SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1 (b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2 (b)
(Amendment No. ______)*
Remitly Global, Inc
(Name of Issuer)
Common Stock, par value $0.0001
(Title of Class of Securities)
75960P104
(CUSIP Number)
December 31, 2021
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
| ☐ | Rule 13d-1(b) |
| ☐ | Rule 13d-1(c) |
| ☒ | Rule 13d-1(d) |
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
(Continued on following pages)
Page 1 of 10
Exhibit Index on Page 10
| CUSIP # 75960P104 | Page 2 of 10 |
| 1 | NAME OF REPORTING PERSONS
PayU Fintech Investments B.V. (“PayU”) | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER
0 | ||||
| 6 | SHARED VOTING POWER
37,341,745 (1) | |||||
| 7 | SOLE DISPOSITIVE POWER
0 | |||||
| 8 | SHARED DISPOSITIVE POWER
37,341,745 (1) | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,341,745 (1) | |||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
22.8% (2) | |||||
| 12 | TYPE OF REPORTING PERSON
CO | |||||
| 1. | Represents shares directly held by PayU and indirectly held by Prosus N.V. (“Prosus”) and Naspers Ltd. (“Naspers”). PayU is a wholly owned subsidiary of MIH Fintech Holdings B.V., which in turn is a wholly owned subsidiary of MIH e-Commerce Holdings B.V., which in turn is a wholly owned subsidiary of MIH Internet Holdings B.V., which is in turn a wholly owned subsidiary of Prosus, which is a majority-owned subsidiary of Naspers. PayU is controlled by Prosus and Naspers, which share voting and dispositive control over the shares held by PayU. Naspers owns 73.4% of the voting rights of Prosus. Naspers employs a differential voting structure involving two South African entities, Naspers Beleggings (RF) Beperk (“Nasbel”) and Keeromstraat 30 Beleggings (RF) Beperk (“Keerom”), the sole remit of which is to protect the continued independence of Naspers. Nasbel and Keerom hold ordinary shares of Naspers that respectively represent approximately 33.8% and 21.2% of the voting rights in respect of all Naspers shares. Each of Nasbel and Keerom disclaims beneficial ownership of all shares of Common Stock owned by the Reporting Persons. Laurent Le Moal, a member of board of directors of the Issuer, is the Chief Executive Officer of PayU, but has no voting or dispositive control over the shares held by PayU. |
| 2. | The percentage ownership is based on 164,106,480 shares outstanding as of November 9, 2021, as reported in the Issuer’s (as defined below) Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 12, 2021. |
| CUSIP # 75960P104 | Page 3 of 10 |
| 1 | NAME OF REPORTING PERSONS
Naspers Ltd (“Naspers”) | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Republic of South Africa | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER
0 | ||||
| 6 | SHARED VOTING POWER
37,341,745 (1) | |||||
| 7 | SOLE DISPOSITIVE POWER
0 | |||||
| 8 | SHARED DISPOSITIVE POWER
37,341,745 (1) | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,341,745 (1) | |||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
22.8% (2) | |||||
| 12 | TYPE OF REPORTING PERSON
CO | |||||
| 1. | Represents shares directly held by PayU and indirectly held by Prosus and Naspers Ltd.. PayU is a wholly owned subsidiary of MIH Fintech Holdings B.V., which in turn is a wholly owned subsidiary of MIH e-Commerce Holdings B.V., which in turn is a wholly owned subsidiary of MIH Internet Holdings B.V., which is in turn a wholly owned subsidiary of Prosus, which is a majority-owned subsidiary of Naspers. PayU is controlled by Prosus and Naspers, which share voting and dispositive control over the shares held by PayU. Naspers owns 73.4% of the voting rights of Prosus. Naspers employs a differential voting structure involving two South African entities, Nasbel and Keerom, the sole remit of which is to protect the continued independence of Naspers. Nasbel and Keerom hold ordinary shares of Naspers that respectively represent approximately 33.8% and 21.2% of the voting rights in respect of all Naspers shares. Each of Nasbel and Keerom disclaims beneficial ownership of all shares of Common Stock owned by the Reporting Persons. |
| 2. | The percentage ownership is based on 164,106,480 shares outstanding as of November 9, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 12, 2021. |
| CUSIP # 75960P104 | Page 4 of 10 |
| 1 | NAME OF REPORTING PERSONS
Prosus N.V. (“Prosus”) | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☐
| |||||
| 3 | SEC USE ONLY
| |||||
| 4 | CITIZENSHIP OR PLACE OF ORGANIZATION
Netherlands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 5 | SOLE VOTING POWER
0 | ||||
| 6 | SHARED VOTING POWER
37,341,745 (1) | |||||
| 7 | SOLE DISPOSITIVE POWER
0 | |||||
| 8 | SHARED DISPOSITIVE POWER
37,341,745 (1) | |||||
| 9 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
37,341,745 (1) | |||||
| 10 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
☐ | |||||
| 11 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
22.8% (2) | |||||
| 12 | TYPE OF REPORTING PERSON
CO | |||||
| 1. | Represents shares directly held by PayU and indirectly held by Prosus and Naspers Ltd.. PayU is a wholly owned subsidiary of MIH Fintech Holdings B.V., which in turn is a wholly owned subsidiary of MIH e-Commerce Holdings B.V., which in turn is a wholly owned subsidiary of MIH Internet Holdings B.V., which is in turn a wholly owned subsidiary of Prosus, which is a majority-owned subsidiary of Naspers. PayU is controlled by Prosus and Naspers, which share voting and dispositive control over the shares held by PayU. Naspers owns 73.4% of the voting rights of Prosus. Naspers employs a differential voting structure involving two South African entities, Nasbel and Keerom, the sole remit of which is to protect the continued independence of Naspers. Nasbel and Keerom hold ordinary shares of Naspers that respectively represent approximately 33.8% and 21.2% of the voting rights in respect of all Naspers shares. Each of Nasbel and Keerom disclaims beneficial ownership of all shares of Common Stock owned by the Reporting Persons. |
| 2. | The percentage ownership is based on 164,106,480 shares outstanding as of November 9, 2021, as reported in the Issuer’s Quarterly Report on Form 10-Q, as filed with the Securities and Exchange Commission on November 12, 2021. |
| CUSIP # 75960P104 | Page 5 of 10 |
| ITEM 1(A). | NAME OF ISSUER |
Remitly Global, Inc (the “Issuer”)
| ITEM 1(B). | ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES |
1111 Third Avenue, Suite 2100
Seattle, WA 98101
ITEM 2(A). NAME OF PERSONS FILING
This Schedule is jointly filed by PayU Fintech Investments B.V., a private limited liability company organized under the laws of the Netherlands (“PayU”), Prosus N.V., a public limited liability company incorporated under the laws of the Netherlands (“Prosus”) and Naspers Ltd, a public limited liability company organized under the laws of the Republic of South Africa (“Naspers”). The foregoing entities are collectively referred to as the “Reporting Persons.”
ITEM 2(B). ADDRESS OF PRINCIPAL OFFICE
The address for each of the Reporting Persons is:
PayU Fintech Investments B.V.
Symphony Offices
Gustav Mahlerplein 5
Amsterdam, 1082 MS
The Netherlands
Prosus N.V.
Symphony Offices
Gustav Mahlerplein 5
Amsterdam, 1082 MS
The Netherlands
Naspers Ltd
Media24 Centre
40 Heerengracht
Cape Town 8001
South Africa
| ITEM 2(C). | CITIZENSHIP |
See Row 4 of cover page for each Reporting Person.
| ITEM 2(D). | TITLE OF CLASS OF SECURITIES |
Common Stock, par value $0.0001 (the “Common Stock”)
| ITEM 2(E) | CUSIP NUMBER |
75960P104
| CUSIP # 75960P104 | Page 6 of 10 |
| ITEM 3. | Not applicable. |
| ITEM 4. | OWNERSHIP |
PayU holds 37,341,745 shares of Common Stock of the Issuer. PayU is a wholly owned subsidiary of MIH Fintech Holdings B.V., which in turn is a wholly owned subsidiary of MIH e-Commerce Holdings B.V., which in turn is a wholly owned subsidiary of MIH Internet Holdings B.V., which is in turn a wholly owned subsidiary of Prosus, which is a majority-owned subsidiary of Naspers. PayU is controlled by Prosus and Naspers, which share voting and dispositive control over the shares held by PayU, and therefore Prosus and Naspers may be deemed to share beneficial ownership of such shares. Naspers owns 73.4% of the voting rights of Prosus. Naspers employs a differential voting structure involving two South African entities, Nasbel and Keerom, the sole remit of which is to protect the continued independence of Naspers. Nasbel and Keerom hold ordinary shares of Naspers that respectively represent approximately 33.8% and 21.2% of the voting rights in respect of all Naspers shares. Each of Nasbel and Keerom disclaims beneficial ownership of all shares of Common Stock owned by the Reporting Persons.
| (a) | Amount beneficially owned: |
See Row 9 of cover page for each Reporting Person.
| (b) | Percent of Class: |
See Row 11 of cover page for each Reporting Person.
| (c) | Number of shares as to which such person has: |
| (i) | Sole power to vote or to direct the vote: |
See Row 5 of cover page for each Reporting Person.
| (ii) | Shared power to vote or to direct the vote: |
See Row 6 of cover page for each Reporting Person.
| (iii) | Sole power to dispose or to direct the disposition of: |
See Row 7 of cover page for each Reporting Person.
| (iv) | Shared power to dispose or to direct the disposition of: |
See Row 8 of cover page for each Reporting Person.
| ITEM 5. | OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS |
Not applicable.
| ITEM 6. | OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. |
Not applicable.
| ITEM 7. | IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY |
Not applicable.
| CUSIP # 75960P104 | Page 7 of 10 |
| ITEM 8. | IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. |
Not applicable
| ITEM 9. | NOTICE OF DISSOLUTION OF GROUP. |
Not applicable
| ITEM 10. | CERTIFICATION. |
Not applicable
| CUSIP # 75960P104 | Page 8 of 10 |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 10, 2022
| PayU Fintech Investments B.V. | ||
| By: | /s/ Serge de Reus | |
| Name: | Serge de Reus | |
| Title: | Director | |
| Prosus N.V. | ||
| By: | /s/ Vasileios Sgourdos | |
| Name: | Vasileios Sgourdos | |
| Title: | Executive Director | |
| Naspers Limited | ||
| By: | /s/ Vasileios Sgourdos | |
| Name: | Vasileios Sgourdos | |
| Title: | Executive Director | |
| CUSIP # 75960P104 | Page 9 of 10 |
EXHIBIT INDEX
| Found on Sequentially | ||
Exhibit | Numbered Page | |
Exhibit A: Agreement of Joint Filing | 10 |
