This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Remitly has hired a Santander alum to serve as its next CEO, as the remittance service’s co-founder, Matt Oppenheimer, transitions to a role as board chair, the company said Wednesday. Sebastian Gunningham, who takes over as Remitly’s CEO effective Thursday, most recently worked as chair of Santander Consumer Finance and vice chair of the Spanish bank’s digital pla ...

Veteran tech and finance executive Sebastian Gunningham will replace Oppenheimer as CEO of the Seattle-based company. ...

Summary of Western Union Conference Call Company Overview - **Company**: The Western Union Company (NYSE: WU) - **Event**: 2025 Conference on November 18, 2025 Key Points Industry and Market Conditions - The U.S. consumer, particularly in the mass market, is experiencing financial stress, evidenced by trends in major fast-food chains like Chipotle and McDonald's [6][7] - North American market results are pressured, with transaction volumes down but principal amounts per transaction up by approximately 9% [6] - Outside the U.S., economies are showing resilience, particularly in the Middle East and parts of Asia [7] Regulatory Environment - The most significant regulatory change is the pending remittance tax, which Western Union has prepared for through technology implementation across its partners [8][9] Partnership and Retail Strategy - Western Union has renewed its partnership with Kroger, focusing on modernizing the retail experience and integrating remittance services into the shopping experience [11][14] - The company is shifting from a traditional retail model to a more integrated approach, including self-service kiosks and loyalty program linkages [13][21] Pricing Strategy - Western Union has shifted to market-based pricing, with $450 million in pricing actions taken, aiming to change the narrative from premium pricing to competitive pricing [22][24] - The company believes this shift will allow it to grow market share rather than being a "share donor" [24][25] Competitive Landscape - Western Union's 175-year history provides a competitive advantage in customer acquisition and brand recognition [28] - The company is positioned as a leader in both digital and retail remittance markets, with significant scale advantages over smaller competitors [29] Technology and Digital Transformation - Western Union is investing heavily in technology, with a focus on building high-quality, scalable solutions across multiple countries [31][32] - The company is transitioning to a next-generation digital platform, aiming to enhance user experience and reduce fraud [34][36] Digital Asset Network and Future Opportunities - The company is developing a Digital Asset Network to facilitate the conversion of digital assets to fiat currency, addressing last-mile connectivity challenges [44][45] - The introduction of USDPT, a stablecoin, aims to provide customers with more control over their funds and facilitate easier transactions [46][47] Financial Services Expansion - Western Union is launching a digital wallet and bank-like products in several countries as part of its Beyond strategy [52] - The stablecoin initiative allows customers to hold US dollar-denominated assets without needing a traditional bank account, simplifying access to financial services [53][54] Closing Remarks - The company is optimistic about its future growth and the execution of its strategies, expecting results to materialize in the coming periods [55][56] This summary captures the essential insights from the Western Union conference call, highlighting the company's strategic direction, market conditions, and future opportunities.

RT Jeff Kauflin (@JeffKauflin)Remitly’s stock is down 24% today–it looks like Trump’s immigration crackdown is catching up to its business: https://t.co/QZq5Wgvcdd ...

Core Viewpoint - Remitly, a financial technology company specializing in money transfers, is experiencing significant stock price decline despite its market share growth since its founding in 2011, largely due to external factors such as immigration policies and market uncertainties [1][4]. Financial Performance - Remitly reported a 24% drop in stock price following its third quarter financial results, reducing its market value to $2.6 billion [2]. - The company anticipates fourth quarter revenue of approximately $427 million, reflecting a growth rate of about 22%, which is a decline from previous quarterly growth rates of 24% to 34% [3]. - Adjusted EBITDA metrics indicate a slight decrease in profits for the third quarter compared to the second quarter [3]. Market Dynamics - Remitly has 8.9 million active customers who collectively send around $20 billion each quarter, with Mexico being a primary destination for remittances [5]. - Consumer remittance payments to Mexico have decreased by 5.5% to $45.7 billion in the first nine months of the year, reversing a long-term growth trend due to immigration policy changes [5]. - The U.S. immigrant population has begun to decline for the first time in 50 years, which may impact new customer acquisition for Remitly [6]. Investor Sentiment - The lack of clarity regarding the reasons for the expected slowdown in growth has contributed to investor concerns, leading to a significant stock price drop [8]. - Analysts have noted that the third quarter earnings release raises more questions than it answers, indicating uncertainty in the company's future performance [8].

Core Insights - Western Union is piloting stablecoin settlement solutions to reduce reliance on traditional banking systems [1][5] - The company views stablecoins as an opportunity rather than a threat, although it currently lags behind competitors like MoneyGram and Zepz [2][3] - Stablecoin wallets are particularly valuable in emerging markets where remittance inflows are crucial [4] Company Developments - CEO Devin McGranahan confirmed the pilot of stablecoin solutions on October 24 [1] - Western Union is expanding partnerships to enable customers to hold and move stablecoins [4] - The company aims to integrate stablecoins into its treasury operations for faster, more transparent, and cost-effective money transfers [5] Industry Trends - Other remittance providers, such as MoneyGram and Zepz, have already adopted stablecoin technology [3][7] - Major banks globally are exploring blockchain technology and stablecoin systems to enhance their payment solutions [8] - Traditional financial institutions are under pressure to innovate due to the rise of digital payment solutions, with SWIFT and major card networks actively developing their own blockchain capabilities [8]

Core Insights - Remitly has launched a tiered membership structure called Remitly One, allowing select U.S. customers to subscribe for $9.99 per month, which includes various financial products [1][7] - The new offerings include Remitly Flex, a "send-now-pay-later" tool, and Remitly Wallet, which provides a digital wallet and a debit card for international purchases [2][3] - Additional features are set to launch later this year, including multi-currency support and a line of credit for U.S. customers [4][5] Group 1 - Remitly Flex allows users to send interest-free advance payments, with instant access for Remitly One subscribers compared to a three-day wait for free users [2] - The Remitly Wallet will be available to all users, but the digital debit card that bypasses foreign transaction fees is exclusive to Remitly One members [3] - The company aims to help users build a recognized credit profile by reporting activity to a U.S. credit bureau, which can facilitate future financial opportunities [5] Group 2 - The launch event on September 9 highlighted the changes teased during the August earnings call, emphasizing the importance of the new features [6] - Remitly's CEO noted that the $9.99 monthly fee is seen as acceptable by customers due to the benefits offered, including $5 monthly cash back and a 4% cash boost on U.S. dollar balances [7]

Economic Overview - The global economy is currently facing challenges, including weak manufacturing activity and escalating government debt [1] - Consumer stress is becoming evident in various economic indicators [1] Analyst Insights - Saba Sadiq, a psychologist with a keen interest in finance, emphasizes the importance of a data-driven approach to guide investors through market uncertainties [1]

Group 1 - Chime, a digital bank serving low-income Americans, is set to go public on June 12 with a valuation exceeding $11 billion, marking a significant turnaround from being rejected by over 200 venture capitalists a decade ago [1][2] - The company has grown its active user base to 8.6 million as of March 2025, a 23% increase from 2024, with 67% of members using it as their primary account [2][3] - Early investors like Crosslink Capital have seen substantial returns, turning a $6.4 million investment into approximately $430 million, while others like PivotNorth Capital achieved nearly 100 times their investment [3][5] Group 2 - Chime offers features such as no-fee accounts and early paycheck access, addressing urgent financial needs for low-income users, similar to services provided by platforms like Alipay and Huabei [2][3] - The valuation of Chime has been contentious, with estimates ranging from $6 billion to $21 billion depending on whether it is viewed as a true disruptor in banking or merely a fee collector [6][7] - The company experienced explosive growth during the pandemic, with revenues doubling to around $600 million, leading to inflated valuations that have since come under scrutiny [5][6]

Market Overview - The Nasdaq-100 Index has experienced a significant decline, falling into a 13.2% correction, with many stocks down 20% or more [1][2] Company Analysis: Remitly - Remitly is a key player in the remittance market, currently facing a 27% drawdown [3] - The company reported a 33% year-over-year revenue growth, reaching $352 million, driven by a 32% increase in active customers to 7.8 million and a 39% growth in send volume to $15.4 billion [4] - Remitly holds a 3% market share in remittances and has seen its revenue outside the U.S. and Canada grow at a 100% year-over-year rate, reaching $297.1 million in 2024, accounting for 23.5% of total revenue [5] - The company has a market cap of $3.9 billion and generated $1.26 billion in revenue in 2024, with projections of reaching $2.5 billion by 2027 and a potential net income of $500 million, resulting in a price-to-earnings ratio below 8 [7] Company Analysis: Coupang - Coupang is a leading e-commerce platform in South Korea, comparable to Amazon in North America, with a focus on rapid shipping and low-cost delivery [8] - The company generated $30 billion in revenue in 2024, reflecting a 29% growth on a foreign currency-neutral basis [9] - Coupang is expanding its offerings with new initiatives such as food delivery, international expansion into Taiwan, video streaming, and luxury shopping through an acquisition of Farfetch [10] - The company is projected to generate $50 billion in annual revenue in the coming years, with a potential net income of $5 billion, while currently having a market cap below $40 billion [11]