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Remitly eyes IPO at $5bn valuation - Reuters

Remitly eyes IPO at $5bn valuation - Reuters

Digital remittance outfit Remitly has hired investment banks to lay the ground for an initial public offering at a $5 billion valuation, according to Reuters.

Goldman Sachs, JPMorgan Chase and Barclays have been brought in to advise on the potential IPO, which would take place in the second half of the year in New York, says Reuters, citing sources.

Founded in 2011, Remitly raised $85 million at a $1.5 billion valuation in a funding round last July.

The firm has established itself as a rival to old-school providers such as MoneyGram and Western Union in the multi-billion dollar global remittance market.

The firm's proprietary global money transfer network is used to move over $6 billion in annualised volume from people in the west to friends and relatives in Africa, Asia, Central Europe and South America.

The company is also moving into new areas: last February it announced plans to launch a banking service, called Passbook, aimed at the 44 million first generation adult immigrants in the US.

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