rely-20230222
0001782170FALSE00017821702023-02-222023-02-22

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
  
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 22, 2023
 
REMITLY GLOBAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
  
Delaware001-4082283-2301143
(State or Other Jurisdiction
of Incorporation)		(Commission File Number)(IRS Employer
Identification No.)
1111 Third Avenue, Suite 2100
Seattle, WA 98101
(Address of Principal Executive Offices and Zip Code)
(888) 736-4859
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class: Trading Symbol(s): Name of each exchange on which registered:
 Common Stock, par value $0.0001 per share RELY NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
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Item 2.02    Results of Operations and Financial Condition.
On February 22, 2023, Remitly Global, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 7.01   Regulation FD Disclosure.
On February 22, 2023, the Company provided an investor presentation that will be made available on the investor relations section of the Company’s website at https://ir.remitly.com/. The investor presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated by reference herein.
The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of Section 18. The information in Items 2.02 and 7.01 of this Current Report, including the accompanying Exhibit 99.1 and Exhibit 99.2, shall not be incorporated by reference into any registration statement or other document filed pursuant to the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language contained in such filing.
Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
Exhibit No.Description
99.1 
99.2 
104 Cover page interactive data file (embedded with the inline XBRL document)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Remitly Global, Inc.
  
Date: February 22, 2023By:
/s/ Hemanth Munipalli
Hemanth Munipalli
Chief Financial Officer
(Principal Financial and Accounting Officer)
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remitly-horizontalxbluea.jpg
Remitly Reports Fourth Quarter and Full Year 2022 Results
Active customers up 48% year over year
Send volume up 35% year over year
Revenue up 41% year over year

SEATTLE, WA / February 22, 2023 / GlobeNewswire / - Remitly Global, Inc. (NASDAQ: RELY), a leading digital financial services provider for immigrants and their families in over 170 countries around the world, reported results for the fourth quarter and full year ended December 31, 2022.

“Remitly’s consistent out-performance in 2022 is a testament to the unique value we offer customers and the demonstrated effectiveness of our focus on delivering efficient growth," said Matt Oppenheimer, co-founder and Chief Executive Officer, Remitly. “In 2023, our increasing scale, customer loyalty, and superior technology will allow us to drive greater efficiencies, while we also invest in our strategic priorities to drive sustainable returns. We look forward to continuing to deliver value for our customers and long-term returns from our investments as we execute our vision of transforming the lives of immigrants and their families by providing the most trusted financial services on the planet."

Fourth Quarter 2022 Highlights and Key Operating Data
(All comparisons relative to the fourth quarter of 2021)
•Active customers increased to 4.2 million, from 2.8 million, up 48%.
•Send volume increased to $8.1 billion, from $6.0 billion, up 35%.
•Revenue totaled $191.0 million, compared to $135.3 million, up 41%.
•Net loss was $19.4 million, compared to a net loss of $16.6 million.
•Adjusted EBITDA was $7.5 million, compared to $(7.1) million.

Full Year 2022 Highlights and Key Operating Data:
(All comparisons relative to the full year 2021)
•Send volume increased to $28.6 billion, from $20.4 billion, up 40%.
•Revenue totaled $653.6 million, compared to $458.6 million, up 43%.
•Net loss was $114.0 million and Adjusted EBITDA was $(13.6) million.

2023 Financial Outlook
For fiscal year 2023, Remitly currently expects:
•Total revenue in the range of $860 million to $880 million, representing a growth rate of 32% to 35% year over year.
•Adjusted EBITDA to be between breakeven and $10 million and to remain in a GAAP net loss position for 2023.

Reconciliation of GAAP to Non-GAAP Financial Measures:
A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in this earnings release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this earnings release because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity, and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include but are not limited to income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock.

Note: All percentage changes described within this press release are calculated using amounts in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”), for which revenue
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and active customers are presented in thousands and send volume is presented in millions. Rounding differences may occur when individually calculating percentages or totals from rounded amounts included within the press release body as compared to the amounts included with the Company’s SEC filings.

Webcast Information
Remitly will host a webcast at 5:00 p.m. Eastern Time on Wednesday, February 22, 2023 to discuss its fourth quarter and full year 2022 financial results. The live webcast and investor presentation will be accessible on Remitly’s website at https://ir.remitly.com/. A webcast replay will be available on our website at https://ir.remitly.com/ following the live event.

We have used, and intend to continue to use, the Investor Relations section of our website at https://ir.remitly.com as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

Non-GAAP Financial Measures
Some of the financial information and data contained in this earnings release, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”).
We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this press release for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP.

We calculate Adjusted EBITDA as net loss adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charge of depreciation and amortization, (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, and (vii) certain transaction and integration costs associated with acquisitions. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net, (ii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, as well as (iii) certain transaction and integration costs associated with acquisitions.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2023 financial outlook, including forecasted fiscal year 2023 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including risks and uncertainties related to our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, our expectations concerning relationships with third parties, including strategic, banking, and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to keep data and our technology platform secure, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and
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regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of changes to immigration laws, macroeconomic conditions, and geopolitical forces on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in our annual report on Form 10-K for the year ended December 31, 2021 filed with the SEC, and within our annual report on Form 10-K for the year ended December 31, 2022 to be filed with the SEC, which are or will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
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About Remitly
Remitly is a leading digital financial services provider for immigrants and their families in over 170 countries around the world. Remitly helps immigrants send money home in a safe, reliable and transparent manner. Its digitally native, cross-border remittance app eliminates the long wait times, complexities and fees typical of traditional remittance processes. Building on its strong foundation, Remitly is expanding its suite of products to further its mission and transform financial services for immigrants all around the world.





Contacts

Media:
Kendall Sadler
[email protected]

Investor Relations:
Stephen Shulstein
[email protected]
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Operations
(unaudited)

Three Months Ended December 31,Twelve Months Ended December 31,
(in thousands, except share and per share data)2022202120222021
Revenue$191,032 $135,255 $653,560 $458,605 
Costs and expenses
Transaction expenses(1)
71,866 56,431 258,827 191,606 
Customer support and operations(1)
19,239 13,090 68,106 45,525 
Marketing(1)
43,163 38,267 170,970 120,906 
Technology and development(1)
42,883 19,128 138,719 64,093 
General and administrative(1)
34,895 23,512 131,250 70,941 
Depreciation and amortization1,854 1,366 6,724 5,256 
Total costs and expenses213,900 151,794 774,596 498,327 
Loss from operations(22,868)(16,539)(121,036)(39,722)
Interest income2,274 48 4,149 140 
Interest expense(327)(208)(1,302)(1,256)
Other income, net1,092 81 5,213 3,125 
Loss before provision for income taxes(19,829)(16,618)(112,976)(37,713)
Provision for income taxes(434)(42)1,043 1,043 
Net loss attributable to common stockholders$(19,395)$(16,576)$(114,019)$(38,756)
Net loss per share attributable to common stockholders:
Basic and diluted$(0.11)$(0.10)$(0.68)$(0.64)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted171,505,584 163,616,647 167,774,123 60,728,748 
(1) Exclusive of depreciation and amortization, shown separately, above.


Stock-Based Compensation Expense, net:
Three Months Ended December 31,Twelve Months Ended December 31,
(in thousands)2022202120222021
Customer support and operations$220 $76 $816 $153 
Marketing3,363 1,118 10,512 2,325 
Technology and development15,461 3,409 46,420 6,931 
General and administrative8,369 3,448 37,545 7,607 
Total$27,413 $8,051 $95,293 $17,016 



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REMITLY GLOBAL, INC.
Condensed Consolidated Balance Sheets
(unaudited)

December 31,December 31,
(in thousands)20222021
Assets
Current assets
Cash and cash equivalents$300,635 $403,262 
Disbursement prefunding158,055 119,627 
Customer funds receivable, net191,402 67,215 
Prepaid expenses and other current assets19,327 17,448 
Total current assets669,419 607,552 
Restricted cash99 51 
Property and equipment, net11,546 9,249 
Operating lease right-of-use assets8,675 5,302 
Other noncurrent assets, net6,214 3,510 
Total assets$695,953 $625,664 
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable$6,794 $1,210 
Customer liabilities111,075 70,483 
Accrued expenses and other current liabilities87,752 66,683 
Operating lease liabilities3,521 3,240 
Total current liabilities209,142 141,616 
Operating lease liabilities, noncurrent5,674 2,907 
Other noncurrent liabilities1,050 813 
Total liabilities$215,866 $145,336 
Commitments and contingencies
Stockholders’ equity
Common stock$17 $16 
Additional paid-in capital854,276 739,503 
Accumulated other comprehensive (loss) income(743)253 
Accumulated deficit(373,463)(259,444)
Total stockholders’ equity480,087 480,328 
Total liabilities and stockholders’ equity$695,953 $625,664 
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REMITLY GLOBAL, INC.
Condensed Consolidated Statements of Cash Flows
(unaudited)
Year Ended December 31,
(in thousands)20222021
Cash flows from operating activities
Net loss$(114,019)$(38,756)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization6,724 5,256 
Stock-based compensation expense, net95,293 17,016 
Donation of common stock1,972 6,933 
Other356 452 
Changes in operating assets and liabilities:
Disbursement prefunding(38,428)(18,069)
Customer funds receivable(126,942)(17,282)
Prepaid expenses and other assets(4,598)(12,559)
Operating lease right-of-use assets3,763 2,780 
Accounts payable5,535 (3,035)
Customer liabilities42,979 16,097 
Accrued expenses and other liabilities26,298 26,071 
Operating lease liabilities(4,073)(3,295)
Net cash used in operating activities(105,140)(18,391)
Cash flows from investing activities
Purchases of property and equipment(3,679)(1,956)
Capitalized internal-use software costs(3,382)(2,578)
Cash paid for acquisition, net of acquired cash and cash equivalents(248)— 
Net cash used in investing activities(7,309)(4,534)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering and private placements, net of underwriting discounts and commissions and other offering costs— 305,191 
Repayment of non-recourse promissory note— 3,060 
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs— 2,980 
Proceeds from exercise of stock options11,554 8,345 
Payment of debt issuance costs— (1,373)
Repayments of revolving credit facility borrowings, net— (80,000)
Taxes paid related to net share settlement of equity awards(99)— 
Repayment of long-term debt (384)— 
Net cash provided by financing activities11,071 238,203 
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash(1,201)(40)
Net (decrease) increase in cash, cash equivalents and restricted cash(102,579)215,238 
Cash, cash equivalents, and restricted cash at beginning of period403,313 188,075 
Cash, cash equivalents, and restricted cash at end of period$300,734 $403,313 
Supplemental disclosure of cash flow information
Cash paid for interest$906 $934 
Cash paid for income taxes$2,282 $756 
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities$7,441 $2,532 
Vesting of early exercised options716 482 
Noncash issuance of common stock in connection with ESPP3,516 — 
Stock-based compensation expense capitalized to internal-use software1,821 — 
IPO and debt issuance costs incurred but not yet paid— 2,287 
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering— 390,687 
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents$300,635 $403,262 
Restricted cash99 51 
Total cash, cash equivalents, and restricted cash$300,734 $403,313 

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REMITLY GLOBAL, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)

Reconciliation of net loss to Adjusted EBITDA:
Three Months Ended December 31,Twelve Months Ended December 31,
(in thousands)2022202120222021
Net loss$(19,395)$(16,576)$(114,019)$(38,756)
Add:
Interest (income) expense, net(1,947)160 (2,847)1,116 
Provision for income taxes(434)(42)1,043 1,043 
Depreciation and amortization1,854 1,366 6,724 5,256 
Foreign exchange gain(1,090)(81)(5,261)(3,125)
Donation of common stock— — 1,972 6,933 
Stock-based compensation expense, net27,413 8,051 95,293 17,016 
Transaction costs(1)
1,077 — 3,462 — 
Adjusted EBITDA$7,478 $(7,122)$(13,633)$(10,517)

(1) Transaction costs primarily represents expenses related to the acquisition of Rewire (O.S.G) Research and Development Ltd.
Reconciliation of operating expenses to non-GAAP operating expenses:
Three Months Ended December 31,Twelve Months Ended December 31,
(in thousands)2022202120222021
Customer support and operations$19,239 $13,090 $68,106 $45,525 
Excluding: Stock-based compensation expense, net220 76 816 153 
Non-GAAP customer support and operations$19,019 $13,014 $67,290 $45,372 
Three Months Ended December 31,Twelve Months Ended December 31,
2022202120222021
Marketing$43,163 $38,267 $170,970 $120,906 
Excluding: Stock-based compensation expense, net3,363 1,118 10,512 2,325 
Non-GAAP marketing$39,800 $37,149 $160,458 $118,581 
Three Months Ended December 31,Twelve Months Ended December 31,
2022202120222021
Technology and development$42,883 $19,128 $138,719 $64,093 
Excluding: Stock-based compensation expense, net15,461 3,409 46,420 6,931 
Non-GAAP technology and development$27,422 $15,719 $92,299 $57,162 
Three Months Ended December 31,Twelve Months Ended December 31,
2022202120222021
General and administrative$34,895 $23,512 $131,250 $70,941 
Excluding: Stock-based compensation expense, net8,369 3,448 37,545 7,607 
Excluding: Donation of common stock— — 1,972 6,933 
Excluding: Transaction costs1,077 — 3,462 — 
Non-GAAP general and administrative$25,449 $20,064 $88,271 $56,401 
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February 2023 / © 2023 Remitly Inc. 1 Investor Presentation Fourth Quarter 2022 Earnings February 22, 2023

 
February 2023 / © 2023 Remitly Inc. 2 Disclosures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial position, including our fiscal year 2023 financial outlook, including forecasted fiscal year 2023 revenue and Adjusted EBITDA, anticipated future expenses and investments, expectations relating to certain of our key financial and operating metrics, our business strategy and plans, market growth, our market position and potential market opportunities, and our objectives for future operations. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on management’s expectations, assumptions, and projections based on information available at the time the statements were made. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including, without limitation, risks and uncertainties related to: our ability to successfully execute our business and growth strategy, our ability to achieve and maintain future profitability, our ability to further penetrate our existing customer base and expand our customer base in existing and new corridors, our ability to expand into broader financial services, our ability to expand internationally, the effects of seasonal trends on our results of operations, the current inflationary environment, our expectations concerning relationships with third parties, including strategic, banking and disbursement partners, our ability to obtain, maintain, protect, and enhance our intellectual property and other proprietary rights, our ability to keep data and our technology platform secure, the success of any acquisitions or investments that we make, our ability to compete effectively, our ability to stay in compliance with applicable laws and regulations, our ability to buy foreign currency at generally advantageous rates, and the effects of changes to immigration laws, macroeconomic conditions and geopolitical forces on our customers and business operations. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, our actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Further information on risks that could cause actual results to differ materially from forecasted results are included in our annual report on Form 10-K for the year ended December 31, 2022 to be filed with the SEC, which will be available on our website at https://ir.remitly.com and on the SEC’s website at www.sec.gov. The forward-looking statements in this presentation speak only as of the date of this presentation and except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. The guidance in this presentation is only effective as of the date given, February 22, 2023, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following February 22, 2023 does not constitute re-affirming guidance by Remitly. Non-GAAP Financial Measures A reconciliation of GAAP to non-GAAP financial measures has been provided in the Appendix included in this presentation. An explanation of these measures is also included in the Appendix within this presentation under the heading “Non-GAAP Financial Measures.” We have not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) or to forecasted GAAP income (loss) before income taxes within this presentation because we cannot, without unreasonable effort, calculate certain reconciling items with confidence due to the variability, complexity and limited visibility of the adjusting items that would be excluded from forecasted Adjusted EBITDA. These items include but are not limited to income taxes and stock-based compensation expense, which are directly impacted by unpredictable fluctuations in the market price of our common stock.

 
February 2023 / © 2023 Remitly Inc. 4Q Strategic Overview 3 Matt Oppenheimer Co-Founder & CEO

 
February 2023 / © 2023 Remitly Inc. Resilient and predictable customer behavior Customer experience getting even better with scale Consistent track record of beating expectations/execution Focused on increasing returns on investments 4 Resilient customers, premium product and increasing returns on investments $191m4Q22 REVENUE Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. 41% YoY 4Q22 PROFITABILITY ($19m) GAAP Net Loss $7.5m Adjusted EBITDA

 
February 2023 / © 2023 Remitly Inc. 5 Customer peace of mind + premium experience 2,8362,836 3,042 3,419 4,188 3,818 +48% YoY Quarterly Active Customers (thousands) Revenue Contribution by Cohort Exceptionally strong acquisition at compelling unit economics Geographic expansion Continued customer loyalty and predictable transacting behavior—remittances are highly non-discretionary The vast majority of customers expect to send money at the same frequency or more often than they did in the past year (Feb. 2023 Remitly customer survey results) Strong new customer acquisition and high retention

 
February 2023 / © 2023 Remitly Inc. High return investments drive sustainable growth and enhance customer loyalty and engagement 6 New customer acquisition Geographical expansion Driving efficient customer growth Remittance product enhancements Complementary new products Driving higher retention and engagement

 
February 2023 / © 2023 Remitly Inc. Customer acquisition enabled by sophisticated and localized marketing 7 Brand awareness Scale drives increasing word of mouth Localization at scale

 
February 2023 / © 2023 Remitly Inc. Expanding into growth markets; entered key UAE market in January 8 +4,300 corridors ~4.0b bank accounts +435k cash pickup locations ~1.1b mobile wallets +170 Countries & Territories Data as of 12/31/22. https://mapchart.net/world.html 4Q22: {"groups":{"#cc3333":{"label":"","paths":["United_States","Philippines","India","Mexico","Guatemala"," El_Salvador","Honduras","Colombia","Ecuador","Nicaragua","Peru","Dominican_Republic","Vietnam ","Nigeria","Argentina","Bolivia","Brazil","Chile","Costa_Rica","Paraguay","Uruguay","Ethiopia","Keny a","South_Africa","Pakistan","Panama","Tunisia","Rwanda","Senegal","Morocco","Albania","Nepal"," Bangladesh","Indonesia","Romania","Malaysia","Thailand","Poland","Algeria","Bulgaria","Croatia","Sr i_Lanka","Haiti","Ghana","Czechia","Egypt","Jamaica","Uganda","China","South_Korea","Moldova"," Ukraine","Armenia","Tanzania","Cote_d_Ivoire","Cameroon","Guyana","Georgia","Israel","Suriname" 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,"USA_Wyoming","USA_Nevada","USA_Colorado","USA_South_Dakota","USA_Nebraska","USA_K ansas","USA_Oklahoma","USA_Iowa","USA_Missouri","USA_Illinois","USA_Kentucky","USA_Arkan sas","USA_Tennessee","USA_West_Virginia","USA_Indiana","Scotland","Wales","England","Norther n_Ireland"],"background":"#fff","borders":"#000","legendFont":"Century Gothic","legendFontColor":"#000","legendBgColor":"#00000000","areBordersShown":true,"defaultCo lor":"#d1dbdd","labelsColor":"#6a0707","strokeWidth":"medium","areLabelsShown":true,"usaStatesS hown":false,"canadaStatesShown":false,"splitUK":false,"legendPosition":"bottom_left","legendSize":" medium","legendStatus":"show","scalingPatterns":true,"legendRowsSameColor":true,"legendColum nCount":1} Updated 4Q22: {"groups":{"#cc3333":{"label":"","paths":["United_States","Philippines","I ndia","Mexico","Guatemala","El_Salvador","Honduras","Colombia","Ecu ador","Nicaragua","Peru","Dominican_Republic","Vietnam","Nigeria","Ar 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na","Cabo_Verde","Azerbaijan","Bhutan","Namibia","Turkmenistan","Lib eria","DR_Congo","Tajikistan","Lebanon","Eritrea","Mauritania","France" ,"Brunei","Dominica","Trinidad_and_Tobago","Antigua_and_Barbuda"," Luxembourg","Timor_Leste","Saudi_Arabia","Hong_Kong","Lesotho","H ungary","Qatar","Oman","Bahrain","Papua_New_Guinea","Kuwait","Beli ze","Switzerland","Solomon_Islands","Puerto_Rico","Serbia","Somalia"," Vanuatu","Ireland","Türkiye","Germany","Austria","Finland","Belgium","It aly","Spain","Netherlands","Norway","Denmark","Sweden","Portugal","C anada","Australia","United_Kingdom","Singapore","New_Zealand","Gre enland","French_Guiana"]}},"title":"","hidden":["Prince_Edward_Island_ CA","New_Brunswick_CA","Ontario_CA","British_Columbia_CA","Albert a_CA","Saskatchewan_CA","Manitoba_CA","Quebec_CA","Yukon_CA", "Nunavut_CA","Newfoundland_and_Labrador_CA","Northwest_Territori es_CA","Nova_Scotia_CA","USA_Wisconsin","USA_Montana","USA_M innesota","USA_Washington","USA_Idaho","USA_North_Dakota","USA _Michigan","USA_Maine","USA_Ohio","USA_New_Hampshire","USA_ New_York","USA_Vermont","USA_Pennsylvania","USA_Arizona","USA _California","USA_New_Mexico","USA_Texas","USA_Alaska","USA_Lo uisiana","USA_Mississippi","USA_Alabama","USA_Florida","USA_Geor gia","USA_South_Carolina","USA_North_Carolina","USA_Virginia","US A_Washington_DC","USA_Maryland","USA_Delaware","USA_New_Jer sey","USA_Connecticut","USA_Rhode_Island","USA_Massachusetts"," USA_Oregon","USA_Hawaii","USA_Utah","USA_Wyoming","USA_Nev ada","USA_Colorado","USA_South_Dakota","USA_Nebraska","USA_K ansas","USA_Oklahoma","USA_Iowa","USA_Missouri","USA_Illinois"," USA_Kentucky","USA_Arkansas","USA_Tennessee","USA_West_Virgi nia","USA_Indiana","Scotland","Wales","England","Northern_Ireland"],"b ackground":"#fff","borders":"#000","legendFont":"Century Gothic","legendFontColor":"#000","legendBgColor":"#00000000","areBo 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February 2023 / © 2023 Remitly Inc. Our revenue mix has become more globally diversified 2020 v. 2022 Revenue Mix 9 2020 2022 $199m 77% CAGR USA Canada Rest of World $30m $28m $473m $80m $101m CAGR 54% 64% 89%

 
February 2023 / © 2023 Remitly Inc. 10 In 2022, 25% of customers resolved issues via self help vs. 4.7% in 2016 - How about this: Use of self help has increased 5x since 2016 90% of transactions delivered in less than an hour - X% of transactions are express (either 4Q or 2022 data) Perfect Delivery Promise has improved 200 bps since 2018 Delivering a more premium customer experience as we scale Speed >90% of customer transactions disbursed in less than an hour1,2 Premium experience leads to high retention Reliability Platform Availability 99.94%1 1. Remitly internal data for 4Q 2022. 2. Disbursement speed reflects the time between when Remitly has the customer funds and when the funds are successfully disbursed (e.g. completed or available for pickup)

 
February 2023 / © 2023 Remitly Inc. Incredible opportunity to drive even more customer loyalty 11 Solving complementary problems to the remittance problem we’re already solving Narrowing focus Increased customer value Long-term customer engagement Highly defensible competitive advantage

 
February 2023 / © 2023 Remitly Inc. In 2023, we plan to continue to execute strongly toward our Strategic Priorities and delivering long-term returns $257.0 12 New customer acquisition Geographical expansion Remittance product enhancements Complementary new products Highly disciplined on CAC with variability depending on unit economics and competitive market dynamics Enter new markets efficiently and continue penetration of existing markets Deliver customer peace of mind with a flawless remittance experience and drive improved customer behavior/margins Solve problems unique to our remittance customers driving additional engagement/loyalty

 
February 2023 / © 2023 Remitly Inc. Vision To transform the lives of immigrants and their families by providing the most trusted financial services on the planet. 13

 
February 2023 / © 2023 Remitly Inc. 14 4Q Financial Results Hemanth Munipalli CFO

 
February 2023 / © 2023 Remitly Inc. 4Q — Strong financial performance SCALE 4.2m 48% growth in quarterly active customers over 4Q 2021 $8.1b 35% growth in send volume over 4Q 2021 REVENUE $191m 41% growth in revenue over 4Q 2021 15 PROFITABILITY ($19m) GAAP Net Loss $7.5m Adjusted EBITDA Adjusted EBITDA is a non-GAAP measure. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix.

 
February 2023 / © 2023 Remitly Inc. 1. Other operating expenses are non-GAAP measures and include non-GAAP customer support and operations expense, non-GAAP general and administrative expense and non-GAAP technology and development expense. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix $257.0 4Q22 Year-over-Year Change Execution Wins Macro Factors Revenue Growth 41% ● High retention ● Strong new customer acquisition ● Geographic expansion from prior periods Some favorability from strong developed market currencies Transaction Expense as a % of Revenue 410 bps ● Advances in our approach to fraud prevention ● Reducing costs across pay in and disbursement network Non-GAAP Marketing Expense as a % of Revenue 660 bps ● Brand awareness and word of mouth effects ● CAC efficiencies particularly outside North America ● Localized digital marketing Advertising market less competitive than expected Non-GAAP Other Operating Expenses as a % of Revenue1 G&A 150 bps T&D 270 bps Q4 2022 benefited from strong execution and some favorable macro factors 16 DESIGN TWEAKS PENDING CONTENT APPROVAL ● G&A expense discipline ● Investments in high ROI initiatives such as product enhancements and complementary new products

 
February 2023 / © 2023 Remitly Inc. 17 Deliver Scale Efficiencies in Other Opex1 Strong Revenue Growth Note: $ in millions 1 Non-GAAP operating expenses include non-GAAP customer support and operations expense, non-GAAP general and administrative expense and non-GAAP technology and development expense. Please see reconciliation of non-GAAP measures to the most comparable GAAP measures in the Appendix. Four key focus areas to drive sustainable, long-term returns YoY % Growth 69% 49% 42% 40% 41% Drive Marketing Efficiency % of Revenue 27% 29% 26% 24% 21% % of Revenue 42% 41% 39% 41% 38% Improve Transaction Expense % of Revenue 36% 38% 39% 37% 38%

 
February 2023 / © 2023 Remitly Inc. 2023 Outlook Strong revenue growth and scale efficiencies enabling higher returns Key 2023 Expectations ● Macro and FX environment stable to 4Q22 ● Sustained marketing efficiencies in relatively stable advertising market ● Improved scale efficiencies; continued investments in product enhancements and complementary new products $860m-$880m 2023E Revenue 32% to 35% YoY growth — Breakeven-$10m 2023E Adjusted EBITDA 18 Note: This guidance is only effective as of the date given, February 22, 2023, and will not be updated or affirmed unless and until we publicly announce updated or affirmed guidance. Distribution or reference of this deck following February 22, 2022 does not constitute re-affirming guidance.

 
February 2023 / © 2023 Remitly Inc. Complementary new products Remittance product enhancements Geographical expansion New customer acquisition Strong balance sheet to fund strategic growth priorities As of 12/31/22 ~$300m Cash 19 $0m Debt

 
February 2023 / © 2023 Remitly Inc. Q & A 20

 
February 2023 / © 2023 Remitly Inc. “ James Remitly user since 2022 Sends money from USA to Kenya It is an easy, efficient, and fast way to send money. I would recommend it - and have done so - to others.

 
February 2023 / © 2023 Remitly Inc. Appendix 22

 
February 2023 / © 2023 Remitly Inc. Some of the financial information and data contained in this presentation, such as Adjusted EBITDA and non-GAAP operating expenses, have not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). We regularly review our key business metrics and non-GAAP financial measures to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that these key business metrics and non-GAAP financial measures provide meaningful supplemental information for management and investors in assessing our historical and future operating performance. Adjusted EBITDA and non-GAAP operating expenses are key output measures used by our management to evaluate our operating performance, inform future operating plans, and make strategic long-term decisions, including those relating to operating expenses and the allocation of internal resources. Remitly believes that the use of Adjusted EBITDA and non-GAAP operating expenses provides additional tools to assess operational performance and trends in, and in comparing Remitly’s financial measures with, other similar companies, many of which present similar non-GAAP financial measures to investors. Remitly’s non-GAAP financial measures may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial measures determined in accordance with GAAP. Because of the limitations of non-GAAP financial measures, you should consider the non-GAAP financial measures presented herein in conjunction with Remitly’s financial statements and the related notes thereto. Please refer to the non-GAAP reconciliations in this presentation for a reconciliation of these non-GAAP financial measures to the most comparable financial measure prepared in accordance with GAAP. We calculate Adjusted EBITDA as net loss adjusted by (i) interest (income) expense, net, (ii) provision for income taxes, (iii) noncash charge of depreciation and amortization, (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency, (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, (vi) noncash stock-based compensation expense, net, and (vii) certain transaction and integration costs associated with acquisitions. We calculate non-GAAP operating expenses as our GAAP operating expenses adjusted by (i) noncash stock-based compensation expense, net, (ii) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment, as well as (iii) certain transaction and integration costs associated with acquisitions. 23 Non-GAAP Financial Measures

 
February 2023 / © 2023 Remitly Inc. Reconciliation of operating expenses to non-GAAP operating expenses (in thousands) 4Q 2022 3Q 2022 2Q 2022 1Q 2022 4Q 2021 Customer support and operations $19,239 $18,142 $16,855 $13,870 $13,090 Excluding: Stock-based compensation expense, net 220 226 277 93 76 Non-GAAP customer support and operations $19,019 $17,916 $16,578 $13,777 $13,014 Marketing $43,163 $43,337 $43,849 $40,621 $38,267 Excluding: Stock-based compensation expense, net 3,363 3,352 2,765 1,032 1,118 Non-GAAP marketing $39,800 $39,985 $41,084 $39,589 $37,149 Technology and development $42,883 $36,178 $36,083 $23,575 $19,128 Excluding: Stock-based compensation expense, net 15,461 13,238 13,649 4,072 3,409 Non-GAAP technology and development $27,422 $22,940 $22,434 $19,503 $15,719 General and administrative $34,895 $35,504 $37,509 $23,342 $23,512 Excluding: Stock-based compensation expense, net 8,369 8,929 15,850 4,397 3,448 Excluding: Donation of common stock - 1,972 - - - Excluding: Transaction costs 1,077 2,385 - - - Non-GAAP general and administrative $25,449 $22,218 $21,659 $18,945 $20,064 24 Non-GAAP Reconciliation

 
February 2023 / © 2023 Remitly Inc. 25 Non-GAAP Reconciliation Reconciliation of net loss to Adjusted EBITDA (in thousands) 4Q 2022 3Q 2022 2Q 2022 1Q 2022 4Q 2021 Net loss ($19,395) ($33,069) ($38,245) ($23,310) ($16,576) Add: Interest (income) expense, net (1,947) (1,070) (107) 277 (160) Provision for income taxes (434) 287 662 528 42 Depreciation and amortization 1,854 1,843 1,510 1,517 1,366 Foreign exchange gain (1,090) (1,815) (1,687) (669) (81) Donation of common stock - 1,972 - - - Stock-based compensation expense, net 27,413 25,745 32,541 9,594 8,051 Transaction costs 1,077 2,385 - - - Adjusted EBITDA $7,478 ($3,722) ($5,326) ($12,063) ($7,122) Revenue $191,032 $169,259 $157,255 $136,014 $135,255 Adjusted EBITDA margin 3.9% (2.2%) (3.4%) (8.9%) (5.3%)

 
February 2023 / © 2023 Remitly Inc. Thank you.