Full-year revenue reached $1.26 billion, driven by corridor expansion and active customer growth.

Revenue Performance in FY2024

Remitly's FY2024 revenue of $1.264 billion represented a 31% year-over-year increase from $944 million in FY2023, cementing the digital remittance platform's position among the fastest-growing cross-border payment companies globally. Fourth-quarter revenue alone reached $351.9 million, up 33% from $264.8 million in Q4 2023, as measured on a reported currency basis (Source 2).

The full-year result exceeded the company's raised outlook, a trajectory management had signaled in its Q3 2024 earnings release when it upwardly revised its full-year guidance for the second consecutive quarter (Source 4). Revenue less transaction expenses (RLTE) approached the $1 billion milestone in FY2024, a key intermediate metric toward achieving positive GAAP net income (Source 3).

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

Profitability and Operational Efficiency

Revenue growth in FY2024 translated directly into substantially improved profitability metrics. Adjusted EBITDA surged 203% year-over-year to $135 million, the largest annual increase in this metric in Remitly's history as a public company (Source 3). The net loss narrowed by 69%, from $118 million in FY2023 to $37 million in FY2024, narrowing the gap to breakeven (Source 3).

Importantly, the path to profitability is not coming at the expense of unit economics. Transaction expenses as a percentage of revenue remained stable: $431.6 million on $1.264 billion in revenue in FY2024, compared to $329.1 million on $944.3 million in FY2023. This represents transaction expenses of 34.1% of revenue in both periods, indicating the company is scaling its payout network without cost inflation (Source 2). Revenue less transaction expenses approached $1 billion for the full year, a milestone that signals the company's core revenue generation before operating expenses is now at a level sufficient to support a path to sustained GAAP profitability (Source 3).

Growth Levers: Customer Acquisition and Geographic Expansion

Remitly's 31% revenue growth was underpinned by consistent active customer acquisition and a disciplined corridor expansion strategy. The company expanded its payout network to provide access to over 5 billion bank accounts and mobile wallets globally, while increasing its cash pickup locations to approximately 470,000 across more than 170 countries (Source 6). This breadth of payout options is a competitive differentiator in a market where remittance recipients continue to prefer cash in many corridors.

The company also launched services targeting small and medium-sized businesses (SMBs) in the U.S., enabling outbound payments to over 100 countries. This segment targets high-amount senders such as business owners and diaspora entrepreneurs who require cross-border payroll and supplier payments—a higher-value cohort than typical person-to-person remittance senders (Source 6). CEO Matt Oppenheimer attributed Remitly's ongoing strength to consistent customer growth secured via strong word-of-mouth marketing and the company's push to diversify in new and existing geographies (Source 3).

Outlook for Fiscal 2025

Remitly guided FY2025 revenue between $1.574 billion and $1.587 billion, implying growth of 25–26% year-over-year—a moderation from FY2024's 31% clip, reflecting maturing core corridors and increased competition in the digital remittance space (Source 6). However, the company also signaled that 2025 could mark its first year of positive GAAP net income, a milestone that would validate the operating leverage thesis management has communicated since Remitly's IPO in 2021 (Source 3).

Initial results support this trajectory. Q1 2025 revenue of $361.6 million (+34% year-over-year) and GAAP net income of $11.4 million already demonstrated early momentum toward full-year profitability targets (Source 6). By year-end, Remitly's FY2025 actual revenue reached $1.635 billion, exceeding the original guidance range by roughly 3%, while Q4 2025 revenue alone hit $442.2 million (Source 5). The company's ability to over-deliver against its own raised expectations in both fiscal years suggests continued operational discipline and a remittance market that is still in early stages of digital adoption, with significant headroom for growth in underserved corridors.

For investors, the key metrics to watch in FY2026 will be whether Remitly can sustain its 25%+ growth trajectory while converting its improved EBITDA profile into consistent GAAP profitability, and whether its expansion into SMB cross-border payments can open a new, higher-margin revenue stream beyond its core person-to-person remittance base.