Seattle-based remittance company Remitly Global Inc. (Nasdaq: RELY) has named a new chief financial officer.
Earlier this month, Vikas Mehta took over the CFO role for Hemanth Munipalli, who joined Remitly as CFO in 2022. Munipalli is leaving Remitly for family reasons, according to Remitly, but he will remain with the company through the end of September to help with the transition.
“Vikas’s impressive track record leading finance functions at high-growth companies, experience driving public company and investor relations strategy, and commitment to data-driven decision-making will be invaluable," Remitly co-founder and CEO Matt Oppenheimer said in a release.
Mehta is joining Remitly from San Francisco-based health care tech company Komodo Health, where he spent more than a year as the CFO. He has also held the CFO role at the software company Anaplan and for Nike's direct-to-consumer business, according to his LinkedIn page, and he spent about 10 years at Microsoft earlier in his career.
Mehta is based in Seattle, Remitly said in a news release.
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Mehta is the latest recent addition to Remitly's leadership ranks. 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.
In May, Remitly co-founder Josh Hug relinquished the chief operating officer role and now serves as vice chair and as a member of the board, with the rest of Remitly's leadership team now sharing the role's responsibilities.
Remitly was founded in 2011 and went public in 2021. The company allows customers to send money internationally through a bank deposit, cash pickup or mobile wallet. Its 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.
Munipalli joined Remitly from Expedia, where he was CFO of the company's marketplace and services divisions. He spent close to six years at Expedia, and he spent more than two years as CFO of General Motors China.
"I am proud of what we have accomplished and look forward to supporting a smooth transition," Munipalli said in the release.
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