Remitly Global Fireside chat

Sure. Sure. I will start with a high level.

I think the one-liner for us in Q3 was a record quarter, sevenfold increase in net income. As important is this transition that we are beginning from a remittance-only company to a global provider of financial services for people that live cross-borders. We launched this card that we will talk a little bit more about. All in all, a very good quarter on the numbers side, and as important, a very important milestone as we start to transition our products for a broader set of services across the world.

Vikas? Yeah. I would reiterate that as well as share that.

If you look at the financials, we had an excellent quarter, and the equation, as we like to say, is the balance of growth plus profitability plus investments. This was a quarter that exemplified that, 22% growth, record EBITDA margin, record transaction margin, as well as being able to invest in our key priorities, including cards, including the business payments. Overall, it really set us up well, especially in the important Q4 quarter and going into FY 2027.

Yeah. The card is a very powerful card because it allows you to text money anywhere in the world. We have access to 5 billion people, bank accounts, wallets, cash pickup points. With the card now, if you go into the app, you should try it, you can just text anybody money. That is almost, it is an overnight success 10 years in the making, because to be able to do that, you need to just build this massive network around the world. You need all the compliance, all the regulatory, all the licenses. From a product point of view, this is a very important milestone for us. If you take a step back, it also signals that we are continuing to build other products on this network.

The send inside the U.S., as we talk to customers, it became apparent that the communities that we serve, they also send a lot of money to each other within the U.S. In fact, they do more transactions among each other in the U.S. than they do send money home, which may happen once or twice a month. With that, we said, "Okay, well, this is an obvious next step." I kind of cheekily call it a Venmo without borders. Now all our customers, and I have been following some customers, I am looking at the numbers every day, it is a very natural next step. You can imagine the next step. You get paid into this card, you can spend on this card, you can send money to your neighbors on this card, you can send money home on this card.

We are stepping into a broad financial ecosystem for our customers, of course. If you do not live cross-borders, you should get somebody else's card. There is plenty of great ones out there. But if you live cross-borders and you have relationships in multiple countries, the Remitly Global Card is a very, very powerful next step for us. It summarizes, it signals where we are going, and we are very enthusiastic about the first results. We have had a record weekend of cards, and so we will see where this goes.

Absolutely, Alex. The first thing I would say is that this is an early look. We will share very specific guidance for FY 2027 next quarter when we announce the Q4 results. But it is important for us to give visibility on FY 2027, and the good news is we have cohort-based trends which give us the revenue durability and predictability because of which we can share early views. I would say the first point is, as you know, our business is, especially on the core side, is very predictable. It is a non-discretionary spend for our customers. Economy go up or down, people do send money. That gives us confidence to start sharing that high teens view for next year. As a part of that, as we know, this year, we had a nice tailwind coming in from the 1% remittance tax.

As you normalize for that is the reason why we picked the low end of that high teens range. Finally, I would say that the last piece of that bridge is the newer products. We have, and Sebastian talked about the cards, but across the board, we have new products, new features, and a faster pace of release. That has a broader range of outcomes, and we will know more as we start seeing the traction around that. That said, we feel very optimistic about the business payments, about the cards. Cards is early in that journey. So that gives us the ability to start sharing an early look for next year. Hopefully that gives you the key pieces. The first one is the existing cohort trend give us much more comfort giving the guide.

Second is the 1% remittance tax, which you normalize for, and the third is the new products having some variability there.