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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