International finance innovator Remitly's $1.2 billion 'oops'

Seattle Times |

--Remitly is a fast-growing Seattle company that this week again raised a startling amount of money to continue expanding its business of transferring money to distant lands for immigrants and others.

Because its business is all about reliably and accurately dealing with money, it's noteworthy that the company Friday flubbed the Reg D form it filed with the Securities and Exchange Commission to report its fundraising.

According to the filing, Remitly raised $1,349,999,984 in new equity financing. Yep, that would be $1.35 billion.

According to its previous press release, however, it had raised $135 million.

Indeed, Remitly got the decimal place wrong. It was off in its SEC filing by a factor of 10, or about $1.2 billion if you want to look at it that way.

A spokeswoman confirmed the correct amount raised is $135 million and says the company is amending the filing that contained "a decimal error from a prior draft."

No doubt Remitly is more precise in the hundreds of transactions it handles every day. Just remember to check where you put that decimal point.


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