Shares of Remitly Global (NASDAQ: RELY) rose 5.7% on Tuesday after revisions to a tax bill in Congress suggested potential relief for the company, which facilitates remittance payments. This increase occurred while the broader market declined nearly 1%.
Senate Republicans proposed “less onerous” restrictions in the tax and budget bill than initially feared, according to a note from William Blair. The House version had considered a 3.5% excise tax on remittances, which could have adversely impacted immigrants sending money home. Remitly’s send volume rose 41% and revenue grew 34% in the first quarter, with a full-year growth projection of 25%-26%.
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