Remitly Seeks High Valuation

Remittance processor Remitly believes its valuation can reach $7 billion before its U.S. IPO after the company was valued at $5 billion in May. Providing cross-border remittance services for immigrants and other customers, Remitly hopes to raise over $500 million on sales of around 12 million shares. PayU Fintech Investments will purchase $25 million in common stock as part of a private placement. With Goldman Sachs ($GS@US) and J.P. Morgan ($JPM@US) serving as lead underwriters, the firm plans to list under the ticker R-E-L-Y on the NASDAQ.