Remitly hires banks preparing for initial IPO

Goldman Sachs Group, J.P. Morgan, and Barclays have been hired for the listing, which is expected to take place in the second half of 2021, according to Reuters.

Remitly is backed by investment companies including Generation Investment Management, the family office of Amazon, and PayU, a unit of Prosus.

Remittances are a big part of the global economy. Some USD 548 billion was transferred by overseas workers to low-and middle-income countries in 2019, according to World Bank data. In some countries such as Tonga, Haiti and Lebanon, remittance inflows account for more than a third of gross domestic product (GDP).