countries, according to the company.
Remitly generated $136 million in revenue during the first quarter, up 49% year over year. Net loss for the quarter was $23.3 million, up from $7.8 million during the first quarter of 2021. The company expects to generate revenue of between $610 million and $620 million this year, up from its previous expectation of $605 million to $615 million.
"We have raised our revenue outlook for 2022 as we are seeing the benefit from strong repeat usage and new customer growth at highly attractive unit economics," Remitly co-founder and CEO Matt Oppenheimer said in a news release. "We plan to continue our disciplined investments in redefining the remittance experience, developing new products for immigrants and expanding across the globe."
Shares tumbled Friday, closing down 20% from Thursday's close at $10.39. The company's stock has struggled since its public debut in September, sliding nearly 85% from a high of $53.65.
