Remitly rises after deal to snap up smaller rival

Remitly Global

16/08/2022 19:23

** Shares of financial services co Remitly Global Inc
 RELY.O  up as much as 3.4% at $12.32
    ** Co says it has agreed to buy Israeli-based Rewire for $80
mln in cash and stock  urn:newsml:reuters.com:*:nBw1bqfcTa
    ** Deal set to close in H2 2022, RELY says
    ** Founded in 2015, Rewire is a remittance processor that
lets customers transfer money abroad
    ** YTD, RELY stock has lost over 42%

 (Reporting by Niket Nishant in Bengaluru)