VMS Affiliated Fund’s Invested Company Remitly Successfully Listed on Nasdaq
We are pleased to announce that Remitly Global, Inc. (“Remitly” or the “Company”, NASDAQ:RELY), a portfolio company of our affiliated fund Princeville Global II L.P., has successfully completed its listing on the Nasdaq Stock Exchange on September 23, 2021 with Goldman Sachs and JP Morgan as the lead bookrunners. The listing price of the stock was US$43 per share and closed at US$47.85 per share that day.
Headquartered in Seattle and founded in 2011, Remitly is a leading digital financial services provider, enabling users to make person-to-person money transfers in over 135 countries around the world. The Company sees a big market opportunity as the simplified process allows users especially immigrants to send money to relatives living abroad. Remitly is targeting an addressable market of US$540bn in remittance flows sent to low- and medium-income countries. Remitly recorded US$202.1mn in revenue during the first six months of 2021, up from US$105.1mn during the first six months of 2020.
Princeville Global, VMS’s strategic partner, has invested in Remitly since July 2019. Together with Princeville Global, we are optimistic about Remitly’s technology, business model and market potentials since early days, and will fully support its rapid growth to benefit more users. We are committed to identifying distinctive companies with high growth potential such as Remitly to deliver the best returns to investors.
If you would like to hear the latest updates on the Firm and the Fund, please feel free to contact our Investor Relations team at IR@VMSIG.COM.