レミットリーグローバルの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 3, 2023

REMITLY GLOBAL, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware	001-40822	83-2301143
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1111 Third Avenue, Suite 2100

Seattle, WA 98101

(Address of Principal Executive Offices and Zip Code)

(888) 736-4859

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

Trading Symbol(s):

Name of each exchange on which registered:

Common Stock, par value $0.0001 per share

RELY

NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 3, 2023, Remitly Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.

Item 7.01 Regulation FD Disclosure.

On May 3, 2023, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.remitly.com/. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.

The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits


Exhibit No.			Description
99.1			Press Release dated May 3 , 202 3
99.2			Investor Presentation dated May 3 , 202 3
104			Cover page interactive data file (embedded with the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	Remitly Global, Inc.

Date: May 3, 2023	By:	/s/ Hemanth Munipalli
		Hemanth Munipalli
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

EX-99.1 2 rely1q23-earningspr.htm EX-99.1 Document

Remitly Reports First Quarter 2023 Results

Active customers up 50% year over year

Send volume up 40% year over year

Revenue up 50% year over year

SEATTLE, WA / May 3, 2023 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 170 countries around the world, reported results for the first quarter ended March 31, 2023.

“We are pleased to have achieved another strong quarter as we remain focused on delivering a superior and trusted experience for our customers,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Remitly’s strategy of making long-term, customer-centric investments, along with the benefits of our increasing scale, have created significant competitive advantages. Looking ahead, we expect to continue driving strong top-line results along with sustainable and increasing returns from our investments.”

First Quarter 2023 Highlights and Key Operating Data

(All comparisons relative to the first quarter of 2022)

•Active customers increased to 4.6 million, from 3.0 million, up 50%.

•Send volume increased to $8.5 billion, from $6.1 billion, up 40%.

•Revenue totaled $203.9 million, compared to $136.0 million, up 50%.

•Net loss was $28.3 million, compared to a net loss of $23.3 million.

•Adjusted EBITDA was $5.4 million, compared to $(12.1) million.

2023 Financial Outlook

For fiscal year 2023, Remitly currently expects:

•Total revenue in the range of $875 million to $895 million, representing a growth rate of 34% to 37% year over year. This outlook reflects an increase from our prior outlook of $860 million to $880 million.

•To remain in a GAAP net loss position for 2023 and for Adjusted EBITDA to be in the range of $5 million and $15 million. This outlook reflects an increase from our prior Adjusted EBITDA outlook of between breakeven and $10 million.

Reconciliation of GAAP to Non-GAAP Financial Measures

A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include, but are not limited to, income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.

Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included with the Company’s SEC filings.

Webcast Information

Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, May 3, 2023 to discuss its first quarter 2023 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com. A webcast replay will be available on our website at https://ir.remitly.com following the live event.

We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Non-GAAP Financial Measures

Some of the financial information and data contained in this earnings release, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”).

We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

We calculate Adjusted EBITDA as net loss adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charge of depreciation and amortization, (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, and (vii) certain transaction and integration costs associated with acquisitions. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net, (ii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, as well as (iii) certain transaction and integration costs associated with acquisitions.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2023 financial outlook, including forecasted fiscal year 2023 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking, and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to keep data and our technology platform secure, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of changes to immigration laws, macroeconomic conditions, and geopolitical forces on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results is included in our quarterly report on Form 10-Q for the quarter ended March 31, 2023 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

About Remitly

Remitly is a leading digital financial services provider for immigrants and their families in over 170 countries around the world. Remitly helps immigrants send money home in a safe, reliable and transparent manner. Its digitally native, cross-border remittance app eliminates the long wait times, complexities and fees typical of traditional remittance processes. Building on its strong foundation, Remitly is expanding its suite of products to further its mission and transform financial services for immigrants all around the world.

Contacts

Media:

Kendall Sadler

kendall@remitly.com

Investor Relations:

Stephen Shulstein

stephens@remitly.com

REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Operations

(unaudited)


	Three Months Ended March 31,
(in thousands, except share and per share data)	2023		2022
Revenue	$	203,865	$	136,014
Costs and expenses
Transaction expenses(1)	74,066		56,263
Customer support and operations(1)	19,931		13,870
Marketing(1)	44,123		40,621
Technology and development(1)	49,376		23,575
General and administrative(1)	41,408		23,342
Depreciation and amortization	3,029		1,517
Total costs and expenses	231,933		159,188
Loss from operations	(28,068)		(23,174)
Interest income	2,024		36
Interest expense	(389)		(313)
Other (expense) income, net	(1,511)		669
Loss before provision for income taxes	(27,944)		(22,782)
Provision for income taxes	370		528


Net loss attributable to common stockholders	$	(28,314)	$	(23,310)
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.16)	$	(0.14)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	175,113,904		164,391,753

(1) Exclusive of depreciation and amortization, shown separately, above.

Stock-Based Compensation Expense, net:


	Three Months Ended March 31,
(in thousands)	2023		2022
Customer support and operations	$	205	$	93
Marketing	2,983		1,032
Technology and development	16,631		4,072
General and administrative	9,415		4,397
Total	$	29,234	$	9,594

REMITLY GLOBAL, INC.

Condensed Consolidated Balance Sheets

(unaudited)


	March 31,		December 31,
(in thousands)	2023		2022
Assets
Current assets
Cash and cash equivalents	$	244,159	$	300,635
Disbursement prefunding	208,228		158,055
Customer funds receivable, net	123,190		191,402

Prepaid expenses and other current assets	31,361		19,327
Total current assets	606,938		669,419
Restricted cash	498		99
Property and equipment, net	12,658		11,546
Operating lease right-of-use assets	12,954		8,675
Goodwill	54,989		—
Intangible assets, net	20,285		—
Other noncurrent assets, net	6,863		6,214
Total assets	$	715,185	$	695,953
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	2,909	$	6,794

Customer liabilities	106,947		111,075
Short-term debt	2,490		—
Accrued expenses and other current liabilities	79,479		87,752
Operating lease liabilities	5,642		3,521
Total current liabilities	197,467		209,142
Operating lease liabilities, noncurrent	8,665		5,674
Other noncurrent liabilities	13,632		1,050
Total liabilities	$	219,764	$	215,866
Commitments and contingencies

Stockholders’ equity
Common stock	$	18	$	17
Additional paid-in capital	897,575		854,276
Accumulated other comprehensive loss	(395)		(743)
Accumulated deficit	(401,777)		(373,463)
Total stockholders’ equity	495,421		480,087
Total liabilities and stockholders’ equity	$	715,185	$	695,953

REMITLY GLOBAL, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Three Months Ended March 31,
(in thousands)	2023		2022
Cash flows from operating activities
Net loss	$	(28,314)	$	(23,310)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	3,029		1,517
Stock-based compensation expense, net	29,234		9,594


Other	1,083		83
Changes in operating assets and liabilities:
Disbursement prefunding	(44,157)		62,450
Customer funds receivable	69,608		(14,453)

Prepaid expenses and other assets	(12,078)		(6,221)
Operating lease right-of-use assets	1,184		807
Accounts payable	(4,512)		4,857
Customer liabilities	(7,448)		10,257
Accrued expenses and other liabilities	(6,841)		(4,362)
Operating lease liabilities	(355)		(969)
Net cash provided by operating activities	433		40,250
Cash flows from investing activities
Purchases of property and equipment	(864)		(872)
Capitalized internal-use software costs	(1,296)		(753)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash	(40,933)		—
Net cash used in investing activities	(43,093)		(1,625)
Cash flows from financing activities




Proceeds from exercise of stock options	4,844		2,601


Taxes paid related to net share settlement of equity awards	(1,413)		—
Repayment of assumed indebtedness	(17,068)		—
Net cash (used in) provided by financing activities	(13,637)		2,601
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	219		117
Net (decrease) increase in cash, cash equivalents and restricted cash	(56,078)		41,343
Cash, cash equivalents, and restricted cash at beginning of period	300,735		403,313
Cash, cash equivalents, and restricted cash at end of period	$	244,657	$	444,656
Supplemental disclosure of cash flow information
Cash paid for interest	$	341	$	227
Cash paid for income taxes	124		605
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	5,414	$	2,830
Vesting of early exercised options	149		205
Noncash issuance of common stock in connection with ESPP	2,729		1,882
Stock-based compensation expense capitalized to internal-use software	541		327
Issuance of common stock for acquisition consideration	6,635		—
Issuance of unvested common stock, subject to service-based vesting conditions, in connection with acquisition	581		—
Amounts held back for acquisition consideration	11,899		—
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	2,401		—



Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	$	244,159	$	444,605
Restricted cash	498		51
Total cash, cash equivalents and restricted cash	$	244,657	$	444,656

REMITLY GLOBAL, INC.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited)


Reconciliation of net loss to Adjusted EBITDA:

	Three Months Ended March 31,
(in thousands)	2023		2022
Net loss	$	(28,314)	$	(23,310)
Add:
Interest (income) expense, net	(1,635)		277
Provision for income taxes	370		528
Depreciation and amortization	3,029		1,517
Foreign exchange (gain) loss	1,505		(669)

Stock-based compensation expense, net	29,234		9,594
Transaction costs(1)	1,173		—
Adjusted EBITDA	$	5,362	$	(12,063)

(1) Transaction costs primarily represents expenses related to the acquisition and integration of Rewire (O.S.G) Research and Development Ltd.


Reconciliation of operating expenses to non-GAAP operating expenses:

	Three Months Ended March 31,
(in thousands)	2023		2022
Customer support and operations	$	19,931	$	13,870
Excluding: Stock-based compensation expense, net	205		93
Non-GAAP customer support and operations	$	19,726	$	13,777

	Three Months Ended March 31,
	2023		2022
Marketing	$	44,123	$	40,621
Excluding: Stock-based compensation expense, net	2,983		1,032
Non-GAAP marketing	$	41,140	$	39,589

	Three Months Ended March 31,
	2023		2022
Technology and development	$	49,376	$	23,575
Excluding: Stock-based compensation expense, net	16,631		4,072
Non-GAAP technology and development	$	32,745	$	19,503

	Three Months Ended March 31,
	2023		2022
General and administrative	$	41,408	$	23,342
Excluding: Stock-based compensation expense, net	9,415		4,397

Excluding: Transaction costs	1,173		—
Non-GAAP general and administrative	$	30,820	$	18,945

EX-99.2 3 remitlyirpresentation1q2.htm EX-99.2 remitlyirpresentation1q2

May 2023 / © 2023 Remitly Inc. 2 Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2023 financial outlook, including forecasted fiscal year 2023 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, without limitation, risks and uncertainties related to: our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to keep data and our technology platform secure, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of changes to immigration laws, macroeconomic conditions and geopolitical forces on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in our quarterly report on Form 10-Q for the quarter ended March 31, 2023 to be filed with the SEC and in our annual report on Form 10-K for the year ended December 31, 2022 filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this presentation speak only as of the date of this presentation and except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. The guidance in this presentation is only effective as of the date given, May 3, 2023, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following May 3, 2023 does not constitute re-affirming guidance by Remitly. Non-GAAP Financial Measures A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix included in this presentation. An explanation of these measures is also included in the Appendix within this presentation under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this presentation because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include but are not limited to income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock. The variability of these items could have a significant impact on our future GAAP financial results.

May 2023 / © 2023 Remitly Inc. Resilient and predictable customer behavior Differentiated product Increasing long term returns on investments Scale enabling an even better customer experience 4 Strong 1Q results continue track record of execution $204m1Q23 REVENUE Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 50% YoY 1Q23 PROFITABILITY ($28m) GAAP Net Loss $5m Adjusted EBITDA

May 2023 / © 2023 Remitly Inc. Customer behavior continues to be resilient Investments in premium product driving loyalty and market share gains Exceptionally strong new customer acquisition at compelling unit economics 5 Quarterly Active Customers (thousands) Strong new customer acquisition and high retention 3,042 3,419 4,559 3,818 +50% YoY 4,188

May 2023 / © 2023 Remitly Inc. 6 New customer acquisition Geographical expansion Driving efficient customer growth Remittance product enhancements Complementary new products Driving higher retention and engagement High return investments drive sustainable growth and enhance customer loyalty and engagement

May 2023 / © 2023 Remitly Inc. 7 Brand awareness Scale drives increasing word of mouth Aided awareness up in all regions Increased creative velocity CAC Improvements Driving sustainable marketing efficiencies Localization at scale

May 2023 / © 2023 Remitly Inc. 8 +4,500 corridors ~4.0b bank accounts +445k cash pickup locations ~1.2b mobile wallets Data as of 3/31/23. https://mapchart.net/world.html 4Q22: {"groups":{"#cc3333":{"label":"","paths":["United_States","Philippines","India","Mexico","Guatemala"," El_Salvador","Honduras","Colombia","Ecuador","Nicaragua","Peru","Dominican_Republic","Vietnam ","Nigeria","Argentina","Bolivia","Brazil","Chile","Costa_Rica","Paraguay","Uruguay","Ethiopia","Keny a","South_Africa","Pakistan","Panama","Tunisia","Rwanda","Senegal","Morocco","Albania","Nepal"," Bangladesh","Indonesia","Romania","Malaysia","Thailand","Poland","Algeria","Bulgaria","Croatia","Sr i_Lanka","Haiti","Ghana","Czechia","Egypt","Jamaica","Uganda","China","South_Korea","Moldova"," Ukraine","Armenia","Tanzania","Cote_d_Ivoire","Cameroon","Guyana","Georgia","Israel","Suriname" ,"Lithuania","Montenegro","Laos","Cambodia","Cyprus","Greece","Kosovo","North_Macedonia","Uzb ekistan","Benin","Togo","Gabon","Kyrgyzstan","Jordan","Bahamas","Gambia","Guinea","Sierra_Leon e","Burundi","Myanmar","Zambia","Malawi","Fiji","Estonia","Madagascar","Slovakia","Japan","Sloveni a","Latvia","Malta","Andorra","Monaco","Iceland","Zimbabwe","Equatorial_Guinea","Guinea_Bissau", "Samoa","Congo","Mauritius","Kazakhstan","Mozambique","Bosnia_and_Herzegovina","Djibouti","M ongolia","Botswana","Cabo_Verde","Azerbaijan","Bhutan","Namibia","Turkmenistan","Liberia","DR_ Congo","Tajikistan","Lebanon","Eritrea","Mauritania","France","Brunei","Dominica","Trinidad_and_To bago","Antigua_and_Barbuda","Luxembourg","Timor_Leste","Saudi_Arabia","Hong_Kong","Lesotho" ,"Hungary","Qatar","Oman","Bahrain","Papua_New_Guinea","Kuwait","Belize","Switzerland","Solom on_Islands","Puerto_Rico","Serbia","Somalia","Vanuatu","Ireland","Türkiye","Germany","Austria","Fin land","Belgium","Italy","Spain","Netherlands","Norway","Denmark","Sweden","Portugal","Canada","A ustralia","United_Kingdom","Singapore","New_Zealand"]}},"title":"","hidden":["Prince_Edward_Island _CA","New_Brunswick_CA","Ontario_CA","British_Columbia_CA","Alberta_CA","Saskatchewan_CA ","Manitoba_CA","Quebec_CA","Yukon_CA","Nunavut_CA","Newfoundland_and_Labrador_CA","No rthwest_Territories_CA","Nova_Scotia_CA","USA_Wisconsin","USA_Montana","USA_Minnesota","U SA_Washington","USA_Idaho","USA_North_Dakota","USA_Michigan","USA_Maine","USA_Ohio","U SA_New_Hampshire","USA_New_York","USA_Vermont","USA_Pennsylvania","USA_Arizona","US A_California","USA_New_Mexico","USA_Texas","USA_Alaska","USA_Louisiana","USA_Mississippi" ,"USA_Alabama","USA_Florida","USA_Georgia","USA_South_Carolina","USA_North_Carolina","US A_Virginia","USA_Washington_DC","USA_Maryland","USA_Delaware","USA_New_Jersey","USA_C onnecticut","USA_Rhode_Island","USA_Massachusetts","USA_Oregon","USA_Hawaii","USA_Utah" ,"USA_Wyoming","USA_Nevada","USA_Colorado","USA_South_Dakota","USA_Nebraska","USA_K 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anadaStatesShown":false,"splitUK":false,"legendPosition":"bottom_left", "legendSize":"medium","legendStatus":"show","scalingPatterns":true,"le gendRowsSameColor":true,"legendColumnCount":1} +170 countries & territories Localized pay in options help drive customer preference Direct integrations are increasing and becoming easier with scale Scale creating flywheel for lower transaction and customer support costs while improving the customer experience Scaled and high quality global network delivers for our customers

May 2023 / © 2023 Remitly Inc. 9 Building customer trust at scale Reliability Platform Availability 99.93%1 1. Remitly internal data for 1Q 2023. 2. Disbursement speed reflects the time between when Remitly has the customer funds and when the funds are successfully disbursed (e.g., completed or available for pickup) 3. App Store and Google Play ratings as of 3/31/23. 4.9X iOS App Store rating3 (~1M reviewers) 4.8X Android Google Play rating3 (+580k reviewers) Speed >90% of customer transactions disbursed in less than an hour1,2

May 2023 / © 2023 Remitly Inc. Incredible opportunity to drive even more customer loyalty 10 Solving complementary problems to the remittance problem we’re already solving Increased customer value Long-term customer engagement Highly defensible competitive advantage

May 2023 / © 2023 Remitly Inc. 1Q — Continued strong execution SCALE 4.6m 50% growth in quarterly active customers over 1Q 2022 $8.5b 40% growth in send volume over 1Q 2022 REVENUE $204m 50% growth in revenue over 1Q 2022 13 PROFITABILITY ($28m) GAAP Net Loss $5.4m Adjusted EBITDA Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.

May 2023 / © 2023 Remitly Inc. 1. Marketing expense and other operating expenses are non-GAAP measures. Other operating expenses include non-GAAP customer support and operations expense, non-GAAP general and administrative expense non-GAAP marketing expense, and non-GAAP technology and development expense. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. $257.0 1Q23 Year-over-Year Change Execution Wins Macro Factors Revenue Growth 50% ● High retention ● Strong new customer acquisition ● Geographic expansion from prior periods Transaction Expense as a % of Revenue 500 bps ● Continued advances in our approach to fraud prevention ● Reducing costs across pay in and disbursement network as we scale Non-GAAP Marketing Expense as a % of Revenue1 890 bps ● Brand awareness and word of mouth effects ● Sustaining CAC efficiencies ● Improved creative velocity Advertising market was less competitive YoY Non-GAAP Other Operating Expenses as a % of Revenue1 G&A 120 bps T&D 170 bps 14 ● First quarter including Rewire ● Continued focus on expense discipline ● Investments in high ROI initiatives such as remittance product enhancements and complementary new products 1Q 2023 benefited from strong execution

May 2023 / © 2023 Remitly Inc. 15 Deliver Scale Efficiencies in Other Opex1 Strong Revenue Growth Note: $ in millions 1 Marketing expense and other operating expenses are non-GAAP measures. Other operating expenses include non-GAAP customer support and operations expense, non-GAAP general and administrative expense non-GAAP marketing expense, and non-GAAP technology and development expense. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. YoY % Growth 49% 42% 40% 41% 50% Drive Marketing Efficiency1 % of Revenue 29% 26% 24% 21% 20% % of Revenue 41% 39% 41% 38% 36% Improve Transaction Expense % of Revenue 38% 39% 37% 38% 41% Four key focus areas to drive sustainable, long-term returns

May 2023 / © 2023 Remitly Inc. Raising 2023 Outlook Strong revenue growth and scale efficiencies enabling higher returns Key 2023 Expectations ● Macro and FX environment stable to 1Q23 ● Sustained marketing efficiencies in normalizing advertising market ● Moderating growth in operating expenses vs 2022 ● Opportunity to make long-term and high return investments $875m-$895m 2023E Revenue 34% to 37% YoY growth — $5m-$15m 2023E Adjusted EBITDA 16 Note: This guidance is only effective as of the date given, May 3, 2023, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following May 3, 2023 does not constitute re-affirming guidance.

May 2023 / © 2023 Remitly Inc. Complementary new products Remittance product enhancements Geographical expansion New customer acquisition Strong balance sheet to fund strategic growth priorities As of 3/31/23 ~$244m Cash 17

May 2023 / © 2023 Remitly Inc. Some of the financial information and data contained in this presentation, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this presentation for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP. We calculate Adjusted EBITDA as net loss adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charge of depreciation and amortization, (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, and (vii) certain transaction and integration costs associated with acquisitions. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net, (ii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, as well as (iii) certain transaction and integration costs associated with acquisitions. We calculate revenue growth on a constant currency basis by translating current period GAAP revenue from foreign currency denominated subsidiary revenue at an exchange rate consistent with the prior period's average monthly rates, and then comparing it to the prior period reported GAAP revenue. Fluctuations in the United States Dollar compared to foreign currency resulted in a decrease to revenue of approximately $4 million for the three months ended March 31, 2023, when compared to foreign currency rates in the prior period. On a constant currency basis, revenue would have been up 53% as compared to the same quarter in the prior year. 21 Non-GAAP Financial Measures

May 2023 / © 2023 Remitly Inc. Reconciliation of operating expenses to non-GAAP operating expenses (in thousands) 1Q 2023 4Q 2022 3Q 2022 2Q 2022 1Q 2022 Customer support and operations $19,931 $19,239 $18,142 $16,855 $13,870 Excluding: Stock-based compensation expense, net 205 220 226 277 93 Non-GAAP customer support and operations $19,726 $19,019 $17,916 $16,578 $13,777 Marketing $44,123 $43,163 $43,337 $43,849 $40,621 Excluding: Stock-based compensation expense, net 2,983 3,363 3,352 2,765 1,032 Non-GAAP marketing $41,140 $39,800 $39,985 $41,084 $39,589 Technology and development $49,376 $42,883 $36,178 $36,083 $23,575 Excluding: Stock-based compensation expense, net 16,631 15,461 13,238 13,649 4,072 Non-GAAP technology and development $32,745 $27,422 $22,940 $22,434 $19,503 General and administrative $41,408 $34,895 $35,504 $37,509 $23,342 Excluding: Stock-based compensation expense, net 9,415 8,369 8,929 15,850 4,397 Excluding: Donation of common stock - - 1,972 - - Excluding: Transaction costs 1,173 1,077 2,385 - - Non-GAAP general and administrative $30,820 $25,449 $22,218 $21,659 $18,945 22 Non-GAAP Reconciliation

May 2023 / © 2023 Remitly Inc. 23 Non-GAAP Reconciliation Reconciliation of net loss to Adjusted EBITDA (in thousands) 1Q 2023 4Q 2022 3Q 2022 2Q 2022 1Q 2022 Net loss ($28,314) ($19,395) ($33,069) ($38,245) ($23,310) Add: Interest (income) expense, net (1,635) (1,947) (1,070) (107) 277 Provision for income taxes 370 (434) 287 662 528 Depreciation and amortization 3,029 1,854 1,843 1,510 1,517 Foreign exchange gain 1,505 (1,090) (1,815) (1,687) (669) Donation of common stock - - 1,972 - - Stock-based compensation expense, net 29,234 27,413 25,745 32,541 9,594 Transaction costs 1,173 1,077 2,385 - - Adjusted EBITDA $5,362 $7,478 ($3,722) ($5,326) ($12,063) Revenue $203,865 $191,032 $169,259 $157,255 $136,014 Adjusted EBITDA margin 2.6% 3.9% (2.2%) (3.4%) (8.9%) Note: Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.