Remitly Global (RELY) Bank of America Global Research C-Suite TMT Conference summary

Company evolution and growth strategy

• Three key chapters: initial US focus, global expansion post-2021 IPO, and current diversification phase under new CEO leadership.

• Expanded from 1,400 to 5,600+ corridors since 2021, achieving scale economics and strong EBITDA margins.

• Achieved first $100 million EBITDA quarter with 25% revenue and 37% volume growth recently.

• Less than 5% market share in core remittance, with significant room for growth and diversification into new customer categories and use cases.

• Focused on both market share gains in core business and expansion into adjacencies like high-value senders, business, and receivers.

Infrastructure and technology differentiation

• Built a technology-first, mobile-centric platform with no brick-and-mortar presence, now leveraging AI and stablecoin rails.

• Compliance is integrated as a design component, ensuring strong regulatory relationships and customer trust.

• Transaction layer optimized for speed and reliability, with most transactions completed in under 20 seconds.

• Partner ecosystem includes direct government rails and stablecoin options, supporting seamless global transactions.

Product innovation and diversification

• Four customer categories: core senders, high-value senders, business, and receivers; use cases include send, spend, save, and borrow.

• High-value senders and business segments showing strong early traction; receivers and new use cases like Send Now, Pay Later are nascent but promising.

• Save and spend products are in selective rollout, with ongoing expansion planned.