Matt Oppenheimer, co-founder and CEO of the Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY), doesn't recommend focusing solely on an initial public offering as an end goal.
Oppenheimer guided Remitly through its IPO in 2021. For other companies looking to go public, Oppenheimer said it's important to instill a focus on the long term before reaching the public markets.
"The rest, in terms of if and when to go public and other things, will happen if and when they're supposed to, but that foundation, I think, is super important," he said. "You can't control short-term capital markets and when companies are going public versus not, but you can control what is the culture that you're setting."
Remitly shares closed at $10.02 on Tuesday, down more than 81% since the price jumped to $53.65 when the company first went public on Sept. 23 last year. Oppenheimer said despite the volatility, the Remitly team is staying focused, and the company is committed to being prudent with its investments.
Remitly was founded in 2011. Customers using its services can send money abroad through a bank deposit, cash pickup, mobile money and home delivery. Remitly also provides a digital spending account called Passbook that is designed for immigrants and doesn't require a Social Security number. The company generated $169.3 million in revenue during the third quarter, up from $121.2 million in Q3 2021.
Oppenheimer said Remitly has more than 2,000 employees globally. The company has offices at 1111 Third in downtown Seattle and doesn't have immediate plans to grow that. Oppenheimer said the company isn't going fully remote but has a flexible work model.
"We're continuing to navigate how to both be effective and make sure we have the culture and community that we want to build that I think some in-person interaction helps contribute to," he said. "People do want community."
