Goldman Sachs Maintains Buy on Remitly Global, Inc. (RELY), Trims Target on Valuation Reset

Company Overview - Remitly Global, Inc. is a Seattle-based financial technology company founded in 2011, focusing on digital international money transfers [4] - The platform allows customers to send funds to over 170 countries through mobile apps and online channels, offering various delivery options such as bank deposits, cash pickup, and mobile wallets, emphasizing speed, transparency, and reliability in cross-border payments [4] Financial Performance - For the third quarter of 2025, Remitly reported revenue of $419.5 million, reflecting a 25% year-over-year increase [3] - Adjusted EBITDA margins reached 15%, indicating continued operating leverage as the company scales [3] Market Expansion - During the quarter, Remitly Business expanded into the U.K. and Canada, contributing to business send volumes nearly doubling on a sequential basis [3] Analyst Insights - Goldman Sachs analyst Will Nance lowered the price target on Remitly to $17 from $19 while maintaining a Buy rating, indicating a recalibration of valuation assumptions rather than a change in the view on the company's operating performance [1]