Growth stocks are regaining momentum in 2024, with many delivering triple-digit returns. While this resurgence has ignited investor enthusiasm, it has also led to concerns about potential overvaluation. Amidst this backdrop, finding high-potential growth stocks at an affordable price can feel like a challenge. However, Remitly Global (RELY) stands out as an exceptional opportunity, offering a strong growth trajectory at a price below $25 per share.
In this article, we’ll explore why Remitly is uniquely positioned to disrupt the global remittance market, its plans for future expansion, and why it could be a smart addition to your portfolio.
Revolutionizing Global Remittances
Founded in 2011, Remitly Global aims to disrupt the international money transfer industry. Historically, legacy players like Western Union charged high fees and lagged in adopting modern technologies such as smartphone-based solutions. Remitly seized this opportunity by developing a platform focused on lower fees, streamlined processes, and user-friendly technology.
Key Features Driving Remitly’s Success:
- User-Friendly App for Senders: Remitly’s app simplifies sending money abroad, offering competitive fees and convenience.
- Efficient Options for Recipients: The company ensures recipients can easily access funds through methods like smartphones, cash pickups, or even cash delivery in regions where safety is a concern.
- Rapid Growth: In its most recent quarter, active users grew 35% year-over-year to 7.3 million, and revenue surged 39% to $336.5 million, significantly outpacing competitors.
By targeting underserved regions and enhancing accessibility, Remitly has built a trustworthy platform that’s well-suited to capture a growing share of the $1 trillion global remittance market.