Remitly Global: Large Market Opportunities (Ticker: RELY)

My conviction is growing.

Upcoming schedule: Holiday week, Oscar Health, Sprouts Farmers Market.

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“For the last year we’ve been experimenting with this send now, pay later idea, which is the short-term liquidity loan. We’ve had a very, very strong signal. This is a killer idea, we think. Customers have told us that the use of a card is extremely valuable. We’re wrapping up a number of ideas under this card construct, which obviously are gonna help the economics and allows us to really simplify how we go to market with this. Remember that the send now, pay later is an invite only. The customer’s already sent once on Remitly. We know some stuff, so we think it’s a very interesting product.

The signals of all the testing over the last year are very good. We see that launch as quite a lot of potential. We’ve obviously got a long list of things that we’re gonna add to a card to make it, you know, to make customers use it and loyalty, and you can imagine all the things that we can add to a card. It is U.S.-focused first. We’re doing it with the bank partnership. Our ambition is to make this global. As of right now we’re gonna go for the next few quarters with a U.S. launch only.” - Sebastian Cunningham, Q1 2026 Conference Call

Remitly Global is up 79.5% in 2026, as of this writing, before the market opens on Thursday, May 7th. It currently accounts for 12.3% of the Emerging Moats portfolio, which is 99% of my invested savings.

I wrote one of my first paywalled Emerging Moats updates on Remitly in late November of last year. As of this writing, I have removed the paywall, meaning anyone can read the report in order to see my thoughts at the time. The style of my writing and the formatting of the weekly updates have improved since then (nothing like a paywall and recurring revenue to motivate quality improvements), but my thoughts on the business are the same.

Remitly just posted Q1 earnings. These are the first earnings for new CEO Sebastian Cunningham, who has also publicly discussed his plans for the business at recent investor conferences. Long story short: Cunningham and the executive team believe there is still an immense growth opportunity ahead.

In this article, I will be covering:

• Q1 2026 Earnings

• New management perspectives

• Product acceleration and business opportunity

• Is there still an emerging moat?

• My investment decision

Q1 2026 Earnings

Remitly had all-around stellar results in the first quarter. Turns out stablecoins, AI, and immigration headwinds have not killed the business. Shocker. In fact, as I have argued many times, these are actually tailwinds.