Remittance processor Remitly targets nearly $7 billion valuation in U.S. IPO

A man shows the Remitly app that he uses to send money to his family in Mexico in this photo taken in San Francisco, California March 30, 2016. REUTERS/Beck Diefenbach

(Reuters) -Remitly Inc is aiming for a valuation of nearly $7 billion in its U.S. initial public offering (IPO), a regulatory filing showed on Tuesday, as the remittance processor looks to offer cheaper and more convenient options compared to bigger rivals.

In May, the company had hired investment banks to prepare for an IPO this year, which could value it at around $5 billion, Reuters reported https://www.reuters.com/technology/exclusive-us-remittance-processor-remitly-hires-advisers-ipo-sources-2021-05-06, citing people familiar with the matter.