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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): February 19, 2025
 
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. ☐ 
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Item 2.02    Results of Operations and Financial Condition.
On February 19, 2025, Remitly Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter and full fiscal year ended December 31, 2024. 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 February 19, 2025, 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 
99.2 
104  Cover page interactive data file (embedded with the inline XBRL document)

2

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: February 19, 2025
 By:
/s/ Vikas Mehta
Vikas Mehta
Chief Financial Officer
(Principal Financial Officer)
Date: February 19, 2025
 By: /s/ Gail Miller
Gail Miller
Chief Accounting Officer
(Principal Accounting Officer)
3
EX-99.1 2 rely4q24-earningspr.htm EX-99.1 Document

remitly-horizontalxblue.jpg
Remitly Reports Fourth Quarter and Full Year 2024 Results Above Outlook
Fourth quarter active customers up 32% and revenue up 33% year over year
Fourth quarter net loss was $5.7 million and Adjusted EBITDA was $43.7 million

SEATTLE, WA / February 19, 2025 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a trusted provider of digital financial services that transcend borders, reported results for the fourth quarter and full year ended December 31, 2024.
“We delivered an exceptional fourth quarter and full year, exceeding expectations, as our product strength and customer loyalty drove durable growth and improving profitability,” said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “Our product experience continues to resonate with customers as we deliver simplicity, convenience, and trust. As we look ahead to 2025 and beyond, I am excited about the growth opportunities and innovation that will enable us to deliver on our vision.”
Fourth Quarter 2024 Highlights and Key Operating Data
(All comparisons relative to the fourth quarter of 2023)
•Active customers increased to 7.8 million, from 5.9 million, up 32%.
•Send volume increased to $15.4 billion, from $11.1 billion, up 39%.
•Revenue totaled $351.9 million, compared to $264.8 million, up 33%.
•Net loss was $5.7 million, compared to a net loss of $35.0 million.
•Adjusted EBITDA was $43.7 million, compared to $8.2 million, up 434%.
Full Year 2024 Highlights and Key Operating Data:
(All comparisons relative to the full year 2023)
•Send volume increased to $54.6 billion, from $39.5 billion, up 38%.
•Revenue totaled $1,264.0 million, compared to $944.3 million, up 34%.
•Net loss was $37.0 million, compared to a net loss of $117.8 million.
•Adjusted EBITDA was $134.8 million, compared to $44.5 million, up 203%.
2025 Financial Outlook
For fiscal year 2025, Remitly currently expects:
•Total revenue in the range of $1.565 billion to $1.580 billion, representing a growth rate of 24% to 25% year over year.
•GAAP net income to be positive for 2025 and for Adjusted EBITDA to be in the range of $180 million to $200 million.
For the first quarter of 2025, Remitly currently expects:
•Total revenue in the range of $345 million to $348 million, representing a growth rate of 28% to 29% year over year.
•A GAAP net loss position for the first quarter of 2025 and for Adjusted EBITDA to be in the range of $36 million to $40 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.
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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 within the Company’s SEC filings.
2

Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern time on Wednesday, February 19, 2025 to discuss its fourth quarter and full year 2024 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 charges 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 acquisition, integration, restructuring, and other costs. 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 acquisition, integration, restructuring, and other costs.
3

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 results of operations and financial position, including our fiscal year and first quarter 2025 financial outlook, including forecasted fiscal year and first quarter 2025 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms 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 expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances; our ability to maintain and expand international operations; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. 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 annual report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2023 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.
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About Remitly
Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world.





Contacts

Media:
Kendall Sadler
kendall@remitly.com

Investor Relations:
Stephen Shulstein
stephens@remitly.com
5

REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Operations
(unaudited)

Three Months Ended December 31, Twelve Months Ended December 31,
(in thousands, except share and per share data) 2024 2023 2024 2023
Revenue $ 351,895  $ 264,758  $ 1,263,963  $ 944,285 
Costs and expenses
Transaction expenses(1)
 118,389  89,118  431,604  329,113 
Customer support and operations(1)
22,008  19,917  83,918  82,521 
Marketing(1)
83,937  75,343  303,799  234,417 
Technology and development(1)
70,611  59,240  269,817  219,939 
General and administrative(1)
54,875  48,657  195,857  179,372 
Depreciation and amortization 5,814  3,484  18,054  13,118 
Total costs and expenses 355,634  295,759  1,303,049  1,058,480 
Loss from operations (3,739) (31,001) (39,086) (114,195)
Interest income 1,844  2,247  8,077  7,447 
Interest expense (967) (786) (3,241) (2,352)
Other income (expense), net
 (2,273) (64) 3,999  (2,838)
Loss before provision for income taxes
 (5,135) (29,604) (30,251) (111,938)
Provision for income taxes
 589  5,417  6,727  5,902 
Net loss
 $ (5,724) $ (35,021) $ (36,978) $ (117,840)
Net loss per share attributable to common stockholders:
Basic and diluted
 $ (0.03) $ (0.19) $ (0.19) $ (0.65)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted
 199,049,777  186,343,078  194,646,436  180,818,399 
(1) Exclusive of depreciation and amortization, shown separately.

6

REMITLY GLOBAL, INC.
Condensed Consolidated Balance Sheets
(unaudited)

December 31, December 31,
(in thousands) 2024 2023
Assets
Current assets
Cash and cash equivalents $ 368,097  $ 323,710 
Disbursement prefunding 288,934  195,848 
Customer funds receivable, net 193,965  379,417 
Prepaid expenses and other current assets 46,518  33,143 
Total current assets 897,514  932,118 
Property and equipment, net 31,566  16,010 
Operating lease right-of-use assets 13,002  9,525 
Goodwill 54,940  54,940 
Intangible assets, net 10,463  16,642 
Other noncurrent assets, net 5,386  7,071 
Total assets $ 1,012,871  $ 1,036,306 
Liabilities and stockholders’ equity
Current liabilities
Accounts payable $ 16,159  $ 35,051 
Customer liabilities 188,984  177,473 
Short-term debt 2,468  2,481 
Accrued expenses and other current liabilities 116,652  145,802 
Operating lease liabilities 4,745  6,032 
Total current liabilities 329,008  366,839 
Operating lease liabilities, noncurrent 9,073  4,477 
Long-term debt —  130,000 
Other noncurrent liabilities 9,319  5,653 
Total liabilities 347,400  506,969 
Commitments and contingencies
Stockholders’ equity
Common stock 20  19 
Additional paid-in capital 1,195,390  1,020,286 
Accumulated other comprehensive (loss) income (1,658) 335 
Accumulated deficit (528,281) (491,303)
Total stockholders’ equity 665,471  529,337 
Total liabilities and stockholders’ equity $ 1,012,871  $ 1,036,306 
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Year Ended December 31,
(in thousands) 2024 2023
Cash flows from operating activities
Net loss $ (36,978) $ (117,840)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization 18,054  13,118 
Stock-based compensation expense, net 152,137  136,967 
Donation of common stock 2,587  4,600 
Other 454  713 
Changes in operating assets and liabilities:
Disbursement prefunding (93,086) (31,778)
Customer funds receivable 186,357  (183,422)
Prepaid expenses and other assets (12,224) (13,035)
Operating lease right-of-use assets 5,981  5,186 
Accounts payable (20,823) 27,559 
Customer liabilities 12,666  61,718 
Accrued expenses and other liabilities (14,499) 47,357 
Operating lease liabilities (6,141) (4,733)
Net cash provided by (used in) operating activities 194,485  (53,590)
Cash flows from investing activities
Purchases of property and equipment (5,998) (2,857)
Capitalized internal-use software costs (11,704) (6,247)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash —  (40,933)
Net cash used in investing activities (17,702) (50,037)
Cash flows from financing activities
Proceeds from exercise of stock options 8,667  14,288 
Proceeds from issuance of common stock in connection with ESPP
 9,382  6,132 
Proceeds from revolving credit facility borrowings 1,453,000  764,000 
Repayments of revolving credit facility borrowings (1,583,000) (634,000)
Taxes paid related to net share settlement of equity awards (5,228) (6,702)
Cash paid for settlement of amounts previously held back for acquisition consideration
 (10,261) — 
Repayment of assumed indebtedness —  (17,068)
Net cash (used in) provided by financing activities (127,440) 126,650 
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (4,555) 1,272 
Net increase in cash, cash equivalents, and restricted cash 44,788  24,295 
Cash, cash equivalents, and restricted cash at beginning of period 325,029  300,734 
Cash, cash equivalents, and restricted cash at end of period $ 369,817  $ 325,029 
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents $ 368,097  $ 323,710 
Restricted cash included in prepaid expenses and other current assets 658  774 
Restricted cash included in other noncurrent assets, net 1,062  545 
Total cash, cash equivalents, and restricted cash $ 369,817  $ 325,029 




8


REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

Reconciliation of net loss to Adjusted EBITDA:
Three Months Ended December 31, Twelve Months Ended December 31,
(in thousands) 2024 2023 2024 2023
Net loss
 $ (5,724) $ (35,021) $ (36,978) $ (117,840)
Add:
Interest income, net
 (877) (1,461) (4,836) (5,095)
Provision for income taxes
 589  5,417  6,727  5,902 
Depreciation and amortization 5,814  3,484  18,054  13,118 
Foreign exchange (gain) loss
 2,273  (8) (4,394) 2,603 
Donation of common stock —  —  2,587  4,600 
Stock-based compensation expense, net 41,614  35,960  152,137  136,967 
Acquisition, integration, restructuring, and other costs(1)
 —  (193) 1,468  4,197 
Adjusted EBITDA $ 43,689  $ 8,178  $ 134,765  $ 44,452 
(1) Acquisition, integration, restructuring, and other costs for the twelve months ended December 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”). Acquisition, integration, restructuring, and other costs for the three months ended December 31, 2023 consisted primarily of $(0.8) million related to the change in the fair value of the holdback liability and $0.6 million of expenses incurred in connection with the acquisition and integration of Rewire. Acquisition, integration, restructuring, and other costs for the twelve months ended December 31, 2023 consisted primarily of $1.7 million of expenses incurred in connection with the acquisition and integration of Rewire, $1.4 million in restructuring charges incurred, and $1.1 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire.
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Reconciliation of operating expenses to non-GAAP operating expenses:
Three Months Ended December 31, Twelve Months Ended December 31,
(in thousands) 2024 2023 2024 2023
Customer support and operations $ 22,008  $ 19,917  $ 83,918  $ 82,521 
Excluding: Stock-based compensation expense, net 268  394  1,158  1,404 
Excluding: Acquisition, integration, restructuring, and other costs
 —  —  758  739 
Non-GAAP customer support and operations $ 21,740  $ 19,523  $ 82,002  $ 80,378 
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 2024 2023
Marketing $ 83,937  $ 75,343  $ 303,799  $ 234,417 
Excluding: Stock-based compensation expense, net 4,595  3,930  17,609  16,165 
Non-GAAP marketing $ 79,342  $ 71,413  $ 286,190  $ 218,252 
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 2024 2023
Technology and development $ 70,611  $ 59,240  $ 269,817  $ 219,939 
Excluding: Stock-based compensation expense, net 22,527  19,920  84,381  74,967 
Excluding: Acquisition, integration, restructuring, and other costs
 —  700  —  1,224 
Non-GAAP technology and development $ 48,084  $ 38,620  $ 185,436  $ 143,748 
Three Months Ended December 31, Twelve Months Ended December 31,
2024 2023 2024 2023
General and administrative $ 54,875  $ 48,657  $ 195,857  $ 179,372 
Excluding: Stock-based compensation expense, net 14,224  11,716  48,989  44,431 
Excluding: Donation of common stock —  —  2,587  4,600 
Excluding: Acquisition, integration, restructuring, and other costs
 —  (893) 710  2,234 
Non-GAAP general and administrative $ 40,651  $ 37,834  $ 143,571  $ 128,107 
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EX-99.2 3 remitlyirpresentation4q2.htm EX-99.2 remitlyirpresentation4q2
February 2025 / © 2025 Remitly Inc. 1 Investor Presentation Fourth Quarter 2024 Earnings February 19, 2025

 
February 2025 / © 2025 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 results of operations and financial position, including our fiscal year and first quarter 2025 financial outlook, including forecasted fiscal year and first quarter 2025 revenue, net income (loss), and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, our growth, our position and potential opportunities, and our objectives for future operations. The words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “likely,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms 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 expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; anticipated trends, growth rates, and challenges in our business and in the market segments in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of geopolitical and macroeconomic conditions, including currency fluctuations, inflation, regulatory changes (including as may be related to immigration, fiscal policy, foreign trade, or foreign investment), or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission licenses and other regulatory clearances; our ability to maintain and expand international operations; and our expectations regarding anticipated technology needs and developments and our ability to address those needs and developments with our solutions. 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 annual report on Form 10-K for the year ended December 31, 2024 to be filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2023 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, February 19, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution of or reference to this deck following February 19, 2025 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.

 
February 2025 / © 2025 Remitly Inc. 4Q Strategic Overview 3 Matt Oppenheimer Co-Founder & CEO

 
February 2025 / © 2025 Remitly Inc. Revenue $352m 33% Y/Y $1,264m 34% Y/Y Profitability $6m GAAP Net Loss $44m Adjusted EBITDA* $37m GAAP Net Loss $135m Adjusted EBITDA* 4 *Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. Exceptional fourth quarter and 2024 results 4Q24 2024

 
February 2025 / © 2025 Remitly Inc. 5 Vision Transform lives with trusted financial services that transcend borders

 
February 2025 / © 2025 Remitly Inc. 4.9 iOS App Store rating3 (~3.2m reviewers) 6 1. Remitly internal data for 4Q 2024. 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 rating is based on all countries or regions and the rating may vary based on user location and device type. Customer experience continues to improve >92% Record customer transactions disbursed in less than an hour1,2 >95% Record transactions without customer support contact1 99.80% Uptime1 Focus areas across transaction lifecycle ● New customer use cases ● AI-powered virtual assistant ● Additional lower cost and convenient pay-in options ● More high quality direct integrations Key Outcomes 4.8 Android Google Play rating3 (>950k reviewers)

 
February 2025 / © 2025 Remitly Inc. 7 Demonstrated success in diversifying revenue FY 2020 v. FY 2024 Revenue Mix +5,100 corridors +5.0b bank accounts and mobile wallets ~470k cash pickup options 2020 2024 $199m $30m $28m $826m $141m $297m 43% 47% 80% $257m $1,264m49% USA Canada Rest of World CAGR Total Revenue

 
February 2025 / © 2025 Remitly Inc. 8 4Q Financial Results Vikas Mehta CFO

 
February 2025 / © 2025 Remitly Inc. 4Q — Strong execution Scale 7.8m 32% growth in quarterly active customers over 4Q 2023 $15.4b 39% growth in send volume over 4Q 2023 Revenue $351.9m 33% growth in revenue over 4Q 2023 9 Profitability $5.7m GAAP Net Loss $43.7m 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.

 
February 2025 / © 2025 Remitly Inc. Quarterly Active Customers (in thousands) 10 Revenue YoY % Growth 39% 32% 31% 39% 33% Revenue less Transaction Expense (RLTE) YoY % Growth Adj. EBITDA Margin 3% 7% 8% 14% 12%47% 38% 29% 42% 33% Adjusted EBITDA1 Four key focus areas to drive sustainable, long-term returns YoY % Growth 41% 36% 36% 35% 32% Net Income (Loss) ($35) ($21) ($12) $2 ($6) Note: $ in millions. 1. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.

 
February 2025 / © 2025 Remitly Inc. Stock Based Compensation as a % of Revenue 11 ● Disciplined hiring ● Cash in lieu of equity for new hires ● CEO declined new equity award for past 3 years Effectively managing stock based compensation and dilution 1. Dilution is defined as increase in common stock outstanding at the end of each period. 2. Net burn rate is defined as RSU grants less forfeitures and cancellations, divided by the common stock outstanding at the beginning of the period. Expect net burn rate to continue downward trend — Expect positive GAAP Net Income in 2025 Dilution1 Net Burn Rate2 Actions

 
February 2025 / © 2025 Remitly Inc. $345m-$348m Q1 2025 Revenue 28% to 29% YoY growth — $36m-$40m Q1 2025 Adjusted EBITDA $1.565b-$1.580b 2025 Revenue 24% to 25% YoY growth — $180m-$200m 2025 Adjusted EBITDA 2025 and Q1 2025 Outlook 12 Note: We expect to remain in a GAAP net-loss position in Q1 2025 and expect positive GAAP net income for the full year 2025. This guidance is only effective as of the date given, February 19, 2025, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following February 19, 2025 does not constitute re-affirming guidance. We cannot, without unreasonable effort, provide a quantitative reconciliation of forecasted adjusted EBITDA to forecasted GAAP net loss due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted adjusted EBITDA. 2025 Q1 2025

 
February 2025 / © 2025 Remitly Inc. 13 Lower cost structure Better prices Customer experience Customer actions Service selection Growth & Profitability Flywheel momentum generating significant value More than doubled revenue and more than tripled RLTE since IPO in 2021

 
February 2025 / © 2025 Remitly Inc. Q & A 14

 
February 2025 / © 2025 Remitly Inc. “ Jigyasa Remitly customer since 2018 Sends money from United States to India 15 I haven’t used anything apart from Remitly…. It is very intuitive, no fluff.

 
February 2025 / © 2025 Remitly Inc. Appendix 16

 
February 2025 / © 2025 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 charges 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 acquisition, integration, restructuring, and other costs. 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 acquisition, integration, restructuring, and other costs. 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 an increase to revenue of approximately $0.5 million for the three months ended December 31, 2024, when compared to foreign currency rates in the prior period. On a constant currency basis, revenue would have been up 33% as compared to the same quarter in the prior year. Beginning in the first quarter of 2025, we will also be excluding from Adjusted EBITDA the payroll taxes related to stock based compensation. During the year ended December 31, 2024, payroll taxes related to stock based compensation were $6.4 million. This included $3.5 million in the first quarter, $1.1 million in the second quarter, $0.7 million in the third quarter, and $1.1 million in the fourth quarter. 17 Non-GAAP Financial Measures

 
February 2025 / © 2025 Remitly Inc. Reconciliation of operating expenses to non-GAAP operating expenses (in thousands) 2024 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 Customer support and operations $83,918 $22,008 $21,792 $19,999 $20,119 $19,917 Excluding: Stock-based compensation expense, net 1,158 268 278 259 353 394 Excluding: Acquisition, integration, restructuring, and other costs 758 - - - 758 - Non-GAAP customer support and operations $82,002 $21,740 $21,514 $19,740 $19,008 $19,523 Marketing $303,799 $83,937 $74,792 $77,056 $68,014 $75,343 Excluding: Stock-based compensation expense, net 17,609 4,595 4,514 4,521 3,979 3,930 Non-GAAP marketing $286,190 $79,342 $70,278 $72,535 $64,035 $71,413 Technology and development $269,817 $70,611 $68,446 $67,554 $63,206 $59,240 Excluding: Stock-based compensation expense, net 84,381 22,527 21,873 20,354 19,627 19,920 Excluding: Acquisition, integration, restructuring, and other costs - - - - - 700 Non-GAAP technology and development $185,436 $48,084 $46,573 $47,200 $43,579 $38,620 General and administrative $195,857 $54,875 $50,920 $45,889 $44,173 $48,657 Excluding: Stock-based compensation expense, net 48,989 14,224 12,613 12,023 10,129 11,716 Excluding: Donation of common stock 2,587 - 2,587 - - - Excluding: Acquisition, integration, restructuring, and other costs 710 - - - 710 (893) Non-GAAP general and administrative $143,571 $40,651 $35,720 $33,866 $33,334 $37,834 18 Non-GAAP Reconciliation

 
February 2025 / © 2025 Remitly Inc. Reconciliation of net income (loss) to Adjusted EBITDA and calculation of Adjusted EBITDA Margin (in thousands, except for percentages) 2024 4Q 2024 3Q 2024 2Q 2024 1Q 2024 4Q 2023 19 Non-GAAP Reconciliation Net income (loss) ($36,978) ($5,724) $1,917 ($12,091) ($21,080) ($35,021) Add: Interest income, net (4,836) (877) (1,305) (1,197) (1,457) (1,461) Provision for income taxes 6,727 589 1,850 3,290 998 5,417 Depreciation and amortization 18,054 5,814 4,655 3,907 3,678 3,484 Foreign exchange (gain) loss (4,394) 2,273 (2,274) (5,962) 1,569 (8) Donation of common stock 2,587 - 2,587 - - - Stock-based compensation expense, net 152,137 41,614 39,278 37,157 34,088 35,960 Acquisition, integration, restructuring, and other costs 1,468 - - - 1,468 (193) Adjusted EBITDA 134,765 $43,689 $46,708 $25,104 $19,264 $8,178 Revenue $1,263,963 $351,895 $336,527 $306,423 $269,118 $264,758 Adjusted EBITDA margin 10.7% 12.4% 13.9% 8.2% 7.2% 3.1% Note: Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.

 
February 2025 / © 2025 Remitly Inc. Thank you.