Remitly Global is converting 20% growth into expanding margins and cash flow, with B2B and Global Card optionality supporting an attractive long-term risk/reward.
Overview
Remitly Global operates a digital-first cross-border payment network focused on recurring transfers from migrants in developed sending markets to families in emerging-market receiving corridors. Its mobile platform offers faster settlement, transparent pricing and localized bank, wallet and cash-pickup options than traditional banks and legacy money-transfer operators. **The operating trajectory is accelerating:** Q2 2026 revenue increased 20% year over year to $495.2 million, active customers rose 20% to 10.2 million, and send volume grew 27% to $23.5 billion. Operating income reached $66.7 million, versus $14.6 million a year earlier, while adjusted EBITDA increased 79% to $114.7 million and margin expanded 760 basis points to 23.2%. Free cash flow nearly tripled to $130.1 million. Management raised FY2026 revenue guidance to $1.978 billion-$1.988 billion and adjusted EBITDA guidance to $410 million-$415 million. The valuation is demanding at approximately 36.6x forward non-GAAP P/E, 2.87x trailing sales and 25.91x trailing EV/EBITDA, but is supported by a historical five-year sales CAGR of 30.9%, an LTV/CAC ratio near 6x and sub-12-month marketing payback. B2B expansion, the Global Card, AI-enabled productivity and further margin leverage are the principal catalysts. Wall Street’s average target is $29.43, with Goldman Sachs and Citizens JMP at $30 and Monness at $33.