Remitly Global Inc at Goldman Sachs Communacopia & Technology Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Will Nance - Goldman Sachs Group Inc - Analyst : All right. I wanted to just kind of kick it off high level with a review of some of the most recent quarter because on the call, you called this a defining quarter and a major inflection point for the company. So I was hoping you could talk about what made you say that. and why you're so excited about what's to come.

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Great. Well, I also want to talk about some of these new initiatives. But first, let's go through some of the moving pieces in the core business. I think despite a number of headwinds related to immigration policy, the company's results have still been very strong. So as it relates to the core kind of immigrant centric remittances business, where are you seeing the greatest amount of momentum?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Do you want to talk a little bit about some of the financials and how the business is doing from a financial standpoint, Vikas?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : That's great. Okay. Let's maybe dig into some of the new products. high-dollar sender you've already mentioned once, and this one is a little farther along. We can already see it playing out in some of the numbers. We've seen volume per active increase over the last year pretty significantly. There's been a little bit of an offsetting impact on take rate, but I think it's all been a very good story. Just remind us what you've done so far to target this market segment and just what's next on the road map? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RELY.OQ - Remitly Global Inc at Goldman Sachs Communacopia & Technology Conference

Question: Will Nance - Goldman Sachs Group Inc - Analyst : That's great. And so is this the same traditional center with a different use case, like a one-off large payments that they need to make? Or is this a different type of customer? And have you thought about -- it sounds like it's been mostly a pull into this market segment? Have you thought about how that turns into a push over time through kind of marketing investments?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Great. Okay. So switching gears to Remitly for business. This is a real TAM expansion opportunity as you've mentioned. Can you talk about what you're seeing in terms of early traction and just feedback from customers? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RELY.OQ - Remitly Global Inc at Goldman Sachs Communacopia & Technology Conference

Question: Will Nance - Goldman Sachs Group Inc - Analyst : That's great. So you said 6 times your standard LTV to CAC, which I think is also 6. Is that right? It is like 36, okay. That's a lot.

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Okay. Got it. That makes more sense. All right. So then on the VAS opportunity, you alluded to it already in kind of a payroll context. But when you move into business, there's clearly a lot more opportunities for value-added services around the cross-border payments. We've seen other companies in the coverage kind of pursue these. How are you thinking about more products to kind of surround the Remitly for Business platform?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Great. Okay. You are on the heels flying back from New York from a big customer event this week where you announced a number of new products, including Remitly One. And so I wanted to maybe -- if we could just hand the floor over, can you give us an overview of the new products that you've announced and kind of what you're most excited about?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Got it. And before we dig into some of the specific products, just do you have any high-level thoughts on what percentage of the user base might be -- what would this be like an appropriate -- like what do you think penetration could get to on the Remitly One product?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Yeah. Well, let's go there then. The -- basically, send now pay later product, as you mentioned, how are you thinking about the use case? And also how are you thinking about terms, financial profile and any kind of like credit concerns that you guys might have? I know you're very good at managing that on the fraud side?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : So I guess to add on that, I think dovetails what you were just saying. One of the other things that was announced yesterday was Remitly credit. Can you talk about how does that differ from the Remitly Flex product? And what do you see as the main benefit there?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Yeah. No, that's great. It came up similarly on our conversation with the firm yesterday about the importance of making sure that people using alternative credit get their information reported and they get credit for it. Exactly. Awesome. All right. Let's pipe it over to the wallet. I've been really focused on that. I think it's really interesting to have this kind of multicurrency stored balance functionality as well as a card attached to the platform. What's your vision for the product there? And then maybe if you could talk about like do you see the wallet being used more on the sender or the receiver side or both over time?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Very good. Okay. I think that takes us to stable coins next. We call this Stablecoin summer. It seems like we're just getting started on the implementation side of things, talk about how -- what you're doing on stable coins and what investors -- what else can we expect to see from Remitly on that front? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RELY.OQ - Remitly Global Inc at Goldman Sachs Communacopia & Technology Conference

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Got it. I'm going to skip ahead a bit because we're talking about parts of the network and the continuous investments that you're making. And one of the things that we focused on a lot coming kind of around the time of the IPO was just the opportunity to see higher transaction margins over time, more efficiencies on some of those payout partners or pay in partners. Where are we in that journey? And could you just talk about the state of the union in terms of where you're looking to invest to deepen the network?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : That's great. Okay. A consistent theme -- another consistent theme since the IPO has been the strength of the digital marketing program that's continued to drive CAC efficiency over time. And so I wanted -- I was hoping you could talk a little bit about some of the marketing investments that you're making. And any color on some of the recent trends in CAC?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Great. Okay. I wanted to talk a little bit about agentic and kind of dovetail in with your WhatsApp product, which I think is really interesting. In the spirit of this being the San Francisco Tech Conference, AI has been the theme for the last three or four years running. What are you doing on the genic front? And could you talk a little bit about the WhatsApp product that you have?

Question: Will Nance - Goldman Sachs Group Inc - Analyst : Great. Okay. We've got about 1.5 minutes left. You have been really successful in sustaining really elevated growth since the IPO. I think for longer than what many thought was possible at the time of the IPO. The growth has remained very consistent. Margins have also expanded nicely. You said earlier that you've reached GAAP profitability. Can you just talk a little bit about how you think about longer-term profitability and sort of the priorities around getting the more consistent GAAP profitability over time? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 10, 2025 / 4:30PM, RELY.OQ - Remitly Global Inc at Goldman Sachs Communacopia & Technology Conference

Question: Will Nance - Goldman Sachs Group Inc - Analyst : That's great. Well, I think with that, we're just about out of time, but thank you so much for the conversation today. Congrats on the new products that you've announced, and I hope you guys get back home. I know you've been doing a lot of traveling.