Remitly J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Remitly J.P. Morgan TMC Conference Takeaways

Tien-tsin Huang, CFA AC North America Equity Research

(1-212) 622-6632 18 May 2026 J P M O R G A N

tien-tsin.huang@jpmorgan.com

lack credit history. Management outlined a broader financial services roadmap across

lending, spending via debit card, and saving through accounts such as multicurrency

accounts, with “4x4” framed as an opportunity set with multiple boxes still to fill.

• Competitive intensity. The market is large, and management’s strategy is to follow

customer demand into banking adjacencies that fit the base. Remittance send remains the

anchor and infrastructure foundation, differentiating RELY from banks by prioritizing

low-cost, fast money movement in a crowded field. Remittances set a baseline revenue

per customer, but management sees upside from expanding monetization via borrow and

save products while keeping send as the trust and distribution wedge. Early read-throughs

suggest send-now-pay-later cohorts are sending more than before, with the key

differentiator being eligibility limited to existing customers with known behavior.

Management framed these as adjacencies, not step-function business model changes.

• Recapping 1Q26/FY26 Outlook. 1Q26 sets the foundation for FY26 and included

several one-timers; adjusting for those, management expects a more linear setup across

1H and 2H with good predictability and steady growth. The core remains strong, with

record net new customers and revenue per customer, but management is increasingly

focused on growth accelerators that should be more visible in 2H26 and more meaningful

in 2027. Other key drivers cited include new partners globally (4-5 options), new

corridors, and expansion into new send-from countries (with 3-4 announcements