Remitly Global, Inc.

What they do

Remitly operates a digital-first platform, primarily mobile, that lets customers send money internationally, set up an account and send within minutes, and track transactions. It reaches recipients through a global funding and disbursement network spanning more than 5,700 corridors without deploying local operations in every country. The substantial majority of revenue comes from its global money movement product, via transaction fees and foreign exchange spreads. It is expanding beyond remittances into a diversified cross-border financial services provider for consumers and businesses.

Revenue drivers

• Global money movement (remittances) — The core product and the substantial majority of revenue; earns transaction fees charged to customers plus FX spreads applied to send amounts.
• Send volume growth — FY2025 send volume was $74.9B, up 37% from $54.6B in 2024; Q2 2026 send volume was $23.5B, up 27% year over year.
• Active customer base — Q4 2025 active customers were 9.3 million, up 19% from 7.8 million; Q2 2026 active customers reached 10.2 million, up 20% from 8.5 million.
• New customer categories and products — The company is extending into high-amount senders, businesses, and receivers, and introducing new products atop its existing money movement platform.

Recent performance

Q2 2026 revenue was $495.2 million, up 20% from $411.9 million a year earlier. Net income was $205.9 million, including a $140.6 million discrete tax benefit from a U.S. valuation allowance release. Adjusted EBITDA was $114.7 million, up 79% from $64.0 million. Send volume rose 27% to $23.5 billion and active customers reached 10.2 million, up 20%. FY2025 revenue was $1.64 billion with net income of $67.9 million and operating cash flow of $325.1 million.

Strategy

Remitly frames its competitive advantage on three strengths: trust, network, and scale, which it says enable reliability, speed, and fair pricing. It is investing in direct integrations with funding and disbursement partners to reduce intermediary reliance and lower costs. It aims to evolve beyond remittances into a diversified cross-border financial services provider for consumers and businesses. Management cites AI-driven operating efficiencies as freeing capacity to invest in growth while improving margins. The company has built redundancy across corridors and localized services across more than 175 countries.

Risks

• Competition — The company operates in a highly competitive and evolving industry and may be unable to compete against existing and future competitors using varied business models and technologies.
• Third-party dependence — It partners with third parties for risk management, payment processing, customer support, cloud hosting, and disbursement, exposing it to risks outside its control.
• Cybersecurity and outages — Cyberattacks, breaches, or service outages could seriously harm its business, financial condition, results, and reputation.
• Regulatory and compliance — It is subject to complex and overlapping privacy, cybersecurity, AI, anti-money laundering, sanctions, and anti-terrorist financing laws across jurisdictions, and failure to comply could bring penalties.

Outlook

For fiscal year 2026, Remitly expects total revenue of $1.978 billion to $1.988 billion, representing 21% to 22% year-over-year growth, and year-over-year growth in net income with Adjusted EBITDA of $410 million to $415 million. For Q3 2026, it guides to revenue of $505 million to $507 million, or 20% to 21% growth, and Adjusted EBITDA of $92 million to $94 million. The company does not provide a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income, citing variability in income taxes and stock-based compensation.