Remitly, a mobile payments company that initially launched in Boise in 2011, plans to go public by filing an initial public offering.
The company told GeekWire it submitted a draft registration with the Securities and Exchange Commission.
Reuters earlier reported the company hoped to grab a $5 billion valuation from the IPO. That would present a huge runup in value from the $1.5 billion valuation last summer.
The company recently pulled down an investment from Visa last month, and GeekWire lists it in third place on its list of top northwest startups. It employs 1,000 people in Seattle, Spokane, London, and other overseas locations.
Matthew Oppenheimer founded the company in Boise before relocating it to Seattle. Oppenheimer is related to the family that owns and operates the Oppenheimer Development Co.
Oppenheimer told Seattle Met magazine about the move in 2016.
“I started the company in Boise, but this was not going to be a business that would scale up there,” he said. “I think the talent base in Seattle is world-class. There’s less capital here than in the Bay Area, but that creates an advantage. A startup like ours can raise capital because you can attract and retain talent. It’s also an extremely diverse city. A lot of our customer base is here, and that was important to me. We’ve got a great foundation, and now it’ll be about scaling up and establishing a global footprint.”
Remitly’s technology and service allow customers to make person-to-person payments over international borders.