Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) has named Hemanth Munipalli as the company's new chief financial officer.
Munipalli, most recently the CFO for Expedia's marketplace and services divisions, will officially take the role July 18. He is replacing Susanna Morgan, who had been Remitly's CFO since 2018.
“Hemanth brings more than 20 years of top-tier finance leadership to Remitly, with a proven track record in multinational consumer-facing organizations,” Matt Oppenheimer, Remitly's co-founder and CEO, said in a news release. “His breadth of financial expertise, strategic mindset, and background as a strong business leader will be incredibly valuable to us."
Munipalli spent close to six years at Expedia, according to his LinkedIn page. Prior to that, Munipalli spent more than three years as the CFO of Egencia, Expedia's corporate travel arm that it sold to American Express Global Business Travel last year. Before Expedia, he was the CFO of General Motors China for more than two years.
“I am excited for the opportunity to support Remitly through the next phase of growth and building long-term value,” Munipalli said in a news release. “The future for digital financial services designed for immigrants is bright, with boundless opportunities."
Morgan will stay at Remitly as an adviser through the end of September, according to the company. She helped Remitly raise rounds of $220 million in 2019 and $85 million in 2020.
Remitly has made multiple C-level hires so far this year. In February, the company hired Ankur Sinha, a former Microsoft and Google executive, as chief technology officer to replace Karim Meghji, the company's CTO since October 2020.
Remitly was founded in 2011. Its technology allows customers to send and receive money internationally through a bank deposit, mobile money, home delivery and cash pickup. In 2020, Remitly launched a digital spending account designed for immigrants called Passbook, which doesn't require a Social Security number.
As of Tuesday morning, Remitly's stock was trading at $10.30, down more than 80% since the company's high of $53.65 after debuting on the Nasdaq last September.
