RELY - Remitly Global, Inc.

Remitly Global operates the Remitly digital remittance platform, enabling immigrants to send money internationally to family members in over 170 destination countries via mobile app and web. The business model is direct-to-consumer transactional, earning revenue through transfer fees and foreign exchange spread on each transaction. Remitly generated approximately $1.2B in annual revenue as of 2024, with its largest send markets concentrated in the United States, Canada, and the United Kingdom, serving diaspora populations sending to Latin America, Asia, and Africa.

Past Year Trends

• Remitly achieved its first full year of GAAP profitability in FY2025, reporting net income of $67.9 million versus a net loss of $37.0 million in FY2024, while revenue grew 29% year-over-year to $1.6 billion. (Bullish)
• Adjusted EBITDA surged 93% year-over-year to $272.2 million in FY2025, reflecting sustained operating leverage as the company scaled transaction volume without proportional cost growth. (Bullish)
• Active customers grew from 7.8 million at end of FY2024 to 9.6 million in Q1 2026, a roughly 23% increase over approximately 12 months, driven by corridor expansion and improved customer retention. (Bullish)

Next Year Trends

• Following a Q1 2026 beat in which net income rose 332% year-over-year to $49.1 million, management raised full-year 2026 revenue guidance to $1.960 billion–$1.975 billion (20–21% growth) and Adjusted EBITDA guidance to $370 million–$385 million, up from the initial $340 million–$360 million range issued in February 2026. (Bullish)
• Q1 2026 gross send volume accelerated to $22.1 billion, up 37% year-over-year and meaningfully ahead of revenue growth of 25%, signaling deepening engagement per user and potential for incremental take-rate improvement if volume momentum sustains through FY2026. (Bullish)
• Proposed U.S. federal legislation in the House reconciliation bill (the 'One Big Beautiful Bill') includes a roughly 3.5% excise tax on international remittances sent by non-U.S. citizens, which directly targets Remitly's largest outbound corridor and could reduce transaction volume or compress margins in the US-to-LatAm and US-to-Philippines corridors if enacted. (Bearish)

Red Flags

[Short Seller Report] Spruce Point Capital Management published a short-seller report on Remitly Global (RELY) in March 2025, alleging doctored Trustpilot reviews using stock photos, dubious customer testimonials, and audit/risk oversight concerns tied to multiple executive departures and a history of material weaknesses, projecting 40–55% downside. — Spruce Point Capital Management, March 11, 2025

[Securities Fraud / Investigation] Pomerantz Law Firm and Schall Law Firm each announced securities fraud investigations into Remitly Global following a Q1 2024 earnings miss and approximately 12% single-day stock decline on May 2, 2024, alleging potential issuance of false or misleading statements to investors. — Pomerantz Law Firm / Schall Law Firm (via GlobeNewswire), May 2024