Remitly Global, Inc. Common Stock Q2 2026 Post call

Well, Cris, first, thank you for hosting this. Yes, we had an excellent quarter and I find the company is hitting on many cylinders, and it is hard to pick one big idea. I think at this point, if you think about our customer, our customer cares about sharp pricing, it cares about moving money fast across the vast network, and it cares about a great service. The company, over the last few months, has been iterating on all of these three, and the three sum up to gaining market share, better trust, more activity. So we think we are focused on the right things. We have a lot of initiatives to keep sharpening our prices across the world, across the 5,000 corridors. We continue to expand our network. We are getting new licenses. The money is moving faster.

Our service in many ways, whether it be through the help of AI or all kind of things that we are doing in our customer centers and the features that we are giving customers, continues to improve. In strategy, you want to focus on what is changing, but you also want to spend a lot of time on what is not changing. There will not be a customer in the next 100 years who wants to pay more money for transferring money across the world. There will not be a customer who will tell you, "Please move my money slower." There will not be a customer that says, "Give me a worse service." So those things, we are very clear what is not going to change in our business. As we get better and better in that, we continue to gain market share, and we continue to gain momentum.

I think I could answer this question a year from now probably in exactly the same way, as long as we continue to get better.

Well, diversifying the revenue stream is very important. This is a top priority for the company, and it's a top priority for me as the CEO. We've built a fantastic infrastructure to move money across the world, and our initial focus were what we call these core senders, which are these $200 to $300 sends that happen at large scale, and we've got 10 million customers that do that. But the network that we've built is so good that we suddenly found high amount senders starting to use it. High amount senders are a different profile. They're sending money to themselves. They're sending money to investments around the world. So that is diversification number one, which is now we're building a business around that high value sender. Diversification number two happened when we started to see that lots of businesses started to use this infrastructure.

Businesses can go from small businesses to medium businesses to the very large businesses who move trillions a day. So we found that small businesses, people that use freelancers, and there's thousands of use cases that are really incredible to watch, that are using the Remitly infrastructure. So diversification stream number two is the small business revenue stream. The third diversification has been a receiver world. So we send money, 10 million people send $100 billion a year to 30 or 40 million people around the world, and we've never really done anything with the 40 million people that are receiving the money. But a combination of the crypto rails and stablecoins and us being able to issue cards has introduced us to the possibility that we could make a business out of the receivers. Early days, we've had some great ideas.

We've launched the app in 170 countries. We're generating some revenue already, so stay tuned on the receiver side. Across all these revenue streams, we've launched our Remitly Global Card, and that's a fantastic card for people that live across borders, we call it. So people that do live in one country, but have all their family relationships or that travel across borders, and this card is very focused on serving that community, either when you travel with a card, when you need to borrow money short term for liquidity issues, where you have loyalty points, where you want to use it, card-to-card sends. There's just a lot of features in this card which we think applies to all our customers. So to answer your question, very important focus of the company. We do have one big revenue stream, which is the core senders.

We've got three or four in the works, all showing very good traction, all growing fast. We have some other ideas, but our mission is to make sure that we keep diversifying the revenue of the business to make us a much more durable and high growth business.

Cris, we have a very quantifiable way to measure that, and we have put a goal of, as you know, 5% approximately for this year, and then over 10% of the revenue mix by 2028. So definitely great traction as Sebastian shared, and very clear goals for us to diversify. I'll just add one last point on that, which is this is not only a diversification through different customer types or through different product features. It's also a revenue stream diversification. So this is now where we can get into membership revenue, get into interchange, get into float-related interest income. So there's a diversification of income source as well.

No. I honestly haven't spent much time looking at the competitors. As I said, I think we keep focusing on the core drivers of what makes us gain market share. If you look around the world, we have tailwinds and headwinds and the company adjusts very, very fast to those. We had the 1% tax on the cash remittances, so that was a bit of a tailwind in the U.S. We have new licenses. Then you got the puts and takes of immigration trends all over the world, generally favorable to the business. So I'd say that not so much. If you look at what I spent the last hour doing this morning is I look at every corridor, I look at the metrics, I look how sharp our pricing is, I look how good the defects, how many calls.

If you just keep iterating on what we do well, I think naturally market shares begin to move. We live in a world where you and I are one click away from an alternative in pretty much everything in our life, so it's not different from moving money. You've just got to be the best.