Remitly: Dust and the Promise of Coin

by

They speak of remittances – the small, weary offerings sent by those adrift, those building new lives on borrowed soil. Billions flow, a silent river of necessity. It’s a world ignored by the gilded towers of finance, yet it sustains countless homes. Western Union and MoneyGram, the old gatekeepers, grow fat on the desperation of others. But a new current stirs, a digital ripple named Remitly Global (RELY 1.66%). It promises ease, a smaller bite from the hand that feeds. They call it fintech. I call it a reflection of our times.

The stock emerged in 2021, blinking in the harsh light of the market. Since then, it’s mostly stumbled, despite a persistent, almost stubborn growth. Two-thirds of its initial promise has evaporated, discarded like a worn-out boot. The numbers, however, tell a different tale, a quiet defiance.

The Weight of Expectations

The whispers speak of slowing growth, of anxieties surrounding borders and policies. They speak of profits, or rather, the lack thereof. But what is profit when measured against the hunger of a family across an ocean? The company insists it is on course, and the figures, when stripped of their polished veneer, offer a glimmer of truth. Revenue rose 25%, a respectable climb, fueled by a 35% surge in the volume of money sent. They’ve lowered the cut they take, a strategic retreat to broaden the field. And, yes, they are now profitable, though the margins are thin, like the patience of a man waiting for a letter from home. A mere $8.8 million in net income. A pittance, perhaps, but a sign that something is stirring beneath the surface.

They’ve laid out a vision for 2028, a promise of high-teens growth in 2026 and a revenue target of $2.6 to $3 billion. A compound annual growth rate of 20% over the next three years. They speak of EBITDA, of reaching the elusive “rule of 40.” Empty pronouncements, perhaps, but they reveal a hunger, a desperation to prove their worth. They aim to impress the masters of the market, to justify their existence.

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A Bargain in the Shadows?

The market values Remitly at a paltry $2.9 billion. Five times its projected EBITDA for 2028. A valuation so low it almost insults the effort, the quiet desperation of those who rely on its service. The stock seems to be waiting for a reckoning, a judgment from the fickle gods of finance. The skepticism is palpable, a heavy weight on the company’s shoulders.

They’ve cleverly expanded their reach, offering services to businesses, and with the “Remitly One” subscription, a “send now, pay later” scheme. A clever tactic, preying on the hopes and vulnerabilities of those who can barely afford to look ahead. It’s a modern form of credit, a promise of relief, but at what cost?

Strong revenue growth, a low valuation, new products… it all suggests a stock that is undervalued, overlooked. Perhaps it’s a mirage, a fleeting opportunity. But in a world obsessed with inflated bubbles and empty promises, a little dust and a little honesty might be worth something. It’s not a grand story, not a tale of innovation and disruption. It’s the story of resilience, of quiet desperation, and of a company trying to survive in a world that rarely notices the small currents that keep it afloat. Ignore the fanfare. Look at the numbers. And consider the quiet dignity of those who send their hopes across the border, one small remittance at a time.

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2026-01-29 06:32