RELY - NDR Takeaways; We See RELY Strong Operating Leverage Ahead

Research evidence excerpt

RELY - NDR Takeaways; We See RELY Strong Operating Leverage Ahead

Payments, Processors, & IT Services

REMITLY GLOBAL, INC. (RELY) May 20, 2026

RELY - NDR Takeaways; We See RELY Strong Operating Rating:

Leverage Ahead Outperform

Price:

●Yesterday (5/19), we had the opportunity to host RELY's CEO Sebastian $20.87

Gunningham, CFO Vikas Mehta, and Head of IR David Beckel for an NDR. Price Target:

$28 We come away incrementally constructive on RELY's ability to drive durable % Upside:

growth (across both core send and the growth accelerators) with strong 34.2%

operating leverage.

Source: FactSet, Wolfe Research

Priced as of 05/19/26

●Growth Accelerators: RELY expressed conviction in its ability to achieve 10%

+ revenue contribution from growth accelerators (now including high value

senders) by 2028. High value senders and businesses each present large

opportunities, and RELY is working to improve the experience and reduce

onboarding friction. While the monetization of high value senders will focus on Darrin Peller

remittance, management sees incremental monetization potential with small dpeller@wolferesearch.com

businesses. In borrow, spend, and save, RELY has a unique opportunity to (646) 582-9310

View Darrin’s Research acquire customers via send and provide them with financial services such View RELY Model

as send now pay later, all anchored around the card offering. RELY is also View Comp Table

very early in its journey with receivers, which presents a large opportunity

(30mn receivers vs. ~10mn senders). RELY believes increased usage of AI Paulpobrecht@wolferesearch.comObrecht

will improve product velocity, with faster product iteration leading to greater (646) 582-9308

revenue generation. Scott Wurtzel

swurtzel@wolferesearch.com

(646) 582-9313