Remitly Global Targets New Growth Beyond Core Remittances With Card, AI Push

Remitly is diversifying beyond its core remittance business by targeting high-value transfers, freelancers and small businesses, remittance recipients, and users of its Global Card. New initiatives are expected to contribute about 5% of revenue in 2026 and more than 10% by 2028. The company is using AI and organizational changes to reduce costs, improve customer service, and accelerate product launches, while planning increased marketing and other investment in the second half of 2026. Remitly sees substantial room to expand its core business through broader corridor coverage, competitive pricing, and customer acquisition, while also evaluating stablecoins for settlements and consumer products. Management said it will balance share repurchases with organic investment and does not currently plan acquisitions. Remitly Global NASDAQ: RELY executives said the company is focused on expanding market share in its core remittance business while building new revenue streams around higher-value transfers, small businesses, recipients and its global card offering. Speaking during an investor discussion, Chief Executive Officer Sebastian Gunningham said the company’s core priorities remain consistent: competitive pricing, fast money movement across its network and customer service. He said Remitly is continuing to sharpen prices across roughly 5,000 corridors, add licenses, expand its network and use artificial intelligence to improve customer support and internal operations. “There will not be a customer in the next 100 years who wants to pay more money for transferring money across the world,” Gunningham said. “There will not be a customer who will tell you, ‘Please move my money slower.’” Remitly’s primary business has centered on lower-value international transfers, generally in the $200 to $300 range. Gunningham said the company now serves about 10 million customers in that segment, but is pursuing additional customer categories using its existing infrastructure. One opportunity is high-value senders, including people transferring money for personal investments or to themselves internationally. Chief Financial Officer Vikas Mehta said the company has enabled larger transactions through product and partner changes, including multiple transfers of $300,000 and one customer transaction exceeding $1 million during the most recent quarter. Remitly is also targeting small businesses and freelancers that use its network to make cross-border payments. Gunningham said the initial focus is on the smaller end of the small- and medium-sized business market, including freelancers and companies paying workers abroad. The business product requires additional capabilities, such as business verification processes, the ability to pay multiple recipients and integrations with accounting and enterprise resource planning systems, he said. A third growth area is recipients of remittances. Gunningham said that while 10 million senders move approximately $100 billion annually to an estimated 30 million to 40 million recipients, the company historically had not built products for those receivers. Remitly has launched an app in 170 countries and is generating early revenue from receiver-focused offerings, he said. The company has also consolidated several initiatives, including its Remitly Flex send-now, pay-later product, under the Remitly Global Card. Gunningham said the card is intended for customers who live, travel or maintain family relationships across borders.