Remitly Global, Inc.

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Thank you. Good afternoon, and thank you for joining us for Remitly's third quarter 2025 earnings call. Joining me on the call today are Matt Oppenheimer, co-founder and chief executive officer of Remitly, and Vikas Mehta, chief financial officer. Results and additional management commentary are available in the earnings release and presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website. Before we start, I would like to remind you that we will be making forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements. Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today and remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise except as required by law. The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, our pledge 1% contribution, integration, restructuring, and other costs, and other income and expense. For reconciliation of non-GAAP financial measures to the most direct comparable GAAP metric, please see the earnings press release and the appendix to the earnings presentation, which are available on the IR section of our website.

Now, I will turn the call over to Matt to begin. Thank you, Dave, and welcome to Remitly. Thank you to everyone joining us for our third quarter earnings call. In Q3, we exceeded our guide, reflecting momentum from last quarter and the early benefits of our growth initiatives, further demonstrating the strength and durability of our business model. Remitly is a structurally advantaged financial platform built for durable growth. Revenue growth of 25% and adjusted EBITDA margins of 15% reflect our disciplined execution and focus on sustainable, profitable growth, even as we continue to invest and expand. Today, I will focus on how our third quarter success directly validates our ambition to expand from being a leader in money movement to capturing a larger portion of the $22 trillion total addressable market. Our performance in the third quarter reflects the value of trust as the engine and competitive advantage that secures our enduring relationship with the customer. At Remitly, trust means something very specific. It is about mastering the difficulty of delivering a seamless end-to-end experience at a fair customer-centric price with near instant delivery and the protection provided by stringent risk management. We deliver trust by mastering complexity on the inside so we can deliver radical simplicity on the outside. The underlying mechanics behind every transaction lead to that peace of mind. We are obsessed with eliminating the customer's core anxiety, delivery uncertainty. In the third quarter, our reliability metrics improved even further, 99.99% uptime, across the app and web, and speed metrics that underscore the value of instant delivery, with over 94% of all transactions completed in under an hour, and over 97% of transactions completed without customer support contact. Our platform is built on a powerful foundation with trust at its core. We want to communicate today how that platform is extending across two main fronts, new customer categories, and new products as shown on slide five. Specifically, I will share an update on our success with customer categories including business and high amount senders. I will also provide an update on new products with an update on Remitly One, including Flex and Stablecoin. Moving to slide six, Remitly business continues to scale rapidly as we execute against a large opportunity. As we highlighted in Q2 with Remitly Business, we expanded our TAM more than tenfold, from approximately $2 trillion to $22 trillion as we aim to serve millions of small businesses paying international contractors, vendors, and employees. Following the successful launch in the U.S. in Q2, we expanded into the U.K. and Canada marking a major step in building a global small business payments platform. Our product allows small businesses to onboard, verify, and send internationally in minutes, a seamless extension of the trusted experience we've built for consumers as we pursue a low-touch, product-led, go-to-market approach for business customers, designed to drive efficient, scalable growth of this important customer category. The number of total businesses using the Remitly platform grew sequentially this quarter to nearly 10,000 and average transaction sizes are roughly twice those of our core consumer category. We've continued to strengthen our trust and KYB engine, resulting in higher approval rates and lower onboarding friction for businesses while keeping our platform secure and our customer experience world-class. As a direct result of these improvements, business send volume has nearly doubled on the platform sequentially. To show this, let me share Derek Jefferson's story, a Remitly user since 2019 who recently became a Remitly business user. Derek runs a small business, HTDB Comics, in the US creating comic books that feature a superhero who protects the vulnerable. Derek leverages three consultants in Nigeria who help him storyboard and illustrate the comic. Derek loves Remitly because our custom business experience makes it, quote, super easy, end quote, to pay the team in Nigeria. Derek has already sent thousands of dollars across dozens of transactions in 2025. Looking ahead, we are seeing exciting customer adoption, and we remain confident the Remitly business will be a contributor to sustainable revenue growth, margin expansion, and long-term shareholder value as it expands our reach from individuals to the millions of entrepreneurs and small companies powering the global economy. Now on the high amount centers on slide seven. Remitly's global payments platform has ably served both small and large transactions for years, but we have put additional focus on this growing category given our unique ability to serve these customers with a fast and affordable product. Throughout Q3, we continued to expand send limits on our platform for certain US customers, now unlocking up to $100,000 per transfer. This targeted expansion enables a larger portion of our customer base to move more significant amounts seamlessly while maintaining our high standards for compliance and security. To accelerate awareness and adoption, we launched marketing campaigns in key high volume send countries and in app notifications targeted to high amount senders. We also made deliberate strategic investments in pricing to attract and retain customers sending over $1,000 per transfer within specific corridors like the US and Canada to India. These transactions led to over 40% year over year send volume growth for customers sending more than $1,000. an increase in mix from these customers of more than 200 basis points year over year. As we continue to remove friction, increase transparency, and deliver best-in-class service for high-amount senders, we are positioning Remitly to become the most trusted global payments platform for high-value cross-border money movement, unlocking a massive, under-penetrated opportunity that will continue to contribute to our growth. Now shifting from new customer categories to new products, I'll start with an update on Remitly One on slide eight. Remitly One represents the next chapter in our product evolution from a transactional to a more long-term financial relationship. At our Reimagine event in September, we introduced Remitly One as a bold new way for the millions of people who live their financial lives across borders to move, manage, and grow money in one trusted platform. Flex is our flexible funding solution that lets customers send now, pay later, addressing a key customer pain point, timing mismatches between earnings and transfer needs, especially for those that are credit invisible. With over 100,000 active users at the end of Q3, this product is designed to bring liquidity to our customers underserved by the broader financial system. Our proprietary data allows us to identify a valuable category among our 8.9 million customers who demonstrate consistent and responsible financial behavior, enabling us to prudently match their liquidity access with their past cross-border payments behavior. Flex provides an essential safety net for time-sensitive payments, like medical emergencies or tuition, as well as a deeper long-term relationship with these customers. Remitly Wallet, which allows direct deposit and multi-currency balances, and our digital debit card, compatible with Apple Pay and Google Pay, have shown healthy early adoption. These products expand engagement beyond send events and are expected to diversify revenue over time through interchange while reinforcing our core value propositions. We continue to leverage stablecoins to enable growth in cross-border finance, seeing potential in three main areas. FX treasury and cash management, improved disbursement rails, and digital wallet features as shown on slide nine. Within our treasury operations, we've tokenized portions of our US dollar liquidity to move funds across markets in near real time. This capability enhances our ability to fund operations globally, improves capital efficiency by reducing idle flow, and strengthens our FX treasury and cash management all while maintaining the transparency and control expected from a regulated platform. On the customer side, Stablecoins enable a hybrid network that combines our already scaled fiat infrastructure with blockchain interoperability. We initially launched USDC in the United States to rapidly build the foundational infrastructure and compliance framework for our wallet. And we have since integrated Stablecoins into our payout network for disbursements in partnership with Bridge, a Stripe company, recently expanding this capability into two key volatile currency environments, Nigeria and Argentina, where customers seek stability and flexibility. Looking ahead, we are focused on enabling customers to manage and hold more stable digital currency balances within a Remitly wallet. As we look ahead to 2026, we remain deeply optimistic about our position. We have built a formidable platform that still commands only a small share of a massive and growing market with significant upside ahead. Three key factors will drive our growth next year. First, our new customer expansion efforts continue to unlock new corridors and customer categories, such as Remitly business customers, extending our reach and reinforcing our global network effects. Second, our product portfolio expansion is gaining momentum. As early successes with Flex and Remitly One lays the groundwork for broader offerings such as credit and multi-currency accounts, for our nearly 8.9 million customers. And third, we are well positioned to benefit from a powerful shift from cash to digital remittances aided by the one big beautiful bill going into effect on January 1st, 2026, which imposes a 1% tax on cash and other physical remittance instruments, but exempts digitally funded transactions. This legislation significantly amplifies the advantage of our digital-first model. In closing, at Remitly, we start with the recognition that financial services do not naturally transcend borders, and we are designed to do exactly that. That is why we are built unlike other digital payment providers that create local market ecosystems and stitch them together. Our borderless global network is a key component of our unique competitive advantage. Remitly now supports more than 5,300 corridors with more than 5.4 billion bank accounts and mobile wallets and over 490,000 cash pickup locations. Finally, we hope you will join us either virtually or in person at Remitly's first Investor Day since our IPO on December 9th, 2025, where we will be sharing more of our long-term vision and detailed roadmap. Now, I'll hand it over to Vikas to offer our financial and operating highlights from the quarter.