Remitly up after William Blair highlights ‘less onerous’ restrictions in bill

Shares of Remitly Global (RELY) are moving higher after William Blair said Senate Republicans yesterday proposed “less onerous” restrictions to the remittance market than initially feared. This is an encouraging development because as a digital provider, Remitly senders must have a relationship with a bank account, the analyst tells investors in a research note. The firm believes the Senate bill, as currently written, “could serve as a tailwind” for Remitly, potentially driving incremental adoption of digital remittances. Shares of Remitly Global are up 4% to $20.25 in premarket trading.