Vikas Mehta Joins Remitly as New CFO Amid Global Expansion and Tech Investments

Vikas Mehta, a seasoned finance leader with a track record at major companies such as PayPal, Microsoft, Walmart, Nike, Anaplan, and Komodo Health, has been appointed as the new Chief Financial Officer at Remitly. Mehta’s new role at the Seattle-based digital remittance provider began this week, and he expressed enthusiasm about the company’s growth potential.

“Remitly presents a massive opportunity,” Mehta stated. “As a finance leader, I saw significant potential and wanted to be a part of it.”

Remitly, founded in 2011, specializes in facilitating international money transfers through its mobile platform. The service caters to immigrants in countries like the U.S. and U.K., allowing them to send funds back to their families in countries such as the Philippines, India, and El Salvador without the usual hassles of forms, codes, and agents. The company operates in 170 countries and employs over 2,700 people worldwide. After going public in 2021, Remitly has continued to demonstrate growth, reporting $306.4 million in revenue for the second quarter of 2024—a 31% increase from the previous year. However, the company also recorded a net loss of $12.1 million, an improvement from the $18.9 million loss reported the previous year.

In his new role, Mehta plans to focus on investing in artificial intelligence and technology to drive further growth. He succeeds Hemanth Munipalli, who served as CFO since July 2022 and left for family reasons earlier this year.

Prior to joining Remitly, Mehta served as CFO at Komodo Health and is a board member at Seattle-based logistics startup Flexe. He earned his MBA from the University of Washington, underscoring his deep roots in the Seattle business community.