Remittance processor Remitly Inc is aiming for a valuation of nearly $7 billion in its U.S. initial public offering (IPO), a regulatory filing showed on Tuesday.

In May, the company had hired investment banks to prepare for an IPO this year, which could value it at around $5 billion, Reuters reported, citing people familiar with the matter.

Founded in 2011, Remitly is a cross-border remittance provider to customers who are primarily immigrants.

Remitly plans to raise roughly $510.8 million by selling more than 12.16 million shares priced between $38 per share and $42 per share, the filing showed.

Existing shareholders are selling around 5.2 million shares in the offering and the proceeds will not go to the company.

Separately, PayU Fintech Investments B.V., one of Remitly's existing shareholders, has agreed to purchase $25 million worth of the company's common stock in a private placement.

Goldman Sachs and J.P. Morgan are the lead underwriters of the offering, and Remitly plans to list on the Nasdaq under the symbol "RELY."