Remittance processor Remitly valued at over $8 billion after strong market debut
(Reuters) -Shares of Remitly Inc opened larger than 23% above their preliminary public offering (IPO) worth of their Nasdaq debut on Thursday, giving the remittance processor a market capitalization of roughly $8.5 billion.
The itemizing comes amid a fertile market for newly issued shares, notably these of tech corporations, which led to newest strong debuts for restaurant software program program provider Toast Inc and enterprise software program program company Freshworks Inc.
The stock opened at $52.9, up from its IPO worth of $43 per share.
Remitly is a digital, cross-border remittance provider that ensures faster, fairly priced and further clear money transfers. The shoppers are primarily immigrants, in line with the company, and its corporations are utilized in larger than 135 nations.
Founded in 2011, Remitly earns from transactions expenses and abroad commerce spreads. It was impressed by co-founder and …