Remitly Global, Inc.

Previous wording

•Mobile First. Our mobile app for cross-border remittances provides an easy-to-use, end-to-end process with a simple and reliable user experience that delivers peace of mind. In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps. Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high quality network, and empathetic customer service. This mobile-first experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of March 31, 2025, our Remitly app had a 4.9 iOS App Store rating with over 3.4 million reviewers and a 4.8 Android Google Play rating with over 1.0 million reviewers. App rating is based on all countries or regions and the rating may vary based on user location and device type.

Current wording

•Mobile First. Our mobile app for cross-border remittances provides an easy-to-use, end-to-end process with a simple and reliable user experience that delivers peace of mind. In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps. Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high-quality network, and empathetic customer service. This mobile-first experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty. Our services are highly non-discretionary for many of our customers which results in high revenue visibility throughout economic cycles. As of June 30, 2025, our Remitly app had a 4.9 iOS App Store rating with over 3.6 million reviewers and a 4.8 Android Google Play rating with over 1.1 million reviewers. App rating is based on all countries or regions and the rating may vary based on user location and device type.

Previous wording

•Highly Attractive Unit Economics. Our data driven approach to optimizing customer lifetime value combined with a localized and scalable marketing solution allows us to acquire new customers at highly attractive unit economics. As we continue to improve customer lifetime value through product enhancements and improvements to variable operating costs, we can optimize marketing spend to drive both growth and efficiency with a focus on maintaining strong unit economics. We believe our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments.

Current wording

•Highly Attractive Unit Economics. Our data-driven approach to optimizing customer lifetime value combined with a localized and scalable marketing solution allows us to acquire new customers at highly attractive unit economics. As we continue to improve customer lifetime value through product enhancements and improvements to variable operating costs, we can optimize marketing spend to drive both growth and efficiency with a focus on maintaining strong unit economics. We believe that our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments.

Previous wording

Active customers increased to approximately 8.0 million, or 29% growth, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. This increase was primarily due to an increase in the number of new customers, driven by investments in our mobile app and efficient marketing spend, our focus on customer experience and how we serve our customers, expansion of our global disbursement network, and the continued diversification across both send and receive countries. While we continue to see strong results in our largest existing receive countries (India, Mexico, and the Philippines), our successful diversification of our corridor portfolio across both send and receive countries has contributed to new customer growth.

Current wording

Active customers increased to approximately 8.5 million, or 24% growth, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily due to an increase in the number of new customers, driven by investments in our mobile app and efficient marketing spend, our focus on customer experience and how we serve our customers, expansion of our global disbursement network, and the continued diversification across both send and receive countries. While we continue to see strong results in our largest existing receive countries (India, Mexico, and the Philippines), our successful diversification of our corridor portfolio across both send and receive countries has contributed to new customer growth.

Previous wording

We measure send volume to assess the scale of remittances sent by our customers. Our customers mostly send from the United States and Canada. Our customers and their recipients are located in over 170 countries and territories across the globe; the largest receive countries by send volume include India, Mexico, and the Philippines.

Current wording

We measure send volume to assess the scale of remittances sent using our service. Our customers mostly send from the United States, Canada, the United Kingdom, and other countries in Europe. Our customers and their recipients are located in over 170 countries and territories across the globe; the largest receive countries by send volume include India, Mexico, and the Philippines.

Previous wording

Send volume increased 41% to $16.2 billion for the three months ended March 31, 2025, compared to $11.5 billion for the three months ended March 31, 2024, driven by the increase in active customers.

Current wording

Send volume increased 40% to $18.5 billion for the three months ended June 30, 2025, compared to $13.2 billion for the three months ended June 30, 2024, driven by the increase in active customers.

Previous wording

Comparison of the three months ended March 31, 2025 and 2024

Current wording

Comparison of the three and six months ended June 30, 2025 and 2024

Previous wording

The following table sets forth our results of operations together with the dollar and percentage change for the three months ended March 31, 2025 and 2024:

Current wording

The following table sets forth our results of operations together with the dollar and percentage change for the three and six months ended June 30, 2025 and 2024:

Previous wording

The following discussion and analysis is for the three months ended March 31, 2025, compared to the same period in 2024.

Current wording

The following discussion and analysis is for the three and six months ended June 30, 2025, compared to the same period in 2024.

Previous wording

Revenue increased $92.5 million, or 34%, to $361.6 million for the three months ended March 31, 2025, compared to $269.1 million for the three months ended March 31, 2024. This increase was primarily driven by a 29% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was disbursed, the disbursement method chosen by the customer, and the country to which the funds were transferred.

Current wording

Revenue increased 34%, or $105.4 million, and 34%, or $197.9 million, for the three and six months ended June 30, 2025, respectively, compared to the three and six months ended June 30, 2024. The increase was primarily driven by a 24% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, and a continued mix shift trending towards digital disbursements. Revenue derived from each transaction varies based on a number of attributes, including the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the country to which the funds were transferred.

Previous wording

As a reflection of this growth, send volume increased 41% to $16.2 billion for the three months ended March 31, 2025, as compared to $11.5 billion for the three months ended March 31, 2024.

Current wording

As a reflection of this growth, send volume increased 40% to $18.5 billion and $34.6 billion for the three and six months ended June 30, 2025, as compared to $13.2 billion and $24.7 billion for the three and six months ended June 30, 2024, respectively.

Previous wording

Transaction expenses increased $31.5 million, or 35%, to $121.4 million for the three months ended March 31, 2025, compared to $89.9 million for the three months ended March 31, 2024. The increase was primarily due to an $24.2 million, or 33%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and a $6.3 million increase in our provision for transaction losses.

Current wording

Transaction expenses increased $36.0 million, or 33%, to $143.8 million for the three months ended June 30, 2025, compared to $107.8 million for the three months ended June 30, 2024. The increase was primarily due to a $22.3 million, or 26%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and an $11.3 million increase in our provision for transaction and other losses.

Previous wording

As a percentage of revenue, transaction expenses increased to 34% for the three months ended March 31, 2025, from 33% for the three months ended March 31, 2024.

Current wording

As a percentage of revenue, transaction expenses remained flat at 35% and 34% for the three and six months ended June 30, 2025, as compared to 35% and 34% for the three and six months ended June 30, 2024, respectively.

Previous wording

As a percentage of revenue, customer support and operations expenses decreased to 6% for the three months ended March 31, 2025, from 7% for the three months ended March 31, 2024. The decrease was primarily due to process improvements and automation across customer support headcount at internal and third-party customer support sites.

Current wording

As a percentage of revenue, customer support and operations expenses decreased to 6% for both the three and six months ended June 30, 2025, from 7% for both the three and six months ended June 30, 2024. The decrease was primarily due to process improvements and automation across customer support headcount at internal and third-party customer support sites.

Previous wording

Marketing expenses increased $5.3 million, or 8%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to an increase of $1.7 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $1.9 million increase in personnel-related costs compared to the three months ended March 31, 2024.

Current wording

Marketing expenses increased $7.9 million, or 10%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase of $5.6 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers. In addition, the increase was driven by a $1.7 million increase in personnel-related costs compared to the three months ended June 30, 2024.

Previous wording

As a percentage of revenue, marketing expenses decreased to 20% for the three months ended March 31, 2025, from 25% for the three months ended March 31, 2024, as we benefited from efficiencies in digital and brand marketing.

Current wording

As a percentage of revenue, marketing expenses decreased to 21% and 20% for the three and six months ended June 30, 2025, respectively, from 25% for the three and six months ended June 30, 2024, as we benefited from efficiencies in digital and brand marketing.

Previous wording

Technology and development expenses increased $10.6 million, or 17% for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase was driven by $8.0 million in personnel-related expenses, net of personnel-related expenses capitalized as internal-use software. The increase in technology and development expense was also driven by an $1.5 million increase in software costs for cloud services to support incremental transaction volume.

Current wording

Technology and development expenses increased $9.9 million, or 15%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was driven by $6.8 million in personnel-related expenses, net of amounts capitalized as internal-use software. The increase in technology and development expense was also driven by a $1.3 million increase in software costs for cloud services to support incremental transaction volume.

Previous wording

As a percentage of revenue, technology and development expenses decreased to 20% for the three months ended March 31, 2025, from 23% for the three months ended March 31, 2024, as we benefited from increasing efficiencies.

Current wording

As a percentage of revenue, technology and development expenses decreased to 19% and 20% for the three and six months ended June 30, 2025, respectively, from 22% and 23% for the three and six months ended June 30, 2024, as we benefited from increasing efficiencies.

Previous wording

General and administrative expenses increased $8.7 million, or 20%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase included a $3.0 million increase in personnel-related expenses. The increase in general and administrative expenses was also driven by $1.0 million of charitable contributions related to our quarterly Pledge 1%, historically performed annually.

Current wording

General and administrative expenses increased $13.7 million, or 30%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to a $6.1 million increase in provisions related to collectability of amounts due from certain processing partners. The increase in general and administrative expenses was also driven by a $1.2 million increase in personnel-related expenses and $0.9 million related to our charitable contributions for our quarterly Pledge 1% donation.

Previous wording

As a percentage of revenue, general and administrative expenses decreased to 15% for the three months ended March 31, 2025, from 16% for the three months ended March 31, 2024, as we continue to leverage efficiencies in our general and administrative functions.

Current wording

As a percentage of revenue, general and administrative expenses decreased to 14% and 15% for the three and six months ended June 30, 2025, respectively, from 15% and 16% for the three and six months ended June 30, 2024, respectively, as we continue to leverage scale in our general and administrative functions.

Previous wording

Depreciation and amortization increased $1.7 million, or 47%, for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The increase is primarily driven by an increase in amortization of intangibles and internal-use software.

Current wording

Depreciation and amortization increased $2.4 million and $4.1 million, or 62% and 55%, respectively, for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024. The increase is primarily driven by an increase in amortization of intangibles and internal-use software.

Previous wording

Interest income decreased $0.4 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. The decrease is primarily due to a decrease in average invested balances throughout the quarter.

Current wording

Interest income increased $0.1 million and decreased $0.3 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. This is primarily driven by increases and decreases on average invested balances throughout the periods.

Previous wording

Interest expense increased by $0.5 million for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, primarily due to draws on the 2021 Revolving Credit Facility.

Current wording

Interest expense increased $0.9 million and $1.4 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024, primarily due to draws on the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility.

Previous wording

Other income (expense), net is primarily driven by unrealized gains and losses on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities.

Current wording

Other income (expense), net is primarily driven by unrealized losses and gains on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities.

Previous wording

The provision for income taxes increased by $2.6 million for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. The increase is primarily due to increases in taxable income in the United States and in certain foreign jurisdictions.

Current wording

The provision for income taxes decreased $1.7 million and increased $0.9 million for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. The decrease for the three months ended June 30, 2025 is primarily due to lower taxable income in the U.S. and certain foreign jurisdiction. The increase for the six months ended June 30, 2025 is primarily due to higher taxable income in the U.S. and certain foreign jurisdictions.

Previous wording

•Adjusted EBITDA excludes stock-based compensation expense, net and payroll taxes related to stock-based compensation expense, net. These charges have recently been, and will continue to be for the foreseeable future, significant recurring expenses for our business as they are an important part of our compensation strategy, however, they are not directly linked to current period’s operational performance. Additionally, payroll taxes related to stock-based compensation expense, net are outside of our direct control;

Current wording

•Adjusted EBITDA excludes stock-based compensation expense, net and payroll taxes related to stock-based compensation expense, net. These charges have recently been, and will continue to be for the foreseeable future, significant recurring expenses for our business as they are an important part of our compensation strategy; however, they are not directly linked to the current period’s operational performance. Additionally, payroll taxes related to stock-based compensation expense, net are outside of our direct control;

Previous wording

(2)Integration, restructuring, and other costs for the three months ended March 31, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the three months ended March 31, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”).

Current wording

(2)Integration, restructuring, and other costs for the three and six months ended June 30, 2025 consisted primarily of non-recurring termination benefits. Integration, restructuring, and other costs for the six months ended June 30, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”).

Previous wording

As of March 31, 2025 and December 31, 2024, our principal sources of liquidity were cash and cash equivalents of $493.9 million and $368.1 million, respectively, as well as funds available under the 2021 Revolving Credit Facility, which we entered into in September 2021. The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from$250.0 million (including a$60.0 million letter of credit sub-facility) to$325.0 million. We have historically financed our operations and capital expenditures primarily through cash generated from operations including transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the three months ended March 31, 2025 and 2024, the average term of outstanding borrowings under our 2021 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2021 Revolving Credit Facility (including the letter of credit sub-facility). During the three months ended March 31, 2025, we cumulatively borrowed and repaid $1,059.0 million against this credit facility. As of March 31, 2025, we had no outstanding borrowings under the 2021 Revolving Credit Facility. As of March 31, 2025, we have unused borrowing capacity of $277.7 million.

Current wording

As of June 30, 2025 and December 31, 2024, our principal sources of liquidity were cash and cash equivalents of $515.9 million and $368.1 million, respectively, as well as funds available under the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility, which we entered into in September 2021 and June 2025, respectively. The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from$250.0 million (including a$60.0 million letter of credit sub-facility) to$325.0 million. The 2021 Revolving Credit Facility was replaced in June 2025 with the 2025 Revolving Credit Facility, which increased the revolving commitments from $325.0 million (including a $60 million letter of credit sub-facility) to$550.0 million (including a$200.0 million letter of credit sub-facility). We have historically financed our operations and capital expenditures primarily through cash generated from operations including transaction fees and foreign exchange spreads. In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future. During the six months ended June 30, 2025 and 2024, the average term of outstanding borrowings under our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2021 Revolving Credit Facility and 2025 Revolving Credit Facility (including the letter of credit sub-facility). During the six months ended June 30, 2025, we cumulatively borrowed and repaid $2,493.0 million against these credit facilities. As of June 30, 2025, we had no outstanding borrowings under the 2025 Revolving Credit Facility. As of June 30, 2025, we have unused borrowing capacity of $497.2 million.

Previous wording

For the three months ended March 31, 2025, net cash provided by operating activities was $132.9 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in cash flow due to customer funds working capital changes of $54.5 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability. In addition to these and other changes in working capital, the cash generated from operations reflects the $11.4 million net income for the period exclusive of the $42.1 million of noncash charges.

Current wording

For the six months ended June 30, 2025, net cash provided by operating activities was $174.1 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in cash flow due to customer funds working capital changes of $54.0 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability. In addition to these and other changes in working capital, the cash generated from operations reflects the $17.9 million net income for the period exclusive of the $87.9 million of noncash charges.

Previous wording

For the three months ended March 31, 2024, net cash used in operating activities was $56.8 million, which was primarily driven by an increase in overall growth in our global network of funding and disbursement partnerships, and an increase in volume of customer transactions. Specifically, as a result of both growth and timing, we saw an increase in disbursement prefunding of $6.2 million and customer funds receivable of $59.4 million, offset by an increase in customer liabilities of $14.7 million and accrued expenses and other liabilities, which is inclusive of our trade settlement liability, of $10.4 million, which were the key drivers for the unfavorable changes in our operating assets and liabilities of $73.7 million. This change in our operating assets and liabilities was also partially offset by cash generated from our operations, when excluding the $38.0 million of noncash charges included within the $21.1 million net loss for the period.

Current wording

For the six months ended June 30, 2024, net cash used in operating activities was $7.9 million, which was primarily driven by timing impacts of current growth in our global network. Specifically, as a result of both growth and timing, we saw an increase in customer funds receivable of $82.1 million and a decrease in customer liabilities of $10.7 million, offset by a decrease in disbursement prefunding of $45.1 million, which were the key drivers for the changes in our operating assets and liabilities which decreased operating cash flows by $53.8 million. This change in our operating assets and liabilities was also partially offset by cash generated from our operations, when excluding the $79.0 million of noncash charges included within the $33.2 million net loss for the period.

Previous wording

Net cash used in investing activities was $16.9 million for the three months ended March 31, 2025, an increase of $12.6 million, compared to net cash used in investing activities of $4.3 million for the three months ended March 31, 2024. This increase was primarily driven by an increase in purchases of property and equipment, and other of $13.0 million primarily related to purchases for our corporate headquarters for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024.

Current wording

Net cash used in investing activities was $32.6 million for the six months ended June 30, 2025, an increase of $24.0 million, compared to net cash used in investing activities of $8.6 million for the six months ended June 30, 2024. This increase was primarily driven by an increase in purchases of property and equipment, and other of $24.5 million primarily related to leasehold improvements for our corporate headquarters for the six months ended June 30, 2025, as compared to the six months ended June 30, 2024.

Previous wording

Cash provided by financing activities consists primarily of borrowings on our 2021 Revolving Credit Facility, proceeds from the exercise of stock options, and proceeds from the issuance of common stock in connection with the ESPP, offset by repayments of our 2021 Revolving Credit Facility borrowings.

Current wording

Cash used in financing activities consists primarily of borrowings on our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, proceeds from the exercise of stock options, and proceeds from the issuance of common stock in connection with the ESPP, offset by repayments of our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility borrowings.

Previous wording

Net cash provided by financing activities for the three months ended March 31, 2025 was $7.1 million, a decrease of $19.0 million, compared to net cash provided by financing activities for the three months ended March 31, 2024 of $26.1 million. The decrease was primarily driven by the decrease in proceeds from net borrowings on our 2021 Revolving Credit Facility of $20.0 million.

Current wording

Net cash used in financing activities for the six months ended June 30, 2025 was $3.9 million, a decrease of $114.7 million, compared to net cash used in financing activities for the six months ended June 30, 2024 of $118.6 million. The decrease was primarily driven by the reduction in net repayments on both our 2021 Revolving Credit Facility and our 2025 Revolving Credit Facility of $115.0 million.

Previous wording

During the three months ended March 31, 2025, other than software, cloud infrastructure, marketing, compliance-tool related contracts, and leases entered into in the normal course of business, there were no other material changes to the contractual obligations and contingencies as disclosed in Note 16. Commitments and Contingencies and Note 18. Leases in the notes to the consolidated financial statements included in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2024. For further discussion of commitments and contingencies, also refer to Note 14. Commitments and Contingencies in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Current wording

During the six months ended June 30, 2025, other than software, cloud infrastructure (as described below), marketing, compliance-tool related contracts, and leases (as described below) entered into in the normal course of business, there were no other material changes to the contractual obligations and contingencies as disclosed in Note 16. Commitments and Contingencies and Note 18. Leases in the notes to the consolidated financial statements included in Part II, Item 8 in our Annual Report on Form 10-K for the year ended December 31, 2024. For further discussion of commitments and contingencies, also refer to Note 14. Commitments and Contingencies in the notes to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.