olivLaw · US equity research
Remitly Global, Inc. RELY
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Remitly is a global digital money transfer platform that has grown beyond a remittance company into a cross-border financial services provider for consumers and businesses. The company reported send volume of 74.9 billion USD in fiscal 2025, up 37%, and in the second quarter of 2026 passed 10 million quarterly active customers for the first time.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Remitly Global, Inc. (RELY) stock was 27.08 USD (+6.70% on the day), with market capitalisation 5.8 bn USD, P/E 16.4 on diluted EPS of 1.65 USD over the last 12 months, beta 1.05, 52-week range 12.20–27.08 USD. Latest reported quarter (Q3 2026): revenue of 509.8 m USD (+21.5% YoY), net income of 67.6 m USD (+665.1% YoY), diluted EPS 0.30 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.4
- strong (55–70)
- Bollinger (20, 2)
- 22.91 – 26.22
- above the upper band · %B 1.26 · band width 13.5%
- SMA 50 / 200
- 23.74 / 20.72
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.64 / 0.46
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.2% | −1.1% | +19.3 pp | — |
| 3 months | +12.5% | −0.5% | +13.0 pp | — |
| 6 months | +14.1% | +4.4% | +9.7 pp | — |
| Year to date | +96.2% | +12.3% | +83.9 pp | — |
| 1 year | +67.4% | +13.5% | +53.8 pp | −1.1% |
| 3 years | +42.5% | +76.4% | −33.9 pp | +3.3% |
| 5 years | −20.4% | +63.7% | −84.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 351.9 m | 361.6 m | 411.9 m | 419.5 m | 442.2 m | 452.8 m | 495.2 m | 509.8 m |
| Research & development | 70.6 m | 73.9 m | 77.5 m | 80.4 m | 82.1 m | 79.6 m | 74.0 m | 80.1 m |
| Operating income | -3.7 m | 12.2 m | 14.6 m | 11.8 m | 38.8 m | 53.7 m | 66.7 m | 69.4 m |
| Depreciation & amortisation | 5.8 m | 5.4 m | 6.3 m | 6.4 m | 6.9 m | 6.2 m | 6.3 m | 6.7 m |
| Interest expense | 967.0 k | 1.3 m | 1.7 m | 2.1 m | 2.5 m | 2.4 m | 3.2 m | 2.4 m |
| Pre-tax income | -5.1 m | 14.9 m | 8.1 m | 12.4 m | 36.1 m | 52.1 m | 64.6 m | 69.8 m |
| Income tax | 589.0 k | 3.6 m | 1.6 m | 3.6 m | -5.1 m | 3.0 m | -141.3 m | 2.2 m |
| Net income | -5.7 m | 11.4 m | 6.5 m | 8.8 m | 41.2 m | 49.1 m | 205.9 m | 67.6 m |
| Diluted EPS | -0.03 ≈ | 0.05 | 0.03 | 0.04 | 0.19 ≈ | 0.23 | 0.93 | 0.30 |
| Operating cash flow | -27.3 m | 80.8 m | 54.7 m ≈ | 89.7 m ≈ | 99.9 m | 81.9 m | 134.6 m ≈ | 93.0 m ≈ |
| Capex | 2.8 m | 10.6 m | 7.9 m ≈ | 4.6 m ≈ | 6.4 m | 6.0 m | 1.2 m ≈ | 1.4 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 11.9 m ≈ | 12.0 m | 42.5 m | 22.7 m ≈ | 14.8 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 6-quarter history (min 12.9, median 38.1, max 306.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 126.6 m | 257.0 m | 458.6 m | 653.6 m | 944.3 m | 1.3 bn | 1.6 bn |
| Revenue YoY | unavailable | +103.0% | +78.5% | +42.5% | +44.5% | +33.9% | +29.4% |
| Net income | -51.4 m | -32.6 m | -38.8 m | -114.0 m | -117.8 m | -37.0 m | 67.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -2.98 | -1.52 | -0.64 | -0.68 | -0.65 | -0.19 | 0.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -40.6% | -12.7% | -8.5% | -17.4% | -12.5% | -2.9% | 4.2% |
| Free cash flow | 3.4 m | -116.3 m | -20.3 m | -112.3 m | 63.9 m | 105.6 m | 295.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 542.4 m USD
- Financial debt
- 157.8 m USD
- Net debt
- -384.6 m USD
- Equity
- 868.8 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- 0.18x
- Current ratio
- 3.30x
- ROE
- 8.9%
- ROA
- 5.5%
- FCF margin
- 18.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 257.0 m | 458.6 m | 653.6 m | 944.3 m | 1.3 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Research & development | 40.8 m | 64.1 m | 138.7 m | 219.9 m | 269.8 m | 313.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -29.2 m | -39.7 m | -121.0 m | -114.2 m | -39.1 m | 77.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 4.1 m | 5.3 m | 6.7 m | 13.1 m | 18.1 m | 25.0 m | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | -25.1 m ≈ | -34.5 m ≈ | -114.3 m ≈ | -101.1 m ≈ | -21.0 m ≈ | 102.5 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 1.2 m | 1.3 m | 1.3 m | 2.4 m | 3.2 m | 7.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -31.4 m | -37.7 m | -113.0 m | -111.9 m | -30.3 m | 71.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 1.2 m | 1.0 m | 1.0 m | 5.9 m | 6.7 m | 3.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -32.6 m | -38.8 m | -114.0 m | -117.8 m | -37.0 m | 67.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -1.52 | -0.64 | -0.68 | -0.65 | -0.19 | 0.31 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 21.5 m | 60.7 m | 167.8 m | 180.8 m | 194.6 m | 217.6 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 186.7 m | 403.3 m | 300.6 m | 323.7 m | 368.1 m | 542.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 345.3 m | 607.6 m | 669.4 m | 932.1 m | 897.5 m | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 9.7 m | 9.2 m | 11.5 m | 16.0 m | 31.6 m | 61.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | — | — | 0 | 54.9 m | 54.9 m | 54.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 0 | 16.6 m | 10.5 m | 2.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 363.0 m | 625.7 m | 696.0 m | 1.0 bn | 1.0 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 4.3 m | 1.2 m | 6.8 m | 35.1 m | 16.2 m | 28.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | — | — | 0 | 2.5 m | 2.5 m | 2.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | — | — | 0 | 130.0 m | 0 | 155.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 181.8 m | 141.6 m | 209.1 m | 366.8 m | 329.0 m | 399.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 186.6 m | 145.3 m | 215.9 m | 507.0 m | 347.4 m | 589.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Equity | -211.3 m † | 480.3 m † | 480.1 m † | 529.3 m † | 665.5 m † | 868.8 m † | SEC (XBRL)· 18 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -114.2 m | -18.4 m | -108.7 m | 66.8 m | 111.6 m | 325.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 2.1 m | 2.0 m | 3.7 m | 2.9 m | 6.0 m | 29.4 m | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -116.3 m ≈ | -20.3 m ≈ | -112.3 m ≈ | 63.9 m ≈ | 105.6 m ≈ | 295.7 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -4.4 m | -4.5 m | -7.3 m | -50.0 m | -19.9 m | -69.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 122.2 m | 238.2 m | 14.6 m | 6.3 m | -42.4 m | -89.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 0 | 0 | — | 0 | 0 | 23.9 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 77 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation59
- Balance sheet96
- Quality90
- Growth100
- Returns23
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.20 – 63.74 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)34.17 – 50.47 (Mid 40.53)WACC 9.3% · starting FCFF 403.4 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -4.8%
- Peers: EV/EBITDA17.20 – 24.92 (Mid 22.80)18 companies used · median multiple 16.5x · quartiles 11.8x – 18.3xBR, CPAY, EBAY, EXLS, FICO, FIS, GPN, HQY, IMXI, MELI, MSCI, OPRX, PSFE, PYPL, QNST, RBA, TIC, UBER
- Peers: P/E30.52 – 63.74 (Mid 43.28)26 companies used · median multiple 26.2x · quartiles 18.5x – 38.6xACN, AMTM, BR, CART, CPAY, DLO, EBAY, EXLS, FICO, FIS, FLYW, GRAB, HQY, IMXI, LQDT, LYFT, MA, MELI, MSCI, OPRX, PYPL, QNST, RBA, TNET, UBER, WU
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 77/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 43.5% | 88 (vs peers) | 12% |
| Net margin · Quality | 19.1% | 82 (vs peers) | 7% |
| FCF conversion · Quality | 108.5% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 35.8% | 100 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.6x | 91 (vs peers) | 12% |
| Interest coverage · Balance sheet | 21.6x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 3.5x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 16.4x | 78 (vs peers) | 12% |
| EV/EBITDA · Valuation | 20.1x | 20 (vs peers) | 12% |
| FCF yield · Valuation | 6.8% | 85 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 1.6% | 23 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet96/100 · 3/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns· partial23/100 · 1/2 factors with a value
- Valuation59/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Remitly Global, Inc. (RELY). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.6 bn USD in 2025; YoY growth 29.4%; net margin 19.1%; ROE 35.9%; net debt/EBITDA -2.6x.
The estimated value range is 30.52–50.47 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 40.53 USD, the price of 27.08 USD leaves a potential of 49.7% (value / price − 1) and a margin of safety of 33.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 77/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 43.5%
- Net margin: 19.1%
- FCF conversion: 108.5%
- Revenue CAGR 3Y: 35.8%
- Net debt / EBITDA: -2.6x
- Interest coverage: 21.6x
- Current ratio: 3.5x
- P/E (TTM): 16.4x
- FCF yield: 6.8%
- The price is below the estimated value range
What contradicts it
- EV/EBITDA: 20.1x
- Shareholder yield (distributions): 1.6%
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc. | 142.7 bn | 41.3 | 12.4% | 6.1% | +18.3% | −20% / +24% |
| MELIMercadoLibre, Inc. | 88.2 bn | 47.3 | 27.5% | 5.3% | +39.1% | −16% / +7% |
| EBAYeBay Inc. | 54.9 bn | 27.2 | 46.6% | 16.9% | +7.9% | +51% / +205% |
| PYPLPayPal Holdings, Inc. | 50.0 bn | 11.5 | 23.8% | 13.8% | +4.3% | −4% / +4% |
| MSCIMsci Inc. | 48.2 bn | 35.7 | — | 40.3% | +9.7% | +20% / +29% |
| FISVFiserv, Inc. | 33.0 bn | — | -17.0% | -18.9% | +3.6% | +1% / −52% |
| CPAYCorpay, Inc | 27.5 bn | 25.4 | 30.5% | 22.7% | +13.9% | +42% / +74% |
| GPNGlobal Payments Inc. | 25.4 bn | — | -4.1% | -9.1% | −0.4% | +27% / −17% |
| BRBroadridge Financial Solutions, Inc. | 21.4 bn | 20.9 | 40.2% | 13.9% | +8.5% | −17% / −2% |
| RBARB Global, Inc | 17.6 bn | 39.9 | 8.8% | 10.0% | +7.2% | −3% / +49% |
| FISFidelity National Information Services, Inc. | 15.3 bn | 4.4 | 23.0% | 26.8% | +5.4% | −55% / −49% |
| FICOFair Isaac Corp | 15.1 bn | 20.3 | — | 34.1% | +15.9% | −61% / −36% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| EXLSExlservice Holdings, Inc. | 6.5 bn | 25.7 | 27.7% | 11.1% | +13.6% | +9% / +52% |
| RELYRemitly Global, Inc. | 5.8 bn | 16.4 | 35.9% | 19.1% | +29.4% | +67% / +43% |
| AMTMAmentum Holdings, Inc. | 5.4 bn | 26.7 | 4.5% | 1.4% | +71.6% | −22% / unavailable |
| DLODLocal Limited | 4.1 bn | 21.4 | 37.2% | 18.0% | +46.6% | +3% / −19% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| FLYWFlywire Corporation | 2.7 bn | 36.3 | 9.1% | 10.3% | +26.6% | +56% / −6% |
| TICTIC Solutions, Inc. | 2.3 bn | — | -7.1% | -5.6% | unavailable | +10% / unavailable |
| WUThe Western Union Company | 2.1 bn | 6.3 | 36.8% | 8.3% | −3.8% | −25% / −43% |
| LQDTLiquidity Services, Inc | 1.5 bn | 45.8 | 15.0% | 6.8% | +31.2% | +56% / +144% |
| RDWRRadware Ltd. | 1.4 bn | 73.3 | 6.1% | 6.7% | +9.8% | +44% / +116% |
1- and 3-year price returns: for RELY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 18.21 Total return -33% · Per year -33% | 32.06 Total return 18% · Per year 18% | 48.08 Total return 78% · Per year 78% |
| 3 years | 21.61 Total return -20% · Per year -7% | 42.39 Total return 57% · Per year 16% | 69.24 Total return 156% · Per year 37% |
| 5 years | 25.63 Total return -5% · Per year -1% | 56.06 Total return 107% · Per year 16% | 99.70 Total return 268% · Per year 30% |
- Exit P/E± 10.60
- Net margin± 7.42
- Annual revenue growth± 5.53
- Annual dilution± 0.62
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Remitly is a global digital money transfer platform that has grown beyond a remittance company into a cross-border financial services provider for consumers and businesses. The company reported send volume of 74.9 billion USD in fiscal 2025, up 37%, and in the second quarter of 2026 passed 10 million quarterly active customers for the first time.
SWOT
Strengths
- The global partner network allows transactions across many corridors without local operations, and geographic coverage is very broad.
- Rapid growth in active customers and volume points to strong retention and engagement, with recurring transactions many customers consider essential.
- Proprietary transaction data and machine learning risk models support better pricing and security.
Weaknesses
- Revenue is concentrated in the core money transfer product, which makes the company sensitive to changes in that segment.
- Reliance on external partners for payment, disbursement and support can cause disruption if they fail or change their terms.
- Customer acquisition carries high marketing costs in the quarter customers are won, with a temporary effect on profitability.
Opportunities
- Expansion to businesses and high-amount senders could open a market larger than classic remittances.
- Adjacent products such as the wallet, the card and pay-later options could raise the average value of each customer.
- Efficiencies from artificial intelligence could support better margins and investment in growth.
Threats
- Large competitors with greater resources could cut prices or launch products that attract the company's customers.
- Regulatory changes on privacy, cybersecurity, artificial intelligence and anti-money laundering could raise compliance costs.
- Macroeconomic and geopolitical risks, including currency volatility, could affect demand on particular corridors.
Risks
- Intense competitionhigh
The market is dominated by large players and new technologies, and the company could lose customers if it does not adapt quickly.
- Dependence on third partieshigh
Disruptions at payment or disbursement partners could affect customer experience and the company's reputation.
- Cybersecurity and fraudhigh
Cyberattacks or misuse of the service could cause financial losses and reputational damage.
- Regulation and sanctionsmedium
Rules on anti-money laundering, sanctions and data protection are complex and change often, with a risk of penalties.
- Currency and macroeconomic exposuremedium
International operations expose the company to currency changes and political instability, which can affect volume and results.
Investment thesis
What would need to be true (bull case)
- Rapid growth in active customers and send volume, combined with a strong rise in adjusted profitability, could show the business model scaling efficiently.
- Raised guidance for 2026 suggests demand remains solid if the trend holds.
- Expansion into new customer categories and products could create additional revenue sources beyond classic transfers.
What would break the thesis
- Growth could slow if competition forces price cuts or if customer acquisition costs rise.
- Revenue remains concentrated in the core product, so a regulatory or behavioural change could have a strong effect.
- Second-quarter earnings include a discrete tax benefit, so net income does not fully reflect operating activity.
What to watch
- Evolution of revenue guidance and adjusted EBITDA against the ranges set for 2026Q3 2026
- Growth in active customers and send volume, especially in the new customer categoriesQ3 2026
- Customer acquisition costs and their effect on marginsnext 10-K
- Changes in artificial intelligence, privacy and anti-money laundering rules in major markets2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Remitly, founded in 2011, provides cross-border money transfer services mainly through its mobile app, website or messaging services, with accounts that can be opened within minutes. Its revenue model relies on transaction fees and the foreign exchange spread applied to the amount sent, and the global money movement product makes up the substantial majority of revenue. The strategy extends the offer to high-amount senders, businesses and receivers, and to adjacent products such as Remitly Flex, the digital wallet and the card.
The platform rests on three strengths the company identifies as trust, network and scale. Its network of funding and disbursement partners allows transactions across more than 5,300 corridors without local operations in each country, and the company says it reaches more than 5.8 billion bank accounts and mobile wallets and approximately 490,000 cash pick-up options.
The company describes proprietary risk models that include machine learning to manage fraud and compliance, and it uses artificial intelligence in customer experience, marketing and internal workflows. Revenue is sensitive to exchange rates, to volume on particular corridors and to holiday seasonality, which is most pronounced in the fourth quarter.
Segments
Global money movement
This represents the substantial majority of revenue, generated from transaction fees and foreign exchange spreads. Send volume grew 37% in fiscal 2025, driven mainly by growth in active customers.
New customer categories
The company has extended services to high-amount senders, small to mid-sized businesses and receivers. These categories can bring higher-value transactions, such as payments to contractors, vendors and employees.
Adjacent products
Remitly Flex, the digital wallet, the debit card and the Remitly One loyalty programme aim to deepen relationships with existing customers. For now the company describes their contribution to revenue as smaller than that of money transfer.
Market context
The cross-border payments market is global, fragmented and growing, according to estimates the company cites from FXC Intelligence. Consumers and small to mid-sized businesses moved more than 22 trillion USD across borders annually, a figure expected to reach more than 34 trillion by 2032, and the consumer-to-consumer category alone represents approximately 2 trillion USD.
The company defines its addressable market as much larger than classic remittances because of consumer-to-business and business-to-business categories. Actual growth depends on the pace of digital payment adoption, migration policy and currency movements.
Trends
- Digital payment adoptiontailwind
The shift from physical agents to mobile apps and digital payments supports growth in active customers and could lower unit costs as volume increases.
- Artificial intelligence in operationstailwind
The company uses AI in marketing, customer support and risk management, which could reduce costs and raise margins if the efficiencies persist.
- Migration and trade policyheadwind
Changes in immigration policy, taxes, tariffs and trade restrictions can shift the timing and volume of transactions on particular corridors, especially high-amount ones.
- Currency volatilitymixed
Depreciation of receive currencies may discourage sending, while a stronger US dollar can attract customers in some regions. The net effect depends on the corridor.
Competitive position
Competition comes from traditional banks and global financial institutions, digital cross-border payment providers, digital-only banks, digital wallets and other fintech platforms. Some competitors are much larger and have greater resources and name recognition, while smaller country-specific companies and informal channels may be better tailored to local needs.
Competitive risk also comes from new technologies such as neobanking, real-time payments, cryptocurrency and stablecoins. If the company fails to anticipate changes in customer behaviour, it could lose customers and revenue.
- Wise
Digital international money transfer platform, cited among digital competitors in cross-border payments.
- Traditional banks and global financial institutions
Offer cross-border transfers through their networks, often with greater resources and recognition than the company.
- Neobanks and digital banks
Compete for the same customers through digital accounts and real-time payments.
- Digital wallets and fintech platforms
Offer payment and transfer solutions that could replace the company's services for some customer groups.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Remitly Chief Business Officer Sells 21,000 Shares for $554,000Yahoo Finance — News · 09 Sept 2026 · EN
- Why Remitly Global Stock Popped 17.4% Last MonthYahoo Finance — News · 03 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report30 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Jun 2026Shareholder vote
- Current report08 Jun 2026Departure or appointment of officers
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement24 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Remitly Global, Inc. · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Remitly Global, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Remitly Global, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.