Remitly Global, Inc. (RELY): Business Model Canvas [Dec-2025 Updated]

You're looking at the core engine of a major digital remittance player, trying to see if the growth story still holds up as they push for consistent profit. Honestly, the data from late 2025 shows Remitly Global, Inc. has moved past just chasing volume; they are now a scaled operation with 8.9 million active customers as of Q3, projecting 2025 revenue near $1.619 billion to $1.621 billion. The value proposition is clear-delivering over 90% of transfers in under an hour-but the real question for us analysts is how they are capturing that value to hit a projected Adjusted EBITDA between $234 million and $236 million. Dive into the nine building blocks below to see exactly how they are structuring the business to make that happen.

Remitly Global, Inc. (RELY) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Remitly Global, Inc. (RELY)'s ability to move money globally-it all comes down to who they work with to get funds from point A to point B, and that network is massive as of late 2025. The core strength here is the sheer scale of their disbursement reach, which is what allows them to offer competitive speed and choice to recipients. This extensive footprint is built on years of negotiating and integrating with local providers worldwide.

Here's a quick look at the scale of the network Remitly Global, Inc. (RELY) has established to power these transfers:

To make those billions of connections work, Remitly Global, Inc. (RELY) relies on deep, localized relationships with key payment providers for local disbursement. These aren't just abstract connections; these are the entities that actually hand over the cash or settle the digital transfer in the recipient's local currency. This dense web helps them maintain high service levels, like having over 94% of transactions disbursed in under an hour in Q3 2025.

You see this strategy in action with their ongoing relationships with specialized local partners:

• Strategic payment providers like Wave
• TMoney
• PLIN
• MACH for local disbursement

Also, Remitly Global, Inc. (RELY) is actively modernizing its infrastructure, which is a big deal for near-term efficiency. They are integrating stablecoin disbursement rails, which lets them bypass some traditional banking hours and settlement delays. This is being powered through a key partnership with Bridge, a Stripe company, which was in beta testing and planned for a September 2025 launch to enable seamless stablecoin payouts, like USDC, directly into compatible wallets. Honestly, this move positions them to handle treasury operations and funding across global markets near instantly.

Finally, underpinning all of this is the essential relationship with financial institutions for regulatory compliance and payment processing. Given that Remitly Global, Inc. (RELY) operates across 170 countries, managing the regulatory burden for both sending and receiving funds is a massive undertaking. Their ability to maintain high reliability-with over 97% of transactions completed without customer support contact in Q3 2025-is a direct reflection of the quality and stability of these underlying financial institution partnerships.

Finance: draft the Q4 2025 cash flow forecast incorporating stablecoin treasury float assumptions by next Tuesday.

Remitly Global, Inc. (RELY) - Canvas Business Model: Key Activities

You're looking at the core engine of Remitly Global, Inc. (RELY) as of late 2025, focusing on what they actually do to make money and grow. It's all about the digital plumbing and the customer funnel.

Developing and maintaining the core mobile-centric money transfer platform

This is the foundation, the actual app and backend that processes the money movement. The operational excellence here directly impacts customer trust and cost structure. As of Q3 2025, the platform demonstrated high reliability:

• Platform uptime reached 99.99%.
• Over 94% of transactions were disbursed in under an hour.
• More than 97% of transactions completed without requiring customer support contact.

This level of automation, driven by AI/ML in risk assessment, is key to keeping transaction expenses manageable while scaling. For context, Q3 2025 revenue was $419.5 million, with Adjusted EBITDA hitting $61.2 million, a 15% margin.

Global network management and expansion across 5,300+ currency corridors

Managing the relationships and compliance across the globe is a massive undertaking. While the prompt specifies 5,300+ currency corridors, the growth in transaction volume shows this network is being heavily utilized. Send volume in Q3 2025 hit $19.5 billion, a 35% increase year-over-year.

The activity here is clearly focused on driving more transactions through the existing, reliable corridors.

Continuous innovation in risk assessment using machine learning (AI/ML)

This activity directly supports the platform's reliability and cost efficiency. By using machine learning, Remitly Global, Inc. can approve more legitimate transactions faster while minimizing fraud losses. This is an ongoing investment that underpins the ability to handle scale profitably. The focus on AI-driven operations is what allows for that high rate of transactions completed without support contact.

Marketing and customer acquisition, driving 8.9 million active customers as of Q3 2025

Marketing efforts are translating directly into a larger user base. The activity centers on bringing new users onto the mobile platform and encouraging existing users to send more often. As of September 30, 2025, active customers stood at 8.9 million, up from 7.3 million in the prior year.

The focus isn't just on volume, but on higher-value customers, too. High-amount senders (those sending over $1,000) saw their year-over-year send volume increase by 40%, indicating successful targeting of more valuable users. That's smart customer acquisition.

Expanding the Remitly Business and Remitly One product suite

This represents a strategic push beyond the core consumer remittance product. The activity involves building out B2B capabilities and subscription/ecosystem offerings. Remitly Business is a clear focus area, expanding its reach to the U.K. and Canada, targeting small businesses. Here's what that expansion looks like:

• Remitly Business active businesses reached approximately 10,000.
• The send volume for Remitly Business nearly doubled sequentially.
• Average transaction sizes for business customers are approximately 2x that of consumer transactions.

Also, the Flex product, which is part of the broader product suite, has scaled significantly, attracting over 100,000 active users by Q3 2025. This diversification helps deepen customer relationships and provides alternative revenue streams beyond standard transfer fees.

Finance: draft 13-week cash view by Friday.

Remitly Global, Inc. (RELY) - Canvas Business Model: Key Resources

You're looking at the core assets Remitly Global, Inc. uses to run its cross-border payments business as of late 2025. These aren't just abstract concepts; they are quantifiable assets driving the reported growth.

Proprietary digital platform and mobile application

The platform's reliability is a core asset. Trust and reliability metrics strengthened in Q3 2025, showing platform stability. Specifically, Remitly Global, Inc. reported 99.99% uptime. Furthermore, >94% of transactions were disbursed in under an hour, and >97% were completed without needing customer support contact. The mobile application maintains a strong user perception, evidenced by an impressive average rating of 4.5 out of 5 stars on Trustpilot as of early 2025 reviews. Remitly Global, Inc. was also named the 'Most Secure International Transfer App 2025' by PAN Finance. The platform supports sending funds to over 170 countries using 75+ currencies.

Extensive global disbursement network and payment licenses

The network infrastructure is critical for speed and reach. As of Q1 2025, Remitly Global, Inc.'s operations already covered more than 5,200 currency corridors. This network supports multiple delivery options, including bank deposits, cash pickups at approximately 470,000 locations, and mobile wallet transfers. The company's ability to process high volumes efficiently is clear from its Q3 2025 send volume.

Customer data and AI/ML models for fraud prevention and operational efficiency

The data generated by the growing user base fuels the AI/ML models that drive efficiency. The focus on AI-driven operations underpins the high completion rates without support contact. The company also uses its underwriting capabilities in newer products, like Flex (send-now-pay-later), which reported approximately $20.8 million in receivables with about 90% current as of Q3 2025. This indicates effective risk modeling.

Strong brand trust and customer loyalty in the immigrant community

Customer loyalty is reflected in the growing active user base. Quarterly active customers reached nearly 8.9 million in Q3 2025, a 21% increase year-over-year. The company also sees traction with high-value senders, where send volume for transfers of $1K+ grew 40% year-over-year in Q3 2025, showing deeper penetration within existing customer segments.

Human capital focused on engineering, compliance, and geographic expansion

The expansion into new customer categories requires specialized human capital. The Remitly Business segment is a key area of focus, reporting approximately 10,000 active businesses in Q3 2025, with send volume nearly doubling sequentially. This growth in a new segment points to successful deployment of compliance and engineering resources to support business-to-business flows.

Here are the key operational and financial metrics from the third quarter of 2025 that demonstrate the scale of these resources:

The full-year 2025 outlook projects total revenue in the range of $1.619 billion to $1.621 billion. The company also secured a US$550,000,000 revolving credit facility, which supports prefunding customer flows and product broadening.

You should monitor the following operational statistics that tie directly to the platform's effectiveness:

• Send volume per active customer increased 11% year-over-year in Q3 2025.
• Remitly Business send volume nearly doubled sequentially.
• Flex active users surpassed 100,000.
• The compounded annual growth rate for sales over the last three years was 37.2%.

Finance: draft 13-week cash view by Friday.

Remitly Global, Inc. (RELY) - Canvas Business Model: Value Propositions

You're looking at the core value Remitly Global, Inc. (RELY) delivers to its customers as of late 2025. It's about speed, cost, and now, a broader financial ecosystem. Here's the breakdown of what they promise to deliver.

Fast and Reliable Transfers

The anxiety of money not arriving on time is a major pain point for senders, so Remitly Global, Inc. focuses heavily on instant delivery. As of the third quarter of 2025, the platform achieved its goal of rapid disbursement, with >94% of all transactions completed in under an hour. This is a consistent metric, as Q2 2025 also showed over 93% of transactions disbursed in under an hour. Reliability backs this speed; in Q3 2025, the platform delivered 99.99% uptime. Furthermore, the digital nature of the service means high self-service success, with more than 97% of transactions completed without needing customer support contact in Q3 2025.

• 99.99% platform uptime achieved in Q3 2025.
• Over 94% of transfers disbursed in under an hour in Q3 2025.
• Over 97% of transactions completed without customer support contact in Q2/Q3 2025.
• Send volume grew 35% to $19.5 billion in Q3 2025.

Transparent and Competitive Pricing Through Low Fees and Foreign Exchange (FX) Spreads

While the promise is transparency, the reality involves a mix of fixed fees and embedded FX markups, depending on the service tier and corridor. For instance, when sending USD to INR, a flat transaction fee of $3.99 is common, though Remitly Global, Inc. often waives this for transfers of $1,000 or more. The real cost often lies in the foreign exchange spread, which can range from 0.5% up to 3.0% above the mid-market rate, varying by currency pair and speed. For a specific example in April 2025, sending from the UK to India saw an Economy markup of about 1.5%, while the faster Express service had a lower markup of about 1.0%, despite having a small upfront fee. Overall, the average global transaction cost was reported around 2.28% in Q4 2024. You need to check the specific rate offered versus the mid-market rate to truly gauge the cost.

Here's a quick look at how the cost components stack up in a common corridor:

Digital Convenience for Immigrants Sending Money Home from 30 to 170+ Countries

Remitly Global, Inc. built its base by making digital transfers easy for immigrants. Their global money movement network now supports sending funds to over 170 countries. This reach is supported by a growing customer base; in Q2 2025, quarterly active customers reached over 8.5 million, a 24% year-over-year increase. The platform is also aggressively expanding its Total Addressable Market (TAM) by launching Remitly Business, targeting freelancers and small businesses, which expanded the TAM from approximately $2 trillion to over $22 trillion.

• Global reach to over 170 countries.
• Quarterly active customers exceeded 8.5 million in Q2 2025.
• Supports sending over 100 currencies.
• Remitly Business targets a market valued over $22 trillion.

Expanded Financial Services Via Remitly One (Wallet, Flex) Beyond Simple Remittance

The strategy in 2025 shifted toward becoming a full financial platform, anchored by the Remitly One membership, which launched in September 2025. This subscription costs $9.99 per month for U.S. customers. The value proposition here is bundling core remittance with new financial tools. The Remitly Wallet offers tangible benefits like 4% annual rewards on USD balances. For liquidity needs, Remitly Flex acts as a conditional lending service, letting users send up to $250 without an upfront deposit, which must be returned within 90 days. This move aims to drive daily engagement and emotional loyalty beyond single transactions.

High Trust and Security, Evidenced by 99.99% Platform Uptime

Trust is foundational, especially when moving money internationally. The platform's technical stability is a key value point, consistently hitting 99.99% uptime across the app and web in Q2 and Q3 2025. This high availability, combined with investments in AI-driven risk models, supports the high self-service rate mentioned earlier. Also, for high-amount senders, the platform has unlocked send limits up to $100,000 per transfer in Q3 2025, showing confidence in their compliance and security infrastructure for larger flows.

Finance: draft 13-week cash view by Friday.

Remitly Global, Inc. (RELY) - Canvas Business Model: Customer Relationships

Remitly Global, Inc. focuses on a digital-first, low-touch model designed for massive scale and operational efficiency in serving its customer base, which reached nearly 8.9 million quarterly active customers in Q3 2025. The core of this relationship is built on automation, where >97% of transactions were completed without any customer support contact during Q3 2025. This high self-service rate is a direct result of investments in product reliability and AI-driven operations.

Loyalty for Remitly Global, Inc. is earned through tangible performance metrics that matter most to senders: speed and reliability. In Q3 2025, the company reported that >94% of transactions were disbursed in under an hour. Furthermore, system reliability was exceptionally high, with 99.99% uptime reported in the same period. This focus on core performance allows the company to reduce reliance on costly acquisition channels; for instance, marketing spend per quarterly active customer decreased by -17% year-over-year to $8.50 in Q1 2025.

To deepen engagement and expand the relationship beyond simple remittances, Remitly Global, Inc. launched the Remitly One membership platform in September 2025. This membership, priced at $9.99 per month, bundles new products like the Remitly Wallet and Remitly Flex. The Remitly Flex service, a send-now-pay-later feature, showed strong early traction, achieving >100,000 active users and nearly doubling its revenue sequentially in Q3 2025. The overall efficiency of this low-touch model is reflected in the company's profitability metrics, with the Q3 2025 Adjusted EBITDA margin reaching 15%.

The high-empathy support component is reserved for critical issues, as the digital-first approach handles the vast majority of interactions automatically. The efficiency gains are evident in the cost structure, with customer support and operations costs accounting for 6.2% of revenue in Q1 2025.

Key quantitative metrics underpinning the Customer Relationships block include:

• Quarterly Active Customers reached 8.9 million as of Q3 2025.
• Transactions completed without support contact reached >97% in Q3 2025.
• Transactions disbursed in under an hour reached >94% in Q3 2025.
• Remitly One membership fee is $9.99 per month.
• Customer support and operations costs were 6.2% of revenue in Q1 2025.

The expansion into new services is designed to drive daily engagement and long-term financial growth through membership.

Remitly Global, Inc. (RELY) - Canvas Business Model: Channels

The primary channels for Remitly Global, Inc. (RELY) are overwhelmingly digital, centered on the Remitly mobile application and website. As of the third quarter of 2025, the platform supported nearly 8.9 million active customers. The digital-native approach is reflected in operational efficiency metrics: 93% of transactions process in under an hour, and 97% of transfers do not require customer support intervention.

The physical disbursement network remains a critical component for recipients preferring cash. As of September 2025, Remitly Global, Inc. supported over 470,000 cash pickup locations globally. This network supports delivery options that include cash pickup, direct bank deposits, and mobile wallet integrations.

Direct bank deposits and mobile wallet integrations are key delivery methods, leveraging a network that connects to billions of bank accounts and mobile wallets. The company is actively integrating digital currencies, such as launching stablecoin (USDC) support through the Remitly Wallet in late 2025, allowing users to hold funds in digital form before converting to local currency or withdrawing. In some markets, like the Dominican Republic, door-to-door delivery is also an available channel.

The company operates across more than 170 countries. The expansion of the relationship beyond single transactions is being driven by new offerings like the Remitly One subscription service, launched in September 2025, which bundles features like the Remitly Wallet and Remitly Flex for a monthly fee of $9.99.

Here's a look at the scale of the distribution network as of late 2025:

The digital acquisition strategy is supported by the platform's high user satisfaction, evidenced by the fact that 97% of transfers do not require customer support.

• Transfer Corridors Supported: Over 1,700 worldwide.
• Digital Currency Integration: Launch of USDC support in Q4 2025.
• Delivery Options: Cash pickup, bank deposit, mobile money, and home delivery.

Remitly Global, Inc. (RELY) - Canvas Business Model: Customer Segments

You're looking at the core groups Remitly Global, Inc. is focusing on to drive its growth, moving beyond just the traditional remittance user. Honestly, the strategy is about segmenting the market to capture higher value and more frequent usage.

The primary customer segment remains the foundation of Remitly Global, Inc.'s business.

• Immigrants and their families sending cross-border remittances.
• Active customers reached nearly 8.9 million as of the third quarter of 2025.
• Total send volume in Q3 2025 was $19.5 billion.
• The company estimates its services saved customers more than $1 billion in remittance costs in 2024.

Remitly Global, Inc. is actively targeting customers who move larger amounts of money, which naturally boosts overall platform volume and revenue per user.

The High-Value Senders segment is showing significant momentum, which management is clearly prioritizing with marketing investments.

• Customers sending more than $1,000 per transaction.
• This segment saw over 40% year-over-year send volume growth in Q1 2025.
• The average send volume per active customer reached $2,025 in Q1 2025.
• For some U.S. customers, send limits have been increased up to $100,000 per transfer.

The expansion into business payments is a major strategic push, aiming for higher transaction sizes and market share expansion. Here's a quick look at how that segment is shaping up as of late 2025.

Also, the company is looking at specific, often underserved global corridors, which includes individuals whose payment needs might not fit the typical consumer profile. This shows a focus on niche, high-potential groups.

• Global citizens in specific, underserved corridors, such as seafarers.
• Management has indicated plans to target the small business and freelancer market, with the potential to expand to medium and large companies later.

The growth in these higher-value segments is key, as revenue from these groups is helping drive revenue growth faster than the growth in quarterly active customers.

Remitly Global, Inc. (RELY) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Remitly Global, Inc. (RELY), you're really looking at the variable costs tied directly to moving money and the fixed costs required to scale the platform securely. It's a mix of transaction-level expenses and necessary overhead for growth and compliance.

Transaction Expenses

Transaction Expenses are the costs paid to disbursement partners and payment processors-the direct cost of service delivery. For the first quarter of 2025 (1Q25), the Cost of Goods Sold (COGS) margin was reported at 39.8%. This number shows how much of every dollar in revenue goes out immediately to facilitate the transfer itself. To give you a sense of scale, in Q3 2025, the Revenue less Transaction Expense (RLTE) was $272.8 million, which represented 65% of revenue, illustrating the leverage gained as the business scales. This means transaction expenses were approximately 35% of revenue in that quarter.

Here's a quick look at how that operational cost compares to revenue in Q3 2025:

Marketing Expenses

Marketing Expenses are a significant chunk, focused heavily on customer acquisition, though efficiency is definitely improving. In Q3 2025, Remitly Global, Inc. spent $87.5 million on marketing. That spend represented 20.8% of revenue for the quarter. The company noted that spend per active customer was up 3% year-over-year, reaching $9.88 in Q3 2025, even as the active customer base grew to 8.9 million in that same period.

Technology and Development

Investment in Technology and Development is crucial for maintaining speed and compliance infrastructure. For the third quarter of 2025, Remitly Global, Inc. reported Technology and Development expense of $55.4 million. That was up 20% year-over-year, but it represented an improvement of 53 basis points as a percentage of revenue compared to Q3 2024, showing that platform innovation is scaling more efficiently than revenue growth.

Key areas driving this investment include:

• Investment in AI for platform innovation.
• Building out compliance infrastructure.
• Enhancing the KYB (Know Your Business) engine for higher approval rates.
• Refining verification checks to reduce onboarding friction.

Stock-Based Compensation

Stock-Based Compensation (SBC) remains a notable non-cash expense, which management adjusts out when reporting non-GAAP profitability metrics like Adjusted EBITDA. In Q3 2025, the SBC expense was $40 million. That figure represented 9.5% of revenue for the quarter. To show the trend, in Q1 2025, the SBC was $35.8 million. This expense is directly impacted by the stock price, so you see fluctuations quarter-to-quarter.

Here is the comparison for the first three quarters of 2025:

• Q1 2025 Stock-Based Compensation: $35.8 million.
• Q3 2025 Stock-Based Compensation: $40 million.
• Full Year 2024 Annual Stock Based Compensation: $152.14M.

Finance: draft 13-week cash view by Friday.

Remitly Global, Inc. (RELY) - Canvas Business Model: Revenue Streams

You're looking at how Remitly Global, Inc. actually brings in the money, which is key to understanding its valuation, especially as it pushes for sustained profitability. Honestly, the revenue streams are still heavily concentrated in the core remittance business, but the newer financial services are starting to show real traction.

The primary sources of revenue for Remitly Global, Inc. remain the classic duo for cross-border payments. First, you have the Transaction Fees. These aren't one-size-fits-all; they're variable and fixed fees charged per transfer, depending on the corridor, the funding method you use-like an ACH versus a credit card-and how the recipient gets the money, whether it's a bank deposit or cash pick-up. Also, remember that customer promotions, like waiving fees for first-timers, are accounted for as a direct reduction to this revenue line.

Second, and often the larger component, are the Foreign Exchange (FX) Spreads. This is the margin Remitly Global, Inc. captures between the exchange rate offered to you, the customer, and the rate at which they acquire the foreign currency. They use dynamic models to keep rates competitive while ensuring they generate a spread based on their ability to buy currency at generally advantageous rates. This is a subtle but powerful driver of top-line growth.

Let's look at the recent performance and the forward view to see how these streams are stacking up. The company has been raising guidance, which suggests these revenue drivers are performing well.

The emerging streams are where the strategy is shifting to deepen customer relationships. The Remitly One Visa debit card is creating an Interchange Revenue opportunity, though specific dollar amounts aren't broken out yet. This card is tied to the membership tier, which also includes other perks.

The 'Flex' product, which is their send now, pay later offering, is generating distinct New Product Revenue. This is a crucial area to watch because it monetizes a different customer need-immediate liquidity. As of the end of Q3 2025, they reported over 100,000 active Flex users, and the revenue from Flex nearly doubled sequentially in that quarter. Monetization comes from three levers, which you should track:

• Instant funding fees from non-members.
• Membership revenue associated with the service.
• Cross-border payment revenue when funds are used for transfers.

The company is clearly focused on scaling these new services to complement the core business. For the full year 2025, the confidence is high, with the latest raised guidance projecting total revenue between $1.619 billion and $1.621 billion. That top-line strength is translating to the bottom line, with the Adjusted EBITDA projection now sitting firmly between $234 million and $236 million. Finance: draft 13-week cash view by Friday.