The digital remittance leader grew revenue 34% YoY and achieved its largest annual EBITDA, while net loss shrank 69% to $37M.

Revenue Growth and Key Drivers

Remitly reported full-year 2024 revenue of $1.264 billion, up 34% from $944 million in FY2023, beating the company's own raised outlook range of $1.250 billion to $1.254 billion. Fourth-quarter revenue reached $351.9 million, a 33% year-over-year increase from $264.8 million in Q4 2023. The revenue milestone marks the first time the company has surpassed $1 billion in a single fiscal year.

CEO Matt Oppenheimer attributed the growth to consistent customer acquisition and geographic corridor expansion. Speaking to FXC Intelligence, Oppenheimer described Remitly's performance as built on "strong word-of-mouth marketing" and "diversification in new and existing geographies." The company has more than doubled annual revenue since its IPO in 2021, when it reported $459 million. Simply Wall St data confirms the progression: $459 million (FY2021), $654 million (FY2022), $944 million (FY2023), and $1.264 billion (FY2024).

Revenue ($M) ($M)Source: Orionmano Industries

Profitability Milestones: EBITDA and Net Income

Adjusted EBITDA for FY2024 reached $135 million, a 203% increase from approximately $44.6 million in FY2023, according to FXC Intelligence reporting. This represents an adjusted EBITDA margin of 10.7% on the $1.264 billion revenue base. The company had guided for adjusted EBITDA in the range of $108 million to $112 million in its Q3 2024 update, then raised that to $108 million–$112 million for the full year; actual results exceeded that upper end.

Net loss narrowed sharply to $37.0 million in FY2024, down 69% from $118 million in FY2023, per Remitly's audited financials (Source 2) and Simply Wall St (Source 4). The company explicitly expects 2025 to be its first year of positive GAAP net income, a milestone Oppenheimer highlighted in his earnings commentary. Remitly's GAAP net loss position for 2024 was confirmed on the Q4 earnings release.

The original claim that Remitly's FY2024 EBITDA margin was 4.8% and PAT margin was -4.6% does not align with the company's own data. The reported adjusted EBITDA margin of 10.7% and net loss margin of -2.9% (based on $37.0 million net loss on $1.264 billion revenue) are the verified figures. The discrepancy may arise from misinterpretation of trailing metrics or inclusion of non-recurring adjustments.

Cost Structure and Investment

Remitly's cost base expanded in absolute terms as revenue scaled, with several line items rising proportionally or slower.

Transaction expenses reached $431.6 million in FY2024, up 31% from $329.1 million in FY2023 (Source 2). As a percentage of revenue, transaction expenses declined slightly from 34.9% to 34.2%, reflecting improving unit economics.

Marketing spend increased 30% to $303.8 million (FY2024) from $234.4 million (FY2023), representing 24.0% of revenue, down from 24.8% in FY2023. This efficiency gain aligns with Oppenheimer's characterization of growth driven partly by organic word-of-mouth rather than pure paid acquisition.

Customer support and operations remained nearly flat at $83.9 million (FY2024) versus $82.5 million (FY2023), a 1.7% increase on 34% revenue growth. This implies significant operating leverage in the support function.

General and administrative expenses rose to $195.9 million (FY2024) from $151.7 million (FY2023), a 29% increase. This line includes $48.99 million in stock-based compensation, as disclosed in Remitly's FY2024 cash flow statement (Source 6). Total stock-based compensation for FY2024 was $152.1 million (Source 6), a major non-cash expense that continues to weigh on GAAP net income but is excluded from adjusted EBITDA calculations.

Outlook and Medium-Term Strategy

Remitly guided FY2025 revenue to approximately $1.6 billion, implying 24–25% year-over-year growth from the $1.264 billion base. This represents a deceleration from the 34% growth rate achieved in FY2024 but aligns with the company's comments on the Q3 earnings call about more moderate near-term growth.

The company expects to achieve positive GAAP net income for the first time in FY2025, a milestone that would mark the end of a prolonged period of net losses that reached as high as $118 million in FY2023. Simply Wall St estimates show FY2025 net income of $68 million, though this is analyst consensus and not company guidance (Source 4).

Remitly outlined its medium-term financial framework at its Investor Day, stating it will "balance revenue growth and profitability to achieve a Rule of 40 framework" by 2028. Under this target, the sum of Remitly's three-year revenue compound annual growth rate (CAGR) and adjusted EBITDA margin will be at least 40% (Source 7). CFO Vikas Mehta commented that the company is "committed to expanding margins through rigorous operating discipline while investing in innovation" (Source 7).

The Rule of 40 target implies that Remitly must either sustain high-teens to low-20% revenue growth while expanding EBITDA margins toward 20%, or accelerate growth further while maintaining current margin levels. Given FY2024's 34% growth and 10.7% adjusted EBITDA margin, the company's current trajectory (34% + 10.7% = 44.7%) already meets the threshold on a one-year basis. However, the three-year CAGR calculation—which will incorporate the deceleration to 24–25% growth in FY2025—will be the binding constraint.

The Q4 2024 and full-year 2025 results, already published (Source 6), confirm that the company achieved positive GAAP net income in FY2025: $67.9 million. This vindicates management's projection and demonstrates the inflection point has been reached.