Remitly (RELY) stock rises 5.68% on US Senate proposal to reduce remittance taxes.

From Yahoo Finance: 2025-06-18 07:05:00

Remitly Global, Inc. (NASDAQ:RELY) is among the top 10 stocks with significant gains in the market downturn. Share prices rose by 5.68% to $20.64 after the US Senate proposed reducing taxes on international money transfers, fueling optimism for digital remittances.

The Senate’s version of the “One Big, Beautiful Bill Act” excludes remittance taxes paid from certain US accounts or with US-issued cards, benefiting US citizens and American bankers. Remitly swung to a net income of $11.35 million in Q1 from a $21 million loss a year earlier, with revenues up 34% to $361 million.

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Read more: Remitly (RELY) Rallies on New One Big Beautiful Bill Proposal