With stocks in a bear market, the amount of new initial public offerings (IPOs) has dried up compared to 2020 and 2021. As of the end of May, only 114 companies had gone public in the United States so far in 2022, down 78% from 2021. With the Federal Reserve raising interest rates, inflation running rampant, and fears over geopolitical tensions, companies are getting skittish about how their stocks will fare when they start being traded publicly. However, with over 1,000 companies going public last year, there are still plenty of new entrants to the public markets for investors to take a look at.

Digital remittance company Remitly (NASDAQ: RELY) is my top technology IPO to buy in August. Here's why.

Remitly was founded in 2011, aiming to disrupt the international remittance industry. Remittances are money sent abroad -- typically from immigrants -- that must be processed through foreign exchange and country regulations. Historically, these services were expensive, with 3%-7% fees on every transfer. But with the rise of smartphones and internet penetration around the globe, companies like Remitly can offer instant digital transfers for much lower costs.

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Source Fool.com