We came across a bullish thesis on Remitly Global, Inc. on The Reservist’s Substack by Yehoshua Zlotogorski. In this article, we will summarize the bulls’ thesis on RELY. Remitly Global, Inc.'s share was trading at $13.23 as of December 1st. RELY’s trailing P/E was 150.50 according to Yahoo Finance. Remitly stands out in the payment space as one of the few B2C companies consistently rated near five stars by customers—an uncommon feat in an industry built on trust. The company operates a global digital re ...

Core Thesis - Remitly Global, Inc. is positioned as a leading digital remittance platform, transitioning from a cash-heavy model to a high-retention, annuity-like business, with strong revenue growth and customer retention metrics [2][5]. Financial Performance - As of Q2 2025, Remitly is experiencing a revenue growth rate of 34% year-to-date and is projected to achieve over 25% free cash flow margins, trading at less than 8 times estimated 2027 unlevered free cash flow [2]. - The company's stock was trading at $19.68 as of September 4th, with a trailing P/E ratio of 324.33 [1]. Competitive Advantage - Remitly's competitive edge stems from its effective marketing strategies, efficient customer acquisition, and product-led retention, offering a superior user experience compared to traditional cash-based networks like Western Union and MoneyGram [3]. - The company demonstrates increasing returns to marketing scale while maintaining a gross profit payback period of less than 12 months on customer acquisition [3]. Market Dynamics - The adoption of stablecoins poses a minor threat to consumers, as their usage is still in the early stages, and regulatory challenges are likely to hinder mainstream adoption [4]. - Recent immigration policy shifts are favorable for digital remittance flows, penalizing cash transfers while promoting app-based remittances [4]. Long-term Outlook - With ongoing product innovation and a strong foundation of customer trust and retention, Remitly is well-positioned for high-margin free cash flow generation, making it an attractive investment opportunity in the digital remittance market [5][6].