The following is a summary of the Remitly Global, Inc. (RELY) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Remitly Global, Inc. reported a robust financial performance for Q3 2024, achieving a revenue of $336.5 million, a 39% increase year-over-year.

• The company also reported a record adjusted EBITDA of $46.7 million, reflecting a significant expansion in adjusted EBITDA margin to nearly 14%.

• Net income for the quarter was $1.9 million, a substantial improvement from a net loss of $35.7 million in Q3 2023.

Business Progress:

• Remitly highlighted its success in acquiring a record number of new customers and its continued market share growth, driven by its strong customer acquisition strategies and effective marketing.

• The company emphasized its technological advancements, such as the introduction of faster bank-linked payment methods in the U.S., and direct integrations with mobile wallets like M-PESA in Africa, which have improved transaction speeds and customer experience.

Opportunities:

• Remitly sees significant growth potential in both existing and new geographical regions due to the large, $2 trillion addressable market for consumer cross-border payments.

• The company plans to further capitalize on this by entering new geographies and exploring additional customer segments such as micro businesses.

Risks:

• No explicit risks mentioned.

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