Seattle-based remittance company Remitly Global Inc. (Nasadq: RELY) is growing its footprint in Canada.
On Tuesday, the company announced a new office in New Westminster, British Columbia, in the Vancouver metro area. The 3,600-square-foot office at 11 Eighth St. can house up to 35 employees, according to a spokesperson for the company.
The spokesperson added that Remitly has a "small team" there now, and the company is "actively hiring and will continue to gauge our growth and explore larger offices to meet our evolving needs."
In a regulatory filing, Seattle-based Remitly said it had more than 2,700 employees as of the end of last year. The company is headquartered at 1111 Third Ave. downtown, and its website lists 10 international offices, and two business process offices, in India and Colombia. The New Westminster office would be its first in Canada.
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Remitly, founded in 2011, allows customers to send money internationally through a bank deposit, cash pickup or mobile wallet. The company went public in 2021. Remitly's services are available in more than 170 countries and territories.
Remitly generated $306.4 million in revenue during the second quarter, up 31% year over year. The company had 6.9 million active customers during the quarter, up from 5 million during the same period last year. Remitly's net loss in the second quarter was $12.1 million, down from $18.9 million during the second quarter of 2023.
In the past few months, Remitly has gone through a handful of leadership changes. The company in June named Spyro Karetsos, who previously worked for Google and TD Ameritrade, as its chief compliance officer. In May, Ronit Peled, former chief people officer at Bellevue-based education tech company DreamBox Learning, joined Remitly as chief people officer.
Remitly co-founder Josh Hug in May relinquished the chief operating officer role, and now serves as vice chair and as a member of the board. The rest of Remitly's leadership team now shares COO responsibilities.
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