regional: From a mall booth to a $3B fintech: Matt Oppenheimer’s
After nearly 15 years, Remitly co-founder and CEO Matt Oppenheimer is transitioning to board chair, handing the reins to Sebastian Gunningham. Oppenheimer reflects on the fintech giant's journey from a three-person startup to a $3B public company, sharing invaluable lessons on customer focus, cultural development, and leadership growth.
From a mall booth to a $3B fintech: Matt Oppenheimer’s startup lessons from a 15-year journey with Remitly
Key takeaways
- Fall in love with the problem, not a fixed product, and be agile in finding solutions.
- Prioritize direct customer interaction to inform pivots and product development.
- Define culture through specific behaviors, not vague values, and iterate it.
- Assemble a founding team with complementary skills and shared core values.
- Raise ample capital from the right partners, recognizing that growth takes time and resources.
- Approach personal leadership development with intentionality, like a product roadmap.
- Leverage and contribute to the local tech community for talent and support.
What happened
Matt Oppenheimer, co-founder and CEO of the fintech giant Remitly, is stepping down after nearly 15 years. He transitions to the board chair role, with Sebastian Gunningham, a former Amazon marketplace and payments leader, becoming the new CEO. Oppenheimer emphasized the intentionality behind this succession planning, driven by his long-standing focus on impact and purpose.
Remitly's origin stems from Oppenheimer's experience in Kenya with Barclays, observing difficulties in cross-border money transfers. He co-founded the company with Josh Hug and Shivaas Gulati. An early, crucial pivot was spurred by direct customer feedback gathered from a mall booth. This led Remitly to expand beyond mobile wallets to include cash pickup, bank deposit, and door-to-door delivery.
Starting as a three-person Techstars Seattle startup, Remitly raised approximately $400 million before its 2021 IPO, which saw its valuation reach nearly $7 billion. The mobile technology platform now serves over 9 million people, simplifying international money transfers by eliminating traditional forms and agents. Remitly reported Q4 revenue of $442.2 million, up 26% year-over-year, and achieved its first full year of GAAP profitability in 2025.
Why it matters
Oppenheimer’s journey with Remitly exemplifies scaling a mission-driven startup into a multi-billion dollar public fintech company. His transition marks a significant moment, highlighting the importance of strategic leadership transitions and long-term company stewardship. For entrepreneurs, his insights offer a practical framework for success, emphasizing adaptability, unwavering customer focus, and the continuous evolution of both product and culture. Remitly's story reinforces the critical value of solving a real problem, remaining flexible in solutions, and building a resilient organization in a competitive market.
Key details / context
Remitly’s mobile-first approach transformed international money transfers, offering a streamlined digital alternative to cumbersome traditional methods. This innovative solution was directly shaped by invaluable early customer interactions, particularly at their Southcenter Mall booth, which validated the need for diversified delivery options beyond initial mobile wallet plans. The company’s financial strength is evident in its substantial capital raises—around $400 million before IPO—and its impressive 2021 valuation of nearly $7 billion. Achieving Q4 revenue of $442.2 million and full-year GAAP profitability in 2025 further solidifies its market position. Remitly’s roots in the Seattle tech ecosystem, from its Techstars origins to ongoing talent recruitment, underscore the vital role of community in its remarkable growth, a commitment Oppenheimer pledges to maintain.
What happens next
Matt Oppenheimer will now assume the role of board chairman for Remitly, continuing his involvement with the company’s strategic direction while focusing on his personal growth journey. Sebastian Gunningham, with his extensive background in tech and finance, will take the reins as the new CEO, leading Remitly into its next phase of growth and innovation. The company maintains its strong roots in Seattle, with Oppenheimer reiterating its dedication to the region's tech ecosystem.
FAQ
Q: Who is the new CEO of Remitly? A: Sebastian Gunningham, a veteran tech and finance leader previously with Amazon, has taken over as Remitly's CEO.
Q: What led to Remitly's early pivot? A: Direct customer feedback gathered from an experimental booth at Southcenter Mall revealed that customers needed more than just mobile wallets, prompting a shift to cash pickup, bank deposit, and door-to-door delivery.
Q: What is Matt Oppenheimer's new role at Remitly? A: Matt Oppenheimer has transitioned from CEO to the role of board chairman for Remitly.
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