Remitly full year earnings reveal that active customers increase to 5.9 million, from 4.2 million, up 41% in 2023. Send volume increases by 38% y-o-y to $11.1bn from $8.1bn. Meantime, revenue rises by 39% to $264.8m. A net loss for fiscal 2023 of $117.8m compares to a net loss of $114.0m the prior year. Adjusted EBITDA was $44.5m compared to $(13.6m).

“Our strong fourth quarter and full year 2023 performance is the direct result of delighting our customers with a reliable and fast cross-border payments experience,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “We see significant opportunities ahead to continue driving strong customer growth and sustainably improving our profitability.”

Fourth quarter highlights include adjusted EBITDA of $8.2m compared to $7.5 million the year-ago quarter.

2023 highlights included a collaboration with Mastercard announced in October. Remitly integrated Mastercard’s Send and Cross-Border Services to provide customers more choice in how they send and receive money abroad. And in August, Hana Bank subsidiary, GLN International, partnered with Remitly, to boost Korean remittances.

2024 financial outlook

For fiscal year 2024, Remitly currently expects total revenue in the range of $1,225 million to $1,250 million. This represents a growth rate of 30% to 32% y-o-y. It expects to remain in a GAAP net loss position for 2024 and for adjusted EBITDA to be in the range of $75m to $90m.

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