Remitly Global (NASDAQ:RELY) executives said the company is focused on expanding market share in its core remittance business while building new revenue streams around higher-value transfers, small businesses, recipients and its global card offering.
Speaking during an investor discussion, Chief Executive Officer Sebastian Gunningham said the company’s core priorities remain consistent: competitive pricing, fast money movement across its network and customer service. He said Remitly is continuing to sharpen prices across roughly 5,000 corridors, add licenses, expand its network and use artificial intelligence to improve customer support and internal operations.
Diversification Targets and Global Card
Remitly’s primary business has centered on lower-value international transfers, generally in the $200 to $300 range. Gunningham said the company now serves about 10 million customers in that segment, but is pursuing additional customer categories using its existing infrastructure.
One opportunity is high-value senders, including people transferring money for personal investments or to themselves internationally. Chief Financial Officer Vikas Mehta said the company has enabled larger transactions through product and partner changes, including multiple transfers of $300,000 and one customer transaction exceeding $1 million during the most recent quarter.
Remitly is also targeting small businesses and freelancers that use its network to make cross-border payments. Gunningham said the initial focus is on the smaller end of the small- and medium-sized business market, including freelancers and companies paying workers abroad. The business product requires additional capabilities, such as business verification processes, the ability to pay multiple recipients and integrations with accounting and enterprise resource planning systems, he said.
A third growth area is recipients of remittances. Gunningham said that while 10 million senders move approximately $100 billion annually to an estimated 30 million to 40 million recipients, the company historically had not built products for those receivers. Remitly has launched an app in 170 countries and is generating early revenue from receiver-focused offerings, he said.
The company has also consolidated several initiatives, including its Remitly Flex send-now, pay-later product, under the Remitly Global Card. Gunningham said the card is intended for customers who live, travel or maintain family relationships across borders. Features include card-to-card transfers, short-term liquidity, loyalty benefits, no foreign transaction fees and the ability to deposit salary.
Mehta said Remitly expects its newer growth initiatives to represent approximately 5% of revenue this year and more than 10% of revenue by 2028. These products could also diversify the company’s income sources through membership revenue, interchange and float-related interest income, he said.
AI, Organization Changes and Investment
Gunningham said AI is affecting Remitly in three areas: costs, customer experience and revenue growth from faster product development. He cited the rollout of the Remitly Global Card in roughly 60 days with a small team as an example of how AI-supported development can accelerate launches.
He also said the company has flattened its organizational structure and is pushing teams to become smaller and faster-moving. Gunningham expects AI to contribute to smaller teams and a convergence of traditional roles such as product management, design and software engineering.
Mehta said the company had a strong first half of 2026 and is preparing to increase investment during the second half, including marketing spending. He said Remitly plans to continue its “Skip the Line” campaign, which management said was successful in the first half.
On transaction losses, Mehta said the company expects the next two quarters to run at around 11 basis points, within its previously stated average range of 9 to 13 basis points. He said Remitly remains cautious because entering new geographies and payment types can create new fraud risks.
Core Remittance Market and Regional Trends
Gunningham said Remitly’s 5,000-corridor network represents about half of the potential global coverage opportunity. He identified network expansion, customer acquisition, repeat use and price competitiveness as the main growth levers in the core business.
Management said Remitly holds roughly 10% to 15% share in certain established markets, including major corridors such as the U.S. to Mexico, U.S. to the Philippines, U.S. to India and the U.K. to India. Gunningham said that share demonstrates the company’s position but also leaves substantial room for expansion.
Mehta said Canada experienced macroeconomic headwinds and more constrained immigration policies, though Remitly continues to pursue share gains in that market. He said slower growth in the company’s “rest of world” category was tied to more difficult year-over-year comparisons in African corridors.
Gunningham highlighted the United Arab Emirates as a significant market, citing approximately $50 billion in annual remittances, a population that is 90% migrant and a digital share of outbound transfers of about 50%. A new license in the UAE will enable additional products, including the Remitly Global Card, he said.
Stablecoins and Capital Allocation
Management said Remitly is evaluating stablecoins for treasury settlements, faster movement of funds in certain corridors and consumer products in markets where customers seek to hold U.S. dollar-denominated value. Gunningham said the company has introduced card-related stablecoin offerings in Argentina and Pakistan, though consumer adoption remains small.
He said Remitly joined the OpenUSD initiative because it could support trust, adoption and shared economics among payment companies. The company has not yet launched a specific OpenUSD product.
On capital allocation, Gunningham said Remitly intends to continue balancing share repurchases with internal investment. He said the company has no current plans for mergers and acquisitions, adding that its organic product roadmap remains extensive.
About Remitly Global (NASDAQ:RELY)
Remitly Global, Inc operates as a digital financial services company specializing in cross-border money transfers. Through its proprietary online platform and mobile applications, the company enables immigrants, expatriates and international workers to send remittances swiftly and securely to their families abroad. By focusing on fast deliverability and transparent pricing, Remitly seeks to streamline a process traditionally dominated by cash-based methods and legacy money transfer operators.
Founded in 2011 by Matt Oppenheimer and headquartered in Seattle, Washington, Remitly has grown from a startup into a publicly traded corporation listed on NASDAQ under the ticker RELY.
