14 Best New Tech Stocks To Buy Now

10. Remitly Global Inc. (NASDAQ:RELY)

Market Capitalization as of September 13: $2.82 billion

Number of Hedge Fund Holders: 29

Remitly Global Inc. (NASDAQ:RELY) is a leading provider of digital financial services that transcend borders and provides online remittance services. It offers international money transfers to over 170 countries quickly, easily, and at a competitive cost. Additional financial services include bill payments and money exchange.

The company delivered $306.42 million in revenue, a 30.93% increase year-over-year, and $4.39 million ahead of estimates. It now serves a quarterly active customer base of ~6.9 million, up 36%, or 1.8 million, year-over-year.

The company’s transactions are now faster, with over 90% completed in under an hour, and 95% of transactions occurring without customer support. Many of its new customers are now sending to markets outside of the top three (India, Mexico, and the Philippines) diversifying the company’s presence.

29 hedge funds are long in the company with a total of 9,680,860 shares. The largest position amounts to $117,332,023 by Cadian Capital, as of June 30.

Remitly Global Inc.’s (NASDAQ:RELY) marketing investments are yielding strong returns, with progress in delivering robust growth. Management is confident in its 2024 outlook as it continues to transform lives with trusted financial services. This positions the company’s stock as a top new stock to look into.

Here is what Pernas Research has to say about Remitly Global, Inc. (NASDAQ:RELY) in its Q3 2023 investor letter:

“Remitly is poised to dominate the global cross-border digital remittance market for two reasons. First, their superior digital platform is taking market share from traditional players. Second, the worldwide shift from cash to digital remittances favors them. Despite having limited current cash flows, they are poised to leverage economies of scale in digital remittances as volumes grow, reducing variable costs and spreading fixed costs across a larger customer base. Their advanced digital solutions, infrastructure, and fraud detection will assist in doubling their market share in three to five years.”