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What changed in Remitly Global, Inc.'s 10-K — 2024 vs 2025

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Paragraph-level year-over-year comparison of Remitly Global, Inc.'s 2024 and 2025 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2025 report.

+492 added−504 removedSource: 10-K (2026-02-18) vs 10-K (2025-02-19)

Top changes in Remitly Global, Inc.'s 2025 10-K

492 paragraphs added · 504 removed · 376 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

95 edited+53 added−80 removed32 unchanged
Biggest changeAdditionally, these companies are able to provide an adjacent suite of digital-first financial services with fair and transparent product pricing, while providing global and local customer service. • Network: Digital-first companies leverage their expansive global network, which allows the companies to provide a vast array of easy-to-access disbursement options and the ability to accept alternative payment methods. • Technology: In a world of being digitally connected, digital-first companies focus on technological differentiation, through service availability, performance, scalability, and reliability.
Biggest changeDigital-first companies leverage their expansive global network to provide a vast array of easy-to-access disbursement options and the ability to accept alternative payment methods. • Technology. Digital-first companies focus on technological differentiation, through service availability, performance, scalability, and reliability. The ability to innovate continues to be a competitive advantage.
Anti-Bribery. We are subject to regulations imposed by the Foreign Corrupt Practices Act (the “FCPA”) in the United States, the Corruption of Foreign Public Officials Act in Canada (“CFPOA”), the U.K.
Anti-Bribery We are subject to regulations imposed by the Foreign Corrupt Practices Act (the “FCPA”) in the United States, the Corruption of Foreign Public Officials Act in Canada (the “CFPOA”), the U.K.
We are subject to laws, regulations, and disclosure requirements relating to consumer protection in the United States and other jurisdictions in which we have operations, where such laws, regulations, and supervisory guidance are enforced by numerous government agencies.
Consumer Disclosure and Consumer Protection We are subject to laws, regulations, and disclosure requirements relating to consumer protection in the United States and other jurisdictions in which we have operations, where such laws, regulations, and supervisory guidance are enforced by numerous government agencies.
Available Information Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available, free of charge, on our investor relations website as soon as reasonably practicable after we file such material electronically with or furnish it to the Securities and Exchange Commission (the “SEC”).
Available Information Copies of our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to these reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available, free of charge, on our investor relations website as soon as reasonably practicable after we file or furnish such material electronically with the Securities and Exchange Commission (the “SEC”).
In addition, under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services to engage in unfair, deceptive, or abusive acts or practice (“UDAAP violations”). The CFPB has substantial rule-making and enforcement authority to prevent UDAAP violations in connection with any transaction involving a consumer financial product or service.
In addition, under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services to engage in unfair, deceptive, or abusive acts or practice (“UDAAP violations”). The CFPB has rule-making and enforcement authority to prevent UDAAP violations in connection with any transaction involving a consumer financial product or service.
We are subject to licensing and registration requirements in relation to our money transmission and stored value issuance activities on a state-by-state and federal basis in the United States and in almost every other jurisdiction from which our customers initiate transactions, including, but not limited to, Canada, the United Kingdom, and the EEA.
Money Transmission and Stored Value Licensing or Registration We are subject to licensing and registration requirements in relation to our money transmission and stored value issuance activities on a state-by-state and federal basis in the United States and in almost every other jurisdiction from which our customers initiate transactions, including, but not limited to, Canada, the United Kingdom, and the EEA.
This amount is net of cancellations, does not include transaction fees from customers, and does not include any credits, offers, or bonuses applied to the transaction by us. We measure active customers on a quarterly basis and as a result this metric is only presented on a quarterly basis herein.
This amount is net of cancellations, does not include transaction fees from customers, and does not include any credits, offers, or bonuses applied to the transaction by us. We measure active customers on a quarterly basis and as a result, this metric is only presented on a quarterly basis.
Further corporate governance information, including our board committee composition and charters, global code of conduct, and corporate governance guidelines, is also available on our investor relations website under the heading “Governance.” The contents of our websites are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only. 11 Table of Content s
Further corporate governance information, including our board committee composition and charters, global code of conduct, and corporate governance guidelines, is also available on our investor relations website under the heading “Governance.” The contents of our websites are not intended to be incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only. 11 Table of Contents
We are engaged in ongoing privacy and cybersecurity compliance and oversight efforts, including in connection with the requirements of privacy and cybersecurity laws, rules, regulations, industry standards, and other obligations.
We are engaged in ongoing privacy, cybersecurity, and AI compliance and oversight efforts, including in connection with the requirements of privacy, cybersecurity, and AI laws, rules, regulations, industry standards, and other obligations.
As a money services business, we maintain a stringent AML compliance program that includes internal policies and controls, designation of AML compliance officers for each of our regulated entities, ongoing employee training and monitoring programs, and annual independent reviews. Sanctions. Our business must also comply with U.S. economic and trade sanctions programs administered by the U.S.
As a money services business, we maintain a robust AML compliance program that includes internal policies and controls, designation of AML compliance officers for each of our regulated entities, ongoing employee training and monitoring programs, and annual independent reviews. Sanctions Our business must also comply with U.S. economic and trade sanctions programs administered by the U.S.
We rely on a combination of copyright, trademark, and trade secret laws in the United States and other jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements, and other contractual protections to obtain, maintain, protect, defend, and enforce our IP Rights, including our proprietary technology, software, know-how, and brand.
We rely on a combination of copyright, trademark, patents, and trade secret rights in the United States and other jurisdictions, as well as license agreements, confidentiality procedures, non-disclosure agreements, and other contractual protections to obtain, maintain, protect, defend, and enforce our IP Rights, including our proprietary technology, software, know-how, and brand.
There are a number of pending legislative and regulatory proposals in the European Union, the United Kingdom, and the U.S., at both the federal and state level, as well as other jurisdictions that could impose new obligations in areas affecting our business. We expect that our efforts to comply with the GDPR, U.K.
There are a number of pending legislative and regulatory proposals in the European Union, the United Kingdom, and the United States, at both the federal and state level, as well as other jurisdictions that could impose new obligations in areas affecting our business. We expect that our efforts to comply with the GDPR, U.K.
Additionally, we own common law trademark rights in the above referenced marks as well as the REMITLY PROMISES DELIVERED (+ Clasped Hand logo) mark in the United States and certain other jurisdictions where common law rights are recognized. We also own several domain names, including www.remitly.com.
Additionally, we own various common law trademark rights, including in the above referenced marks as well as the REMITLY PROMISES DELIVERED (+ Clasped Hand logo) and the REMITLY ONE mark in the United States and certain other jurisdictions where common law rights are recognized. We also own several domain names, including www.remitly.com.
These measures include, without limitation, controls designed to prevent transactions to or from countries or territories that are subject to comprehensive sanctions, screening certain transactions and customer information against OFAC and other international government watch-lists, blocking funds of persons named on OFAC’s list of Specially Designated Nationals and Blocked Persons and other persons and entities designated as prohibited persons by U.S. and non-U.S. sanctions authorities, and preparing and submitting blocking and other reports as required by relevant authorities.
These measures include, without limitation, controls designed to prevent transactions to or from countries or territories that are subject to comprehensive sanctions, screening certain transactions and customer information against OFAC and other international government watchlists, blocking funds of persons named on OFAC’s list of Specially Designated Nationals and Blocked Persons and other persons and entities designated as prohibited persons by U.S. and non-U.S. sanctions authorities, and preparing and submitting blocking and other reports as required by relevant authorities.
In the United States, we are registered as a Money Services Business with FinCEN, and we hold licenses to operate as a money transmitter (or its equivalent) in the 48 states where such licenses are required, as well as in the District of Columbia and various U.S. Territories.
In the United States, we are registered as a Money Services Business with FinCEN, and we hold licenses to operate as a money transmitter (or its equivalent) in the 49 states where such licenses are required, as well as in the District of Columbia and various U.S. Territories.
We provide comprehensive benefits and services that help meet the unique needs of our employees, including medical, dental, and vision insurance, a health savings account with company contribution, family and medical leave, flexible work schedules, paid holidays and flexible vacation time, as well as mental wellness access, which provides coaching and counseling services for employees and dependents in their household.
We provide benefits and services that help meet the unique needs of our employees, including medical, dental, and vision insurance, a health savings account with company contribution, family and medical leave, flexible work schedules, paid holidays and vacation time, and mental wellness access, which provides coaching and counseling services for employees and dependents in their household.
The Remittance Transfer Rule requirements include: (1) a disclosure requirement to provide consumers sending funds internationally from the United States with pre-transaction written disclosures and receipts; (2) an obligation to investigate and resolve certain errors, including errors that may be outside our control; and (3) an obligation, upon a customer’s request, to cancel certain transactions that have not been completed.
The Remittance Transfer Rule requirements include: (1) a disclosure requirement to provide consumers sending funds internationally from the United States with pre-transaction written disclosures and receipts; (2) an obligation to investigate and resolve certain errors, including errors that may be outside our control; and (3) an obligation, upon a customer’s request, and within the statutory time frames, to cancel certain transactions that have not been completed.
The SEC also maintains a website that contains our SEC filings. The address of the site is www.sec.gov. We webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.
The SEC also maintains a website that contains our SEC filings. The address of the site is www.sec.gov. 10 Table of Contents We webcast our earnings calls and certain events we participate in or host with members of the investment community on our investor relations website.
As a larger participant in the industry for international money transfers, we are subject to direct CFPB supervisory authority over our business. This includes the authority to fine and provide consumer restitution for violations and request information and data about our compliance activities. In addition, the CFPB requires that we track and respond to consumer complaints.
As a larger participant in the industry for international money transfers, we are subject to direct CFPB supervisory authority over our business. This includes the authority to fine and provide consumer restitution for violations 7 Table of Contents and request information and data about our compliance activities. In addition, the CFPB requires that we track and respond to consumer complaints.
Our disbursement partners make us a trusted source of remittances because our customers are typically already familiar with their chosen disbursement partner and recipients feel comfortable receiving money where they regularly bank or shop.
Our disbursement partners make us a trusted source of global money movement because our customers are typically already familiar with their chosen disbursement partner and recipients feel comfortable receiving money where they regularly bank or shop.
We focus on creating financial inclusion by providing payout optionality and access for recipients who do not always have convenient access to traditional banking. We believe our focus on financial inclusion creates peace of mind for our customers and their families while attracting and retaining loyal customers. • Highly Attractive Unit Economics.
We focus on creating financial inclusion by providing payout optionality and access for recipients who do not always have convenient access to traditional banking. We believe our focus on financial inclusion creates peace of mind for our customers and their families while attracting and retaining loyal customers.
This includes six foreign registered trademarks for the REWIRE mark and REWIRE logo resulting from the purchase of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”). We are pursuing additional trademark registrations to the extent we believe it would be beneficial and cost effective.
These trademarks include six foreign registered trademarks for the REWIRE mark and REWIRE logo resulting from the purchase of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”). We are pursuing additional trademark registrations to the extent we believe it would be beneficial and cost effective.
These relationships provide our customers with choice of disbursement and enable us to send funds within minutes, or even seconds, to over 5.0 billion bank accounts and mobile wallets and approximately 470,000 cash pick-up options (including retail outlets and banks). 4 Table of Content s We select our disbursement partners based on our recipients’ preferences, quality of service, cost, brand recognition, and co-branding opportunities.
These relationships provide our customers with choice of disbursement and enable us to send funds within minutes, or even seconds, to over 5.4 billion bank accounts and mobile wallets, and approximately 490,000 cash pick-up options, including retail outlets and banks. We select our disbursement partners based on our recipients’ preferences, quality of service, cost, brand recognition, and co-branding opportunities.
Specifically, we believe that our mobile-first suite of products, our vast global network, our localization expertise at scale, and our data-driven approach create sustainable differentiation against competitors. Regulatory Environment Our business is subject to a wide range of federal, state, and foreign laws, regulations, and supervisory guidance across the globe.
Specifically, we believe that our digital-first suite of products, our vast global network, our localization expertise at scale, and our data-driven approach create sustainable differentiation in relation to our competitors. Regulatory Environment Our business is subject to a wide range of federal, state, and foreign laws, regulations, and supervisory guidance across the globe.
Attracting, recruiting, growing, and retaining globally diverse talent enables us to deliver on our brand promise to customers and serve our broad set of stakeholders. We are focused on supporting our employees from recruitment and onboarding, to ongoing development, and have implemented programs designed to encourage engagement and personal wellness. Our Culture and Values.
Attracting, recruiting, growing, and retaining global talent enables us to deliver on our brand promise to customers and serve our broad set of stakeholders. We are focused on supporting our employees from recruitment and onboarding, to ongoing development, and have implemented programs designed to encourage engagement and personal wellness.
These direct integrations allow for a better customer experience and lower costs and are a significant competitive advantage. Our partners, including those that are among the most trusted and recognized brands around the world, create a broad and effective payment acceptance (pay-in) and payment delivery (pay-out) ecosystem for our customers: • Payment acceptance.
These direct integrations also allow for a better customer experience and lower costs and are a significant competitive advantage. Our partners, including those that are among the most trusted and recognized brands around the world, create a broad and effective pay-in and disbursement ecosystem for our customers: • Pay-in Acceptance.
Digital-first companies also provide a simple and convenient customer experience, which is specialized to customers by region, which appeals to customers and their families on a hyper-local level. • Product: Digital-first companies have the ability to focus on the product. With the various pay-in and pay-out options, the speed and certainty of transactions is a competitive advantage.
Digital-first companies provide simple and convenient customer experiences, tailored by region and corridor, which appeals to customers and their families on a hyper-local level. • Product. Digital-first companies have the ability to focus on the product. With the various pay-in and pay-out options, the speed and certainty of transactions is a competitive advantage.
We have relationships with top tier banks and leading global payment processors and networks. These relationships provide our customers an array of payment (or pay-in) options to fund remittances with a bank account, card-based payments, and alternative payment methods.
We have relationships with top tier banks and leading global payment processors and networks. These relationships provide our customers an array of payment options to fund cross-border payments with a bank account, card-based payments, or alternative payment methods.
GDPR, GLBA, CCPA, and other legislative and regulatory requirements will continue to require substantial investments, including investments in compliance processes and technical infrastructure.
GDPR, GLBA, NYDFS rules, and other legislative and regulatory requirements will continue to require substantial investments, including investments in compliance processes and technical infrastructure.
Delivering cross-border financial services in a trusted and reliable way to many customer geographies is incredibly complex. We are focused on delivering a fast, reliable, and seamless experience to customers that builds trust and drives repeat engagement with our services.
Delivering cross-border financial services in a trusted and reliable way across geographies is incredibly complex. We are focused on delivering a reliable and seamless experience to customers that builds trust and drives repeat engagement with our platform.
Our data driven approach to optimizing customer lifetime value combined with a localized and scalable marketing solution allows us to acquire new customers at highly attractive unit economics.
Our data-driven approach to optimizing customer lifetime value, combined with localized and scalable marketing solutions, allows us to acquire new customers at attractive unit economics.
In addition, we rely upon a substantial amount of IP Rights licensed from third parties, including under certain open source licenses. We also seek to preserve the integrity and confidentiality of our IP Rights through contractual protections and appropriate technological restrictions, such as physical and electronic security measures.
In addition, we license IP from third parties, including under certain open source licenses. We also seek to preserve the integrity and confidentiality of our IP Rights through contractual protections and appropriate technological restrictions, such as physical and electronic security measures.
In every geography with employees, we offer competitive compensation that includes equity to reward high performers and align our employee incentives with the long-term and customer-oriented success of Remitly.
Benefits and Compensation We offer competitive compensation that includes equity to reward high performers and align our employee incentives with the long-term and customer-oriented success of Remitly.
A corridor represents the pairing of a send country, from which a customer can send a remittance, with a specific receive country to which such remittance can be sent.
A corridor represents the pairing of a send country, from which a customer can send a cross-border payment, with a specific receive country to which such cross-border payment can be sent.
We believe that the principal competitive factors across experience, product, network, and technology include: • Experience: Digital-first companies, like Remitly, are focusing on the customer experience, by providing a trusted relationship with customers and their families, especially during challenging times, which ranges from family emergencies to natural disasters.
We believe that the principal competitive factors across experience, product, network, and technology include: • Experience. Digital-first companies are focusing on the customer experience, by providing a trusted relationship with customers and their families, especially during challenging times, such as family emergencies or natural disasters.
Additionally, in several foreign jurisdictions, we work with disbursement partners to make funds available to recipients, and such partners may be locally licensed businesses or regulated banks subject to compliance requirements with local laws. 7 Table of Content s Consumer Disclosure and Consumer Protection.
Additionally, in several foreign jurisdictions, we work with disbursement partners to make funds available to recipients, and such partners may be locally licensed businesses or regulated banks subject to compliance requirements with local laws.
These partnerships enable the ability to source and settle foreign exchange rates locally, accept payments, or deposit customer funds directly to customer accounts. In addition, we have redundancies built into our global network for our various partnerships. Today, our customers primarily send money from the United States and Canada.
These partnerships enable the ability to source and settle foreign exchange rates locally, accept payments, or deposit customer funds directly to customer accounts. In addition, we have redundancies built into our global network for our various partnerships.
As of December 31, 2024, we owned six U.S. registered trademarks, two pending U.S. trademark applications, 122 foreign registered trademarks, and 23 pending foreign trademark applications covering the mark REMITLY, our collapsed Clasped Hand logo, REMITLY (+ Clasped Hand logo), PASSBOOK BY REMITLY, 汇安易 (Hui Mei Yi in Chinese characters), and 睿每易 (Rui Mei Yi in Chinese characters).
As of December 31, 2025, we owned six U.S. registered trademarks, one pending U.S. trademark application, 135 foreign registered trademarks, and 14 pending foreign trademark applications covering the mark REMITLY, our collapsed Clasped Hand logo, REMITLY (+ Clasped Hand logo), PASSBOOK BY REMITLY, 汇美易 (Hui Mei Yi in Chinese characters), 睿每易 (Rui Mei Yi in Chinese characters), and レミットリ(Remitly in Katakana).
In addition, some countries are considering or have passed legislation implementing additional privacy and cybersecurity requirements, including requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our services.
In addition, some countries are considering or have passed legislation implementing additional privacy and cybersecurity requirements, including requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our services. Furthermore, the use of AI has attracted regulatory scrutiny in a variety of jurisdictions.
Moreover, following the exit of the United Kingdom from the European Union, the GDPR was transposed into U.K. law as supplemented by the U.K. Data Protection Act 2018 (collectively, the “U.K. GDPR”), which currently imposes the same obligations as the GDPR in most material respects. Failure to comply with the U.K.
Moreover, following the exit of the United Kingdom from the European Union, the GDPR was transposed into U.K. law as supplemented by the U.K. Data Protection Act 2018 (collectively, the “U.K. GDPR”), which continues to impose obligations that are broadly aligned with the GDPR in most material respects.
We believe our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments. • Superior Technology.
We believe our expertise in localizing our marketing, products, and customer support at scale is a key differentiator and enables us to provide customers with a personalized experience that drives peace of mind while also delivering high returns on marketing and product investments. Our scale also supports our disciplined expansion into new customer categories and use cases across the world.
We also monitor these areas closely to continue to adapt our business practices and strategies to help us comply with the current and evolving regulatory environment. 6 Table of Content s Anti-Money Laundering.
We also monitor these areas closely to continue to adapt our business practices and strategies to help us comply with the current and evolving regulatory environment.
Given the scale of our business, the local nuances of the regions we serve, and the complexity of digital cross-border payments, investments in our technology have positioned us for efficiency and continued growth.
Given the scale of our business, the local nuances of the regions we serve, and the complexity of digital cross-border financial services, continued investments in our technology have positioned us for efficiency, innovation velocity, and sustained growth. Our technology approach includes the following: • Rapid innovation.
We maintain a compliance program designed to comply with applicable anti-bribery laws, regulations, and supervisory guidance. Money Transmission and Stored Value Licensing or Registration.
We maintain a compliance program designed to comply with applicable anti-bribery laws, regulations, and supervisory guidance.
From 2021 to 2024, we donated 181,961 shares of our common stock each year to the Remitly Foundation. We also have a multifaceted social good program that aligns with our Pledge 1% philanthropic commitment. Corporate and Employee Giving.
From 2021 to 2025, we have donated 181,961 shares of our common stock each year to the Remitly Foundation, a donor advised fund at Rockefeller Philanthropy Advisors. We also have a multifaceted social good program that aligns with our Pledge 1% philanthropic commitment.
In addition to the licenses discussed above, we also seek, obtain, and maintain additional licenses to support new products and use cases, and we also are subject to indirect regulatory requirements based on the requirements of our product partners. At the current time, none of the businesses supported by these indirect or new licenses is material to our business.
Indirect Regulatory Requirements In addition to the licenses discussed above, we also seek, obtain, and maintain additional licenses to support new products and use cases, and we also are subject to indirect regulatory requirements based on the requirements of our product partners and sponsoring financial institutions.
In the United States, various federal, state, and local laws, rules, and regulations apply to the collection, use, receipt, storage, transmission, disclosure, deletion, and other processing of personal information, including the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the Federal Trade Commission Act, the Gramm-Leach-Bliley Act (along with its implementing regulations, the “GLBA”), and various state laws, rules, and regulations relating to privacy and cybersecurity.
In the United States, various federal, state, and local laws, and industry standards apply to the collection, use, receipt, storage, transmission, disclosure, deletion, and other processing of personal information, including the Electronic Communications Privacy Act, the Computer Fraud and Abuse Act, the Federal Trade Commission Act, and the Gramm-Leach-Bliley Act (“GLBA”), which continues to be expanded through updated Safeguards Rule requirements.
As digital-first cross-border payment providers continue to expand reach and provide higher quality and accessible services, we believe the share of informal person-to-person channels will likely diminish over time, expanding the addressable market for the competitor categories above. Digital-first companies are increasingly gaining market share from legacy providers and traditional banks.
As digital alternatives expand in reach, reliability, and accessibility, we believe the share of informal person-to-person channels will likely diminish over time, expanding the addressable market for the formal competitor categories described above. 5 Table of Contents Digital-first companies, like Remitly, are increasingly gaining market share from legacy providers and traditional banks.
Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high quality network, and empathetic customer service. This mobile-first experience enables us to engage beyond the initial transaction, generating strong repeat usage and high customer loyalty.
Our users can also track the status of their transactions as they are processed, and we provide a reliability promise to customers which is underpinned by our sophisticated risk models, high quality network, and empathetic customer service. We also earn trust through the quality and resilience of our partner ecosystem.
Our global network of funding and disbursement partnerships enables us to complete money transfers efficiently in over 5,100 corridors without the need to deploy local operations in each country. We are able to do this while complying with global and local licensing and regulatory requirements.
Network Our global network of funding and disbursement partnerships is at the core of our business and enables us to complete transactions efficiently across more than 5,300 corridors without the need to deploy local operations in each country, while complying with global and local licensing and regulatory requirements.
We are committed to corporate and employee-giving programs that align with our long-term impact priorities, as detailed in our most recent Impact Report available on our investor relations website.
Corporate and Employee Giving We are committed to corporate and employee-giving programs that align with our long-term impact priorities, as detailed in our most recent Impact Report available on our investor relations website. Our initiatives include a multi-year partnership with a global micro-lending nonprofit to advance financial security and resilience around the world.
For additional information about privacy, cybersecurity, and associated risks, see the section titled “Risk Factors—Cybersecurity, Privacy, Intellectual Property, and Technology Risks.” Human Capital As we continue to grow and serve customers around the world, we strive to build a global team that is open, curious, and values individuals’ unique experiences, cultural backgrounds, strengths, and perspectives.
Many of these obligations are subject to change, have uncertain and inconsistent interpretation and enforcement, and may conflict with one another, other requirements or obligations, or our practices or the features of our services. 9 Table of Contents For additional information about privacy, cybersecurity, and associated risks, see the section titled “Risk Factors—Cybersecurity, Privacy, Intellectual Property, and Technology Risks.” Human Capital As we continue to grow and serve customers around the world, we strive to build a global team that is open, curious, and values individuals’ unique experiences, backgrounds, strengths, and perspectives.
Fostering a sense of belonging in all environments allows for every Remitly employee around the world to do their best work in service to our customers. Our Global Team. As of December 31, 2024, we had over 2,800 full-time equivalent employees working out of our global offices, which includes our headquarters in Seattle, Washington, several other office locations, or remotely.
This allows for every Remitly employee around the world to do their best work in service to our customers. Our Global Team As of December 31, 2025, we had over 3,200 full-time equivalent employees working out of our global offices or remotely.
In the United Kingdom, we have obtained a payment institution license from the Financial Conduct Authority (the “FCA”). In Ireland, we have obtained a payment institution license from the Central Bank of Ireland, and such license permits us to provide certain payment services across the EEA.
In the United Kingdom, we hold a payment institution license from the Financial Conduct Authority (the “FCA”) and are pending licensure to operate as an electronic money institution, allowing for provision of wallet services. In Ireland, we hold a payment institution license from the Central Bank of Ireland, which permits us to provide certain payment services across the EEA.
As a result of the quality of our network and the foundational investments we have made, in general, every new send country we add results in a significant number of new corridors, as we are able to quickly connect send countries with receive countries, allowing us to continue to scale rapidly.
As a result of the quality of our network and the foundational investments we have made, adding a new send country typically unlocks a significant number of new corridors, allowing us to scale rapidly.
This may lead to future divergence and variance between the two regimes. Recent legal developments in Europe have created complexity and uncertainty regarding data transfers from the EEA to countries outside of the EEA in respect of which the European Commission or other relevant regulatory body has not issued an adequacy decision.
Ongoing legal developments in Europe have created complexity and uncertainty regarding data transfers from the EEA to countries outside of the EEA in respect of which the European Commission or other relevant regulatory body has not issued an adequacy decision. The United Kingdom maintains similar restrictions on transfers of personal data to non-adequate countries, including the United States.
To support parents and families, we offer benefits so all employees on any path to parenthood have 24/7 access to virtual care, ranging from prenatal support and family planning, to delivery, postpartum, and pediatrics that support diverse family structures.
To support parents and families, we offer benefits so all employees on any path to parenthood have 24/7 access to virtual care, ranging from prenatal support and family planning, to delivery, postpartum, and pediatrics. In the United States, we sponsor a 401(k) plan that includes a matching contribution and offer financial coaching through a third-party provider.
Our technology has broad and complex capabilities and, together with our proprietary data, gives us a distinct advantage in understanding our customers and being able to meet their needs.
We believe that our differentiated approach to building and operating our technology infrastructure enables a great customer experience and allows us to meet customer demands in a more flexible way. Our technology has broad and complex capabilities and, together with our proprietary data, gives us a distinct advantage in understanding our customers and being able to meet their needs.
In the United States, our business is subject to federal AML laws, regulations, and supervisory guidance, which includes the Bank Secrecy Act (as amended, the “BSA”), as well as similar state laws, regulations, and supervisory guidance. The BSA, among other things, requires companies engaged in money transmission to register with the Financial Crimes Enforcement Network (“FinCEN”) of the U.S.
Anti-Money Laundering In the United States, our business is subject to federal AML laws, regulations, and supervisory guidance, which includes the Bank Secrecy Act (as amended, the “BSA”), as well as similar state laws, regulations, and supervisory guidance.
For an additional discussion on governmental regulations affecting our business, please see “Item 1A. Risk Factors—Financial Risks” and “Item 3. Legal Proceedings” in this Annual Report on Form 10-K. Intellectual Property Intellectual property and proprietary rights (“IP Rights”) are important to the success of our business.
At the current time, none of the businesses supported by these indirect or new licenses is material to our business. For an additional discussion on governmental regulations affecting our business, please see “Item 1A. Risk Factors—Financial Risks” and “Item 3. Legal Proceedings” in this Annual Report on Form 10-K.
In the United Kingdom, the FCA has issued, supervises, and enforces the Consumer Duty that places an obligation on firms to act to deliver good outcomes for retail customers. Indirect Regulatory Requirements.
In the United Kingdom, the FCA has issued, supervises, and enforces the Consumer Duty that places an obligation on firms to act to deliver good outcomes for retail customers. Similarly, in Ireland, the Central Bank of Ireland has issued a comprehensive revised Consumer Protection Code that sets governance, conduct, and consumer protection requirements with a focus on securing customers’ interests.
Furthermore, FinCEN has interpreted the BSA to require money services businesses to conduct risk-based monitoring of their counterparties. Similar AML laws, regulations, and supervisory guidance in the countries where we operate and those where we are licensed apply to our business internationally.
Similar AML laws, regulations, and supervisory guidance in the countries where we operate and those where we are licensed apply to our business internationally.
Our 2024 key performance metrics included the following results: • Active customers for the fourth quarter of 2024 increased to 7.8 million, from 5.9 million, up 32% year over year. • Send volume for the year ended December 31, 2024 increased to $54.6 billion, from $39.5 billion, up 38% year over year. 1 Table of Content s The charts below present the respective key performance metrics for the past five fiscal years (active customer figures below represent active customers during the fourth quarter of the respective year): Our Services We provide a digital cross-border remittance product that is accessible via our mobile app or the web.
Our 2025 key performance metrics included the following results: • Active customers for the fourth quarter of 2025 increased to 9.3 million, from 7.8 million, up 19% year over year. • Send volume for the year ended December 31, 2025 increased to $74.9 billion, from $54.6 billion, up 37% year over year. 1 Table of Contents The charts below present the respective key performance metrics for the past five fiscal years (active customer figures below represent active customers during the fourth quarter of the respective year): Our Platform The core product on our platform enables customers to send money digitally across borders.
This aspect of our business is subject to numerous laws, rules, regulations, industry standards, and other obligations in the United States and globally. Laws, rules, regulations, industry standards, and proposals thereof in this area have increased significantly in recent years and are expected to continue to do so.
Laws, rules, regulations, industry standards, and proposals in this area have increased significantly in recent years and are expected to continue to do so. Our practices with respect to such data and information are also subject to contractual obligations.
Similar laws, regulations, and supervisory guidance in the countries where we operate and those where we are licensed apply to our business outside the United States. These include laws, regulations, and supervisory guidance to provide disclosures, an obligation to investigate and resolve certain errors and complaints, and obligations to cancel certain transactions.
These include laws, regulations, and supervisory guidance to provide disclosures, an obligation to investigate and resolve certain errors and complaints, and obligations to cancel certain transactions.
Customer Experience We strive to make each customer interaction on our digital products intuitive and free of unnecessary friction. New customers can typically initiate a transaction with only a few taps after setting up their account and adding their recipient’s information. We have further streamlined the experience for existing customers completing repeat transactions.
We focus on reducing friction throughout the end-to-end journey while providing clarity, predictability, and confidence that funds will arrive as expected. New customers can typically initiate a transaction with only a few taps after setting up their account and adding their recipient’s information. We have further streamlined the experience for existing customers completing repeat transactions.
The ability to innovate continues to be a competitive advantage. Additionally, technology allows for efficient fraud, compliance, and regulatory management in the highly regulated industry. By focusing on the unique needs of our customers, we believe that we have built a differentiated and compelling value proposition, and that we compete favorably on the basis of these factors.
Technology also enables continuous customer experience improvements within a complex, highly regulated industry. By focusing on the unique needs of our customers, we believe that we have built a differentiated and compelling value proposition, and that we compete favorably on the basis of these factors.
These laws, regulations, and supervisory guidance prohibit or restrict transactions in, to, or from certain countries, regions, or governments, as well as with certain individuals and entities such as traffickers in illegal goods or services, terrorists, and terrorist organizations.
These laws, regulations, and supervisory guidance prohibit or restrict transactions in, to, or from certain countries, regions, or governments, as well as with certain individuals and entities such as traffickers in illegal goods or services, terrorists, and terrorist organizations. 6 Table of Contents Sanctions are imposed to address acute foreign policy and national security threats and may change rapidly and unpredictably in response to world events, or domestic or international political developments.
We further seek to control the use of our proprietary technology and other IP Rights through provisions in our terms of service.
We further seek to control the use of our proprietary technology and other IP Rights through provisions in our terms of service. See the section titled “Risk Factors—Cybersecurity, Privacy, Intellectual Property, and Technology Risks” for a more comprehensive description of risks related to our IP Rights.
In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps.
Our digital-first platform provides an easy-to-use, end-to-end process with a simple and reliable user experience that builds trust by delivering peace of mind. In just a few minutes, customers are able to set up and send money for the first time with Remitly, and repeat transactions are easier with just a few taps.
While we currently rely on the standard contractual clauses promulgated and recently substantially revised by the European Commission and the United Kingdom’s International Data Transfer Agreement (or the United Kingdom’s approved international data transfer addendum to the European Union’s standard contractual clauses) for such transfers, on July 10, 2023, the European Commission adopted an adequacy decision concluding that the United States ensures an adequate level of protection for personal data transferred from the European Union to the United States under the EU-U.S.
While we continue to rely on the standard contractual clauses promulgated and recently substantially revised by the European Commission and the United Kingdom’s International Data Transfer Agreement (or the United Kingdom’s approved international data transfer addendum to the European Union’s standard contractual clauses) for such transfers, in late 2025, we self-certified our participation in the EU-U.S.
We also hold licenses in several other jurisdictions and plan to apply for money transmitter licenses or their equivalents in additional jurisdictions.
We are pending approval of an extension of our payment institution license, which would allow for provision of wallet services. We also hold licenses in several other jurisdictions and plan to apply for money transmitter or payment service licenses or their equivalents in additional jurisdictions.
We, in turn, do not incur costs or commissions associated with physical agent-based sending and funding. • Payment disbursement. We provide broad access to disbursement options for our customers including cash and digital disbursement options. Our broad disbursement network provides peace of mind and allows customers to choose whatever method works best for their family and friends to receive funds.
We, in turn, do not incur costs or commissions associated with physical agent-based sending and funding. 3 Table of Contents • Payment Disbursement. We provide broad and high quality access to disbursement options for our customers allowing them to choose the method that is most convenient for their recipients, including bank accounts, cash, and alternative payment methods.
Department of the Treasury as money services businesses and to develop and maintain risk-based AML programs, report suspicious activity, and collect and maintain information about their customers and certain transaction records. These requirements may also apply to our disbursement partners and, if our partners have relationships with their own disbursement providers, those partners’ disbursement providers (“disbursement sub-partners”).
These requirements may also apply to our disbursement partners and, if our partners have relationships with their own disbursement providers, those partners’ disbursement providers (“disbursement sub-partners”). Furthermore, FinCEN has interpreted the BSA to require money services businesses to conduct risk-based monitoring of their counterparties.
Our customers are able to set up an account and start sending money to international recipients generally within minutes. Recipients can receive funds in multiple ways using our diversified, high quality global disbursement network. Our customers can also track the status of their transactions as they are processed.
Recipients can receive funds in multiple ways using our diversified, high quality global disbursement network. Our customers can also track the status of their transactions as they are processed. Providing our customers with a convenient, easy, and safe digital-first experience underpins our approach to product development, marketing, and customer success efforts.
Bringing cash home when immigrants travel, trusting others to deliver cash back home, established networks of “IOUs” based on documentation or passwords, and other systems of trust-based cash transfers that evade tracking and regulation.
Informal methods, such as bringing cash home when global citizens travel and trusting others to deliver cash back home, continue to be used in certain corridors. Established networks of “IOUs” based on documentation or passwords, and other systems of trust-based cash transfers typically lack transparency, regulatory oversight, and consumer protections.
We have access to many disbursement partners across the globe including major banks, aggregators, cash pick-up, and mobile wallet partners.
Our broad disbursement network supports reliable delivery and choice, allowing customers to select whatever method works best for their family and friends to receive funds. We have access to many disbursement partners across the globe including major banks, aggregators, cash pick-up options, and mobile wallet partners.
Sanctions are imposed to address acute foreign policy and national security threats and may change rapidly and unpredictably in response to world events or domestic or international political developments. We have implemented policies, procedures, and internal controls that are designed to comply with these economic and trade sanctions programs.
We have implemented policies, procedures, and internal controls that are designed to comply with these economic and trade sanctions programs.
Item 1. Business Overview Remitly, founded in 2011, is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience.
Item 1. Business Overview Remitly, founded in 2011, is a trusted provider of financial services that transcend borders. With a footprint spanning more than 175 countries, we have built one of the world’s leading global money movement platforms, trusted by millions of customers who rely on us every day.
Today, our customers predominantly engage with us via their mobile phones, either using our app or website, shifting what traditionally required waiting in line to speak with an agent to hand held devices. Providing our customers with a convenient, easy, and safe mobile experience underpins our approach to product development, marketing, and customer success.
Our customers predominantly engage with us via their mobile phones, either using our mobile app, website, or messaging services, shifting what traditionally required waiting in line to speak with an agent to handheld devices. Our customers are able to set up an account and start sending money to international recipients, generally within minutes.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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Biggest changeA cyberattack, cybersecurity breach, service outage, or other similar incident could lead to, among other things, any of the following: • monetary and other losses for us or our customers; • identity theft for our customers; • the inability to expand our business; 16 Table of Content s • additional oversight, assessments, audits, scrutiny, restrictions, fines, or penalties from regulatory or governmental authorities; • loss of customers and customer confidence in our services; • declines in user growth or engagement; • exposure to civil litigation (including civil claims, such as representative actions and other class action-type litigation); • orders to cease or change our processing of our data; • a breach of our contracts with lenders or other third parties; • termination of services provided to us; or • liquidity risks or a negative impact on our relationships with our financial services providers, including payment processors or relevant network organizations, disbursement partners, and other third parties.
Biggest changeAny such compromises or failures with respect to our systems or networks, including the systems or networks owned or controlled by third parties with whom we partner, could, among other things: cause interruptions to our service; compromise the privacy, confidentiality, availability, and integrity of the data, including personal information, in such systems and networks; degrade the user experience; cause users to lose confidence and trust in our service; impair our internal systems and networks; harm our reputation and our ability to retain existing customers and attract new customers; and otherwise result in financial harm to us. 16 Table of Contents A cyberattack, cybersecurity breach, service outage, or other similar incident could lead to, among other things, any of the following: • monetary and other losses for us or our customers; • identity theft for our customers; • the inability to expand our business; • additional oversight, assessments, audits, scrutiny, restrictions, fines, or penalties from regulatory or governmental authorities; • loss of customers and customer confidence in our services; • declines in user growth or engagement; • exposure to civil litigation (including civil claims, such as representative actions and other class action-type litigation); • orders to cease or change our processing of our data; • a breach of our contracts with lenders or other third parties; • termination of services provided to us; or • liquidity risks or a negative impact on our relationships with our financial services providers, including payment processors or relevant network organizations, disbursement partners, and other third parties.
If such third-party partners choose to cease or otherwise become unable to provide the business process support services for which they are contracted by us, we risk having delays in customer service or other interruptions in our business operations, which can have a detrimental effect on our reputation and ultimately lead to a loss of customers.
If such third-party partners choose to cease operations or otherwise become unable to provide the business process support services for which they are contracted by us, we risk having delays in customer service or other interruptions in our business operations, which can have a detrimental effect on our reputation and ultimately lead to a loss of customers.
Our financial performance each quarter is also impacted by circumstances beyond our control, such as corridor mix, revenue mix, and seasonality. We may incur significant losses in the future for several reasons, including the other risks described herein, and unforeseen expenses, difficulties, complications and delays, and other unknown events.
Our financial performance each quarter is also impacted by circumstances beyond our control, such as corridor mix, revenue mix, and seasonality. We may incur significant losses in the future for several reasons, including the risks described herein, and unforeseen expenses, difficulties, complications and delays, and other unknown events.
Threats to our computer systems and networks and those of third parties with whom we partner come from a variety of sources, including organized criminal threat actors, terrorists, hacktivists, nation states, state-sponsored organizations, and other external threat actors with significant financial and technological resources, any of which may see the effectiveness of their efforts enhanced by the use of AI.
Threats to our computer systems and networks and those of third parties with whom we partner may come from a variety of sources, including organized criminal threat actors, terrorists, hacktivists, nation states, state-sponsored organizations, and other external threat actors with significant financial and technological resources, any of which may see the effectiveness of their efforts enhanced by the use of AI.
We, like other financial technology organizations, have experienced from time to time, and may experience in the future, cybersecurity incidents, including, among other things, advanced and persisting cyberattacks, ransomware, cyber extortion, phishing, and social engineering schemes, the introduction of computer viruses or other malware, computer hacking, fraudulent use attempts (including attempts to create false or undesirable accounts or take other actions on our service for purposes such as spamming, spreading misinformation, or other objectionable ends), denial-of-service attacks, credential stuffing, and the physical destruction of all or portions of our IT infrastructure and those of third parties with whom we partner, due to, among other things, human error, fraud, malice, malfeasance, insider threats, system errors or vulnerabilities, accidental technological failure, or other irregularities on the part of employees, contractors, vendors, or other third parties.
We, like other financial technology organizations, have experienced from time to time, or may experience in the future, cybersecurity incidents, including, among other things, advanced and persisting cyberattacks, ransomware, cyber extortion, phishing, and social engineering schemes, the introduction of computer viruses or other malware, computer hacking, fraudulent use attempts (including attempts to create false or undesirable accounts or take other actions on our service for purposes such as spamming, spreading misinformation, or other objectionable ends), denial-of-service attacks, credential stuffing, and the physical destruction of all or portions of our IT infrastructure and those of third parties with whom we partner, due to, among other things, human error, fraud, malice, malfeasance, insider threats, system errors or vulnerabilities, accidental technological failure, or other irregularities on the part of employees, contractors, vendors, or other third parties.
Our systems and operations and those of third-party partners have experienced and may experience in the future interruptions or degradation of service availability due to a variety of events including cyberattacks, cybersecurity breaches, service outages, and other similar incidents, insider threats, hardware and software defects or malfunctions, development delays, installation difficulties, human error, earthquakes, hurricanes, floods, fires, and other natural disasters, public health crises (including epidemics or pandemics such as the COVID-19 pandemic), power losses, disruptions in telecommunications services, fraud, military or political conflicts, terrorist attacks, or other events.
Our systems and operations and those of third-party partners have experienced, or may experience in the future, interruptions or degradation of service availability due to a variety of events including cyberattacks, cybersecurity breaches, service outages, and other similar incidents; insider threats; hardware and software defects or malfunctions; development delays; installation difficulties; human error; earthquakes, hurricanes, floods, fires, and other natural disasters; public health crises (including epidemics or pandemics such as the COVID-19 pandemic); power losses; disruptions in telecommunications services; fraud; military or political conflicts; terrorist attacks; or other events.
If we are unable to adequately obtain, maintain, protect, defend, or enforce our IP Rights, our business, financial condition, operating results, reputation, and future prospects could be harmed. Our brand and proprietary technology, trademarks, service marks, trade names, copyrights, domain names, trade dress, patents, trade secrets, and other IP Rights that support that brand are important to our business.
If we are unable to adequately obtain, maintain, protect, defend, or enforce our IP Rights, our business, financial condition, operating results, reputation, and future prospects could be harmed. Our brand and proprietary technology, trademarks, service marks, trade names, copyrights, domain names, trade dress, patents, trade secrets, and other IP Rights that support our brand are important to our business.
Risks associated with operations outside the United States and with foreign currencies could adversely affect our business, financial condition, operating results, and future prospects.
Risks associated with operations outside the United States and foreign currencies could adversely affect our business, financial condition, operating results, and future prospects.
Changes in U.S. or other immigration laws that discourage immigration or international migration, or that prohibit, limit, or discourage use of remittances, as well as other events that impact global migration to the United States or other key remittance jurisdictions, could adversely affect our gross send volume or growth rate in the future.
Changes in U.S. or other immigration laws that discourage or limit immigration or international migration, or that prohibit, limit, or discourage use of remittances, as well as other events that impact global migration to the United States or other key remittance jurisdictions, could adversely affect our gross send volume or growth rate in the future.
For additional information, see “—Our business is subject to the risks of earthquakes, fires, floods, public health crises (including epidemics or pandemics such as the COVID-19 pandemic), and other natural catastrophic events, and to interruption by man-made problems such as cyberattacks, cybersecurity breaches, service outages, or other similar incidents, internal or third-party system failures, political unrest, market or currency disruptions, and terrorism, which could result in system and process failures and interruptions which could harm our business.” We are subject to numerous privacy and cybersecurity laws, rules, regulations, industry standards, and other obligations across multiple jurisdictions which are highly complex, overlapping, frequently changing, and which create compliance challenges that may expose us to substantial costs, liabilities, or loss of customer trust.
For additional information, see “—Our business is subject to the risks of earthquakes, fires, floods, public health crises (including epidemics or pandemics such as the COVID-19 pandemic), and other natural catastrophic events, and to interruption by man-made problems such as cyberattacks, cybersecurity breaches, service outages, or other similar incidents, internal or third-party system failures, political unrest, market or currency disruptions, and terrorism, which could result in system and process failures and interruptions which could harm our business.” We are subject to numerous privacy, cybersecurity, and AI laws, rules, regulations, industry standards, and other obligations across multiple jurisdictions which are highly complex, overlapping, frequently changing, and which create compliance challenges that may expose us to substantial costs, liabilities, or loss of customer trust.
In addition, any actual or reported cyberattack, cybersecurity breach, service outage, or other similar incident with respect to our systems or networks, or violation of our privacy or cybersecurity policies, or applicable legal, regulatory, or contractual obligations that results in a compromise of customer data or causes customers to believe their data has been compromised could have a significant negative effect on our business.
In addition, any actual, reported, or perceived cyberattack, cybersecurity breach, service outage, or other similar incident with respect to our systems or networks, or violation of our privacy or cybersecurity policies, or applicable legal, regulatory, or contractual obligations that results in a compromise of customer data or causes customers to believe their data has been compromised, could have a significant negative effect on our business.
Our payment system may have been utilized for illegal, improper, and fraudulent uses in the past, and we cannot guarantee that our policies, procedures, and internal controls, or insurance, would adequately protect our business, maintain our continued ability to operate in the jurisdictions that we serve, or protect our reputation, especially if such illegal, improper, or fraudulent activities were discovered to have taken place on our service in the future.
Our payment system may have been, and may in the future be, utilized for illegal, improper, and fraudulent uses in the past, and we cannot guarantee that our policies, procedures, and internal controls, or insurance, would adequately protect our business, maintain our continued ability to operate in the jurisdictions that we serve, or protect our reputation, especially if such illegal, improper, or fraudulent activities were discovered to have taken place on our service in the future.
If any of these errors or illegitimate or fraudulent activities are significant, we may be subject to regulatory enforcement actions and termination of services provided by third parties and suffer significant losses or reputational harm, and our business, financial condition, operating results, and future prospects could be adversely affected.
If any of these errors or illegitimate or fraudulent activities are significant, we may be subject to regulatory enforcement actions and termination of services provided by third parties. We may also suffer significant losses or reputational harm, and our business, financial condition, operating results, and future prospects could be adversely affected.
We also cannot ensure that our existing cybersecurity insurance coverage will be sufficient to cover the successful assertion of one or more large claims against us, continue to be available on acceptable terms, or at all, or that the insurer will not deny coverage as to any future claim.
We also cannot ensure that our existing cybersecurity insurance coverage will be sufficient to cover the assertion of one or more large claims against us, continue to be available on acceptable terms, or at all, or that the insurer will not deny coverage as to any future claim.
For example, if a quarter closes on a Saturday, our cash flow statements will show a decreased cash balance because we will have wired out funds on Friday which will be available for disbursement on Saturday, Sunday, and Monday, but we may not receive customer funds from our payment processors until Monday.
For example, if a quarter closes on a Saturday, our statements of cash flow will show a decreased cash balance because we will have wired out funds on Friday which will be available for disbursement on Saturday, Sunday, and Monday, but we may not receive customer funds from our payment processors until Monday.
We require regulatory compliance as a condition to our continued relationship with our disbursement partners, perform due diligence on them, and monitor them periodically with the goal of meeting regulatory expectations. However, there are limits to the extent to which we can monitor and confirm their regulatory compliance.
We contractually require regulatory compliance as a condition to our continued relationship with our disbursement partners, perform due diligence on them, and monitor them periodically with the goal of meeting regulatory expectations. However, there are limits to the extent to which we can monitor and confirm their regulatory compliance.
Our products and services rely on technology-driven systems that require innovation to remain competitive. Our process for innovation is complex and relies upon both internally developed and third-party technologies and services, including automation, machine learning and cloud-based and other emerging technologies.
Our products and services rely on technology-driven systems that require innovation to remain competitive. Our process for innovation is complex and relies upon both internally developed and third-party technologies and services, including automation, AI, machine learning, and cloud-based and other emerging technologies.
Our failure to adequately address privacy and cybersecurity-related concerns, even if unfounded, or to comply with applicable laws, rules, regulations, industry standards, and other obligations could result in regulatory or government investigations, monetary penalties, fines, sanctions, claims, litigation (including civil claims, such as representative actions and other class action-type litigation), orders to cease or change our processing of personal information, enforcement notices, assessment notices (for a compulsory audit), compensation or damages liabilities, increased cost of operations, changes to our business practices (including changes to the manner in which we transfer personal information between and among countries and regions in which we operate or the manner in which we provide our services and the geographical location or segregation of our relevant systems and operations), declines in user growth or engagement, or diversion of internal resources, all of which could have a material adverse effect on our business, financial condition, operating results, reputation, and future prospects.
Our failure to adequately address privacy and cybersecurity-related concerns, even if unfounded, or to comply with applicable laws, rules, regulations, industry standards, and other obligations could result in regulatory or government investigations, monetary penalties, fines, sanctions, claims, litigation (including civil claims, such as representative actions and other class action-type litigation), orders to cease or change our processing of personal information, enforcement notices, assessment notices (for a compulsory audit), compensation or damages liabilities, increased cost of operations, changes to our business practices (including changes to the manner in which we transfer personal information between and among countries and regions in which we operate or the manner in which we provide our services and the geographical location or segregation of our relevant systems and operations), declines in user growth or engagement, or 17 Table of Contents diversion of internal resources, all of which could have a material adverse effect on our business, financial condition, operating results, reputation, and future prospects.
We have expended and anticipate continuing to expend, significant resources on expanding our infrastructure, streamlining our business and management processes, and expanding and streamlining other operational areas. Continued growth could strain our existing resources, and we could experience operating difficulties in managing our business across numerous jurisdictions.
We have expended and anticipate continuing to expend, significant resources on expanding our infrastructure, streamlining our business and management processes, and strengthening other operational areas. Continued growth could strain our existing resources, and we could experience operating difficulties in managing our business across numerous jurisdictions.
The approach of policy-makers and the ongoing budget shortfalls in many jurisdictions, combined with future federal action or inaction on immigration reform, may lead other states or localities to impose similar taxes or fees or other requirements or restrictions.
The approach of policy-makers and the ongoing budget shortfalls in many jurisdictions, combined with current and future federal action or inaction on immigration reform, may lead other states or localities to impose similar taxes or fees or other requirements or restrictions.
We partner with third parties to support fulfillment of our service, including risk management, payment processing, customer support, cloud hosting, and disbursement, which exposes us to risks outside of our control. We partner with a variety of third parties to fulfill our services.
We partner with third parties to support fulfillment of our services, including risk management, payment processing, customer support, cloud hosting, and disbursement, which exposes us to risks outside of our control. We partner with a variety of third parties to fulfill our services.
Our agreements with third parties, including significant agreements with payment processors, credit card and debit card issuers, and bank partners, contain contractual commitments with which we are required to adhere related to privacy and cybersecurity.
Our agreements with third parties, including significant agreements with payment processors, credit card and debit card issuers, and bank partners also contain contractual commitments related to privacy and cybersecurity with which we are required to adhere.
Further, our results of operations could be affected by changes in revenue mix and costs, together with numerous other factors, including: • fluctuations in demand for our services or pricing of our fees associated with our services; • our ability to attract new customers; • our ability to retain and grow trust and engagement with our existing customers; • our ability to expand our relationships with our marketing, payment processing, disbursement, and banking partners, or identify and attract new strategic partners; • customer growth rates and the revenue derived from and quantity of existing customers retained; • changes in customer preference for mobile-first services as a result of cyberattacks, cybersecurity breaches, service outages, or other similar incidents in the industry or privacy concerns, or other security or reliability concerns regarding our services; • changes in customers’ budgets and in the timing of their budget cycles and money transfer decisions; • potential and existing strategic partners choosing our competitors’ products or developing their own solutions in-house; • the development or introduction of new platforms or services by our competitors that are easier to use or more advanced than our current suite of services, especially in respect of the application of AI-based services; • our failure to adapt to new forms of payment that become widely accepted, including cryptocurrency; • cyberattacks, cybersecurity breaches, service outages, or other similar incidents with respect to the delivery and use of our offerings which may result in data theft and/or misappropriation; • the adoption or retention of more entrenched or rival services in the international regions where we compete; • our ability to control costs, including our operating expenses; • the amount and timing of payment for operating expenses, particularly technology and development and marketing expenses; 31 Table of Content s • the amount and timing of noncash expenses, including stock-based compensation expense, depreciation and amortization, and other noncash charges; • the amount and timing of costs associated with recruiting, training, and integrating new employees and retaining and motivating existing employees; • fluctuation in market interest rates, which impacts interest earned on funds held for customers; • fluctuation in currency exchange rates; • the effects of acquisitions and their integration; • general economic conditions and geopolitical forces, both domestically and abroad, as well as economic conditions specifically affecting industries in which our customers participate; • epidemics, pandemics, or other public health crises, such as the COVID-19 pandemic; • the impact of new accounting pronouncements; • changes in the competitive dynamics of our industry; • awareness of our brand and our reputation; and • our ability to introduce our services in new corridors and jurisdictions, including maintaining existing and obtaining new Licenses.
Further, our results of operations could be affected by changes in revenue mix and costs, together with numerous other factors, including: • fluctuations in demand for our services or pricing of our fees associated with our services; • our ability to attract new customers; • our ability to retain and grow trust and engagement with our existing customers; • our ability to expand our relationships with our marketing, payment processing, disbursement, and banking partners, or identify and attract new strategic partners; • customer growth rates and the revenue derived from and quantity of existing customers retained; • changes in customer preference for digital-first services as a result of cyberattacks, cybersecurity breaches, service outages, or other similar incidents in the industry or privacy concerns, or other security or reliability concerns regarding our services; • changes in customers’ budgets and in the timing of their budget cycles and money transfer decisions; • potential and existing strategic partners choosing our competitors’ products or developing their own solutions in-house; • the development or introduction of new platforms or services by our competitors that are easier to use or more advanced than our current suite of services, including in respect of the application of AI-based services; • our failure to adapt to new forms of payment that become widely accepted, including cryptocurrency and stablecoins; • cyberattacks, cybersecurity breaches, service outages, or other similar incidents with respect to the delivery and use of our offerings which may result in data theft and/or misappropriation; • the adoption or retention of more entrenched or rival services in the international regions where we compete; • our ability to control costs, including our operating expenses; • the amount and timing of payment for operating expenses, particularly technology and development and marketing expenses; • the amount and timing of noncash expenses, including stock-based compensation expense, depreciation and amortization, and other noncash charges; • the amount and timing of costs associated with recruiting, training, and integrating new employees and retaining and motivating existing employees; • fluctuation in market interest rates, which impacts interest earned on funds held for customers; • fluctuation in currency exchange rates; • the effects of acquisitions and their integration; • general economic conditions and geopolitical forces, both domestically and abroad, as well as economic conditions specifically affecting industries in which our customers participate; • epidemics, pandemics, or other public health crises, such as the COVID-19 pandemic; • the impact of new accounting pronouncements; • changes in the competitive dynamics of our industry; • awareness of our brand and our reputation; and • our ability to introduce our services in new corridors and jurisdictions, including maintaining existing and obtaining new Licenses.
While we have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, there are a number of risks that cannot be completely controlled. Our international presence, especially in high-risk jurisdictions such as the United Arab Emirates, the Philippines, and India, has led to increased legal and regulatory risks.
While we have implemented policies and procedures designed to help ensure compliance with applicable laws and regulations, there are a number of risks that cannot be completely controlled. Our international presence, especially in higher-risk jurisdictions such as the United Arab Emirates, the Philippines, and India, has led to increased legal and regulatory risks.
These models are constructed based on historical data, which, by its nature, may not be fully indicative of future results, especially in the face of unprecedented conditions or shifts. An overreliance on historical data without adequate consideration for potential future changes can lead to miscalculations, potentially impacting our ability to manage risks effectively.
These models are constructed based on historical data, which, by its nature, may not be fully indicative of future results, especially in the face of unprecedented conditions. An overreliance on historical data without adequate consideration for potential future changes can lead to miscalculations, potentially impacting our ability to manage risks effectively.
If we are unable to successfully and in a timely fashion innovate and improve our existing products and achieve acceptance, and continue to deliver a superior customer experience, our growth, business, financial condition, operating results, and future prospects could be impacted. We have grown rapidly in recent years and have limited operating experience at our current scale of operations.
If we are unable to successfully and in a timely fashion innovate and improve our existing products and achieve acceptance, and continue to deliver a superior customer experience, our growth, business, financial condition, operating results, and future prospects could be impacted. We have grown rapidly in recent years and have limited operating experience at our current scale.
The licensing or acquisition of third-party IP Rights is a competitive area, and several more established companies may pursue strategies to license or acquire third-party IP Rights that we may consider attractive or necessary. These established companies may have a competitive advantage over us due to their size, capital resources, and greater development or commercialization capabilities.
The licensing or acquisition of third-party IP Rights is a competitive area, and several more established companies may pursue strategies to license or acquire third-party IP Rights that we may consider attractive or necessary. These established companies may have a competitive advantage over us due to their size, brand recognition, capital resources, and greater development or commercialization capabilities.
General Risks Our customers and business operations in countries and regions that account for a significant amount of our send volume and our operations are exposed to rapid changes in laws and the enforcement of laws, macroeconomic conditions, and geopolitical developments that expose us to a risk of loss and that could adversely affect our business, financial condition, operating results, and future prospects.
General Risk Factors Our customers and business operations in countries and regions that account for a significant amount of our send volume and our operations are exposed to rapid changes in laws and the enforcement of laws, macroeconomic conditions, and geopolitical developments that expose us to a risk of loss and could adversely affect our business, financial condition, operating results, and future prospects.
Failure to obtain the necessary licenses or otherwise obtain adequate grants of rights on favorable terms, or at all, could prevent us from commercializing products and services or otherwise inhibit our ability to commercialize current or future products and services, which could impact our competitive position, business, financial condition, operating results, reputation, and future prospects. 19 Table of Content s Assertions by third parties of infringement, misappropriation, or other violations by us of their IP Rights could result in significant costs and substantially harm our business and operating results.
Failure to obtain the necessary licenses or otherwise obtain adequate grants of rights on favorable terms, or at all, could prevent us from commercializing products and services or otherwise inhibit our ability to commercialize current or future products and services, which could impact our competitive position, business, financial condition, operating results, reputation, and future prospects. 19 Table of Contents Assertions by third parties of infringement, misappropriation, or other violations by us of their IP Rights could result in significant costs and substantially harm our business and operating results.
In addition, a substantial portion of our revenue is generated in currencies other than the U.S. dollar, a significant portion of which occurs in Canada and Europe. As a result, we are subject to risks associated with changes in the value of our revenues and net monetary assets denominated in foreign currencies.
In addition, a substantial portion of our revenue is generated in currencies other than the U.S. dollar, a significant portion of which occurs in Canada, the United Kingdom, and Europe. As a result, we are subject to risks associated with changes in the value of our revenues and net monetary assets denominated in foreign currencies.
The credit agreement governing our 2021 Revolving Credit Facility contains conditions to borrowing and significant restrictive covenants; any failure to satisfy these conditions to borrowing or covenants could result in us being unable to borrow additional amounts under the 2021 Revolving Credit Facility or having to repay outstanding amounts, and could limit our ability to execute on our business or growth strategies.
The credit agreement governing our 2025 Revolving Credit Facility contains conditions to borrowing and significant restrictive covenants; any failure to satisfy these conditions to borrowing or covenants could result in us being unable to borrow additional amounts under the 2025 Revolving Credit Facility or having to repay outstanding amounts, and could limit our ability to execute on our business or growth strategies.
In addition, any erosion in confidence in digital financial service providers as a means to transfer money generally could have a similar negative effect on us. 14 Table of Content s We transfer large sums of customer funds daily, and are subject to the risk of loss due to errors or fraudulent or illegitimate activities of customers or third parties, any of which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.
In addition, any erosion in confidence in digital financial service providers as a means to transfer money generally could have a similar negative effect on us. 14 Table of Contents We transfer large sums of customer funds daily and are subject to the risk of loss due to errors or fraudulent or illegitimate activities of customers or third parties, any of which could result in financial losses or damage to our reputation and trust in our brand, which would harm our business and financial results.
Our limited operating history and experience may also lead to deficiencies in our governance and operational structures, including with respect to our internal controls, resulting in inefficient decision-making, internal oversight, or other operational inefficiencies, regulatory risks, failures to identify and capitalize on growth opportunities, and reputational damage.
Our limited operating history and experience may also lead to deficiencies in our governance and operational structures, including with respect to our internal controls, resulting in inefficient decision-making, internal oversight, or other operational inefficiencies, as well as regulatory risks, failures to identify and capitalize on growth opportunities, and reputational damage.
The potential effects of Pillar Two may vary depending on the specific provisions and rules implemented by each country that adopts Pillar Two and may include tax rate changes, higher effective tax rates, potential tax disputes and adverse impacts to our cash flows, tax liabilities, results of operations, and financial position.
The potential effects of Pillar Two may vary depending on the specific provisions and rules enacted by each country that adopts Pillar Two and may include tax rate changes, higher effective tax rates, potential tax disputes, and adverse impacts to our cash flows, tax liabilities, results of operations, and financial position.
Such behavior, either by our employees, vendors, counterparties, or other third parties, may include fraudulent actions, breaches of applicable laws, rules, regulations, as well as contractual obligations, including confidentiality or non-disclosure agreements, or failure to adhere to our policies and procedures or those of our partners and other counterparties.
Such behavior, either by our employees, vendors, counterparties, or other third parties, may include fraudulent actions; breaches of applicable laws, rules, or regulations; breaches of contractual obligations, including confidentiality or non-disclosure agreements; or failure to adhere to our policies and procedures or those of our partners and other counterparties.
We have been and continue to be subject to examination by the CFPB, which has defined participants of the international money transfer market that make at least one million aggregate annual international money transfers, such as Remitly, to be “larger participants” subject to such supervisory examination.
We have been examined, and may continue to be subject to examination by the CFPB, which has defined participants of the international money transfer market that make at least one million aggregate annual international money transfers, such as Remitly, to be “larger participants” subject to such supervisory examination.
Our effective tax rate could increase due to several factors, including: • changes in the relative amounts of income before taxes in the various U.S. and international jurisdictions in which we operate due to differing statutory tax rates in various jurisdictions; • changes in tax laws, tax treaties, and regulations or the interpretations of them, including the Tax Act as modified by the CARES Act; • changes to our assessment of our ability to realize our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environment in which we do business; and • the outcome of current and future tax audits, examinations, or administrative appeals.
Our effective tax rate could increase due to several factors, including: • changes in the relative amounts of income before taxes in the various U.S. and international jurisdictions in which we operate due to differing statutory tax rates in various jurisdictions; • changes in tax laws, tax treaties, and regulations or the interpretations of them, including the Tax Act as modified by applicable tax reform legislation; • changes to our assessment of our ability to realize our deferred tax assets that are based on estimates of our future results, the prudence and feasibility of possible tax planning strategies, and the economic and political environment in which we do business; and • the outcome of current and future tax audits, examinations, or administrative appeals.
Alternatively, if a court were to find the choice of forum provision contained in our amended and restated certificate of incorporation or amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, financial condition, operating results, and future prospects. 39 Table of Content s Item 1B.
Alternatively, if a court were to find the choice of forum provision contained in our amended and restated certificate of incorporation or amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, financial condition, operating results, and future prospects. 39 Table of Contents Item 1B.
Based upon the information available to us about our shares outstanding as of December 31, 2024, our executive officers, directors, and current beneficial owners of 5% or more of our common stock, in the aggregate, beneficially own a substantial percentage of our outstanding common stock.
Based upon the information available to us about our shares outstanding as of December 31, 2025, our executive officers, directors, and current beneficial owners of 5% or more of our common stock, in the aggregate, beneficially own a substantial percentage of our outstanding common stock.
Such material adverse effect may include the value of any tax loss carryforwards, tax credits recorded on our balance sheet, indirect tax accrual estimates, the amount of our cash flow, our liquidity, business, financial condition, operating results, and future prospects.
Such material adverse effects may include the value of any tax loss carryforwards, tax credits recorded on our balance sheet, indirect tax accrual estimates, the amount of our cash flow, our liquidity, business, financial condition, operating results, and future prospects.
Effective protection of our IP Rights may not be available in every jurisdiction in which we offer our services and, where such laws are available, our efforts to protect such rights may not be sufficient or effective and such rights may be found invalid or unenforceable or narrowed in scope.
Effective obtainment and protection of our IP Rights may not be available in every jurisdiction in which we offer our services and, where such laws are available, our efforts to obtain and protect such rights may not be sufficient or effective and such rights may be found invalid or unenforceable or narrowed in scope.
Summary of Risk Factors Some of the material risks that we face include: • We operate in a highly competitive and evolving industry and may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations; • We may not be able to innovate, improve existing products, or develop new products that achieve acceptance; • We partner with third parties to support fulfillment of our service, including risk management, payment processing, customer support, cloud hosting, and disbursement, which exposes us to risks outside of our control; • Cyberattacks, cybersecurity breaches, service outages, or other similar incidents such as phishing; • We are subject to numerous privacy and cybersecurity laws, rules, regulations, industry standards, and other obligations across multiple jurisdictions which are highly complex, overlapping, frequently changing, and which create compliance challenges; • Use of our service for illegal or fraudulent activities could harm our business, financial condition, operating results, reputation, and future prospects; • Failure to comply with anti-corruption laws and sanctions laws, anti-terrorist financing laws, anti-money laundering laws, and similar laws could subject us to penalties and other adverse consequences; • We are exposed to the risk of loss or insolvency if our disbursement partners fail to disburse funds according to our instructions or were to become insolvent unexpectedly or funds are disbursed before customer funds are guaranteed to be sufficient; • If there is any material change of service terms or loss of coverage in our payment processors and disbursement network, our business could be harmed; • If our disbursement partners do not provide a positive recipient experience, our business, financial condition, operating results, and future prospects could be harmed; • Risks associated with operations outside the United States and foreign currencies could adversely affect our business, financial condition, operating results, and future prospects; • If we fail to maintain effective internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected; • If one or more of our counterparties, including financial institutions, aggregators, and local cash pick-up institutions where we have cash on deposit, or our lenders and potential hedging counterparties, default on their financial or performance obligations to us or fail, we may incur material losses; and • Our customers and business operations in countries and regions that account for a significant amount of our send volume and our operations are exposed to rapid changes in laws and the enforcement of laws, macroeconomic conditions, and geopolitical developments that expose us to a risk of loss and that could adversely affect our business, financial condition, operating results, and future prospects. 12 Table of Content s Business and Industry Risks We operate in a highly competitive and evolving industry and may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations.
Summary of Risk Factors Some of the material risks that we face include: • We operate in a highly competitive and evolving industry and may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations; • We may not be able to innovate, improve existing products, or develop new products that achieve acceptance; • We partner with third parties to support fulfillment of our services, including risk management, payment processing, customer support, cloud hosting, and disbursement, which exposes us to risks outside of our control; • Cyberattacks, cybersecurity breaches, service outages, or other similar incidents could result in serious harm to our business, financial condition, operating results, reputation, and future prospects; • We are subject to numerous privacy, cybersecurity, and AI laws, rules, regulations, industry standards, and other obligations across multiple jurisdictions which are highly complex, overlapping, frequently changing, and which create compliance challenges; • Use of our service for illegal, improper, or fraudulent activities could harm our business, financial condition, operating results, reputation, and future prospects; • Failure to comply with anti-corruption laws and sanctions laws, anti-terrorist financing laws, anti-money laundering laws, and similar laws could subject us to penalties and other adverse consequences; • We are exposed to the risk of loss or insolvency if our disbursement partners fail to disburse funds according to our instructions or become insolvent, or funds are disbursed before customer funds are guaranteed to be sufficient; • If there is any material change of service terms or loss of coverage in our payment processors and disbursement network, our business could be harmed; • If our disbursement partners do not provide a positive recipient experience, our business, financial condition, operating results, and future prospects could be harmed; • Risks associated with operations outside the United States and foreign currencies could adversely affect our business, financial condition, operating results, and future prospects; • If we fail to maintain effective internal control over financial reporting, the accuracy and timing of our financial reporting may be adversely affected; • If one or more of our counterparties, including financial institutions, aggregators, and local cash pick-up institutions where we have cash on deposit, or our lenders and potential hedging counterparties default on their financial or performance obligations to us or fail, we may incur material losses; and • Our customers and business operations in countries and regions that account for a significant amount of our send volume and our operations are exposed to rapid changes in laws and the enforcement of laws, macroeconomic conditions, and geopolitical developments that expose us to a risk of loss and could adversely affect our business, financial condition, operating results, and future prospects. 12 Table of Contents Business and Industry Risks We operate in a highly competitive and evolving industry and may be unable to compete successfully against existing and future competitors that employ a variety of existing business models and technologies or new innovations.
We currently have the 2021 Revolving Credit Facility to mitigate capital fluctuations, but there can be no assurance that the 2021 Revolving Credit Facility will be sufficient or renewed or replaced at favorable rates or that we will have access to additional capital as needed, or at all.
We currently have the 2025 Revolving Credit Facility to mitigate capital fluctuations, but there can be no assurance that the 2025 Revolving Credit Facility will be sufficient or renewed or replaced at favorable rates or that we will have access to additional capital as needed, or at all.
Moreover, the quantitative models we employ are subject to the risk of oversimplification. In an effort to make complex assumptions comprehensible, we may inadvertently omit crucial variables or interactions, leading to an incomplete understanding of relevant dynamics. This simplification, while necessary for computational feasibility, increases the risk of discrepancies between model predictions and actual outcomes.
Moreover, the quantitative models we employ are subject to the risk of oversimplification. In an effort to make complex assumptions comprehensible, we may inadvertently omit crucial variables or interactions, leading to an incomplete understanding of relevant 30 Table of Contents dynamics. This simplification, while necessary for computational feasibility, increases the risk of discrepancies between model predictions and actual outcomes.
While we have established reserves based on assumptions and estimates that we believe are reasonable to cover such eventualities, these reserves may prove to be insufficient. 33 Table of Content s A number of U.S. states, the U.S. federal government, and foreign jurisdictions have implemented and may impose reporting or recordkeeping obligations on companies that engage in or facilitate e-commerce.
While we have established reserves based on assumptions and estimates that we believe are reasonable to cover such eventualities, these reserves may prove to be insufficient. A number of U.S. states, the U.S. federal government, and foreign jurisdictions have implemented and may impose reporting or recordkeeping obligations on companies that engage in or facilitate e-commerce.
If we were unable to refinance the 2021 Revolving Credit Facility or enter into an alternative facility on similar terms, our business may be adversely impacted. Additionally, the restrictive covenants impose significant operating and financial restrictions that may impact our ability to engage in certain transactions or make investments that could be in our long-term best interests.
If we were unable to refinance the 2025 Revolving Credit Facility or enter into an alternative facility on similar terms, our business may be adversely impacted. Additionally, the restrictive covenants impose certain operating and financial restrictions that may impact our ability to engage in certain transactions or make investments that could be in our long-term best interests.
See the section titled “Risk Factors—General Risks.” Additionally, the majority of our customers access our products through our website and mobile app, and we must ensure that our offerings are optimized for such devices and that our mobile apps are interoperable with popular third-party mobile operating systems such as Google Android and Apple iOS.
See the section titled “Risk Factors—General Risks.” Additionally, the majority of our customers access our products through our website, our mobile app, or messaging services, and we must ensure that our offerings are optimized for such devices or messaging services, and that our mobile apps are interoperable with popular third-party mobile operating systems such as Google Android and Apple iOS.
Accordingly, investors must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments. If securities or industry analysts publish unfavorable or inaccurate research about our business, our stock price and trading volume could decline.
Accordingly, investors must rely on sales of their common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments. 38 Table of Contents If securities or industry analysts publish unfavorable or inaccurate research about our business, our stock price and trading volume could decline.
Operational Risks We are exposed to the risk of loss or insolvency if our disbursement partners fail to disburse funds according to our instructions or were to become insolvent unexpectedly, or funds are disbursed before customer funds are guaranteed to be sufficient.
Operational Risks We are exposed to the risk of loss or insolvency if our disbursement partners fail to disburse funds according to our instructions or become insolvent, or funds are disbursed before customer funds are guaranteed to be sufficient.
Overall growth of our revenue depends on a number of factors, including our ability to: • maintain the rates at which customers transact on our service; • attract new customers; 15 Table of Content s • expand the functionality and scope of the products we offer , including by successfully developing and commercializing products and services complementary to our current offerings; • price our services competitively; • maintain high-quality, highly available products; • maintain trust with our customers; • maintain our brand recognition and reputation; • maintain send volume; • provide our customers with high-quality customer support that meets their needs; • introduce our services in new payment corridors and jurisdictions, including maintaining existing and obtaining new money transmitter and payment services licenses; • localize our services; • successfully identify and acquire or invest in businesses, products, or technologies that we believe could complement or expand our product suite; and • successfully compete with other companies.
Overall growth of our revenue depends on a number of factors, including our ability to: • maintain the rates at which customers transact on our service; 15 Table of Contents • attract new customers; • expand the functionality and scope of the products we offer , including by successfully developing and commercializing products and services complementary to our current offerings; • price our services competitively; • attract and retain strategic partners; • maintain high-quality, highly available products; • maintain trust with our customers; • maintain our brand recognition and reputation; • maintain send volume; • provide our customers with high-quality customer support that meets their needs; • introduce our services in new payment corridors and jurisdictions, including maintaining existing and obtaining new money transmitter and payment services licenses; • localize our services; • successfully identify and acquire or invest in businesses, products, or technologies that we believe could complement or expand our product suite; and • successfully compete with other companies.
Our failure to manage our customer funds properly could materially harm our business. We hold a substantial amount of funds belonging to our customers, including funds in process of being remitted, at third-party financial institutions.
Our failure to manage our customer funds properly could materially harm our business. We hold a substantial amount of funds belonging to our customers, including funds in process of being transferred, at third-party financial institutions.
In addition, our 2021 Revolving Credit Facility contains restrictions on our ability to pay cash dividends on our capital stock. Any determination to pay dividends in the future will be at the discretion of our board of directors.
In addition, our 2025 Revolving Credit Facility contains restrictions on our ability to pay cash dividends on our capital stock. Any determination to pay dividends in the future will be at the discretion of our board of directors.
There are significant costs and risks inherent in conducting business in international jurisdictions, including: • establishing and maintaining effective controls at international locations and the associated costs; • increased competition from local providers; • compliance with foreign laws and regulations, including privacy and cybersecurity frameworks similar to the GDPR; • adapting to doing business in other languages or cultures; • compliance with local tax regimes, including potential double taxation of our international earnings, and potentially adverse tax consequences due to U.S. and foreign tax laws as they relate to our international operations; • compliance with anti-bribery laws, such as the FCPA, the CFPOA, and the U.K.
There are significant costs and risks inherent in conducting business in international jurisdictions, including: • establishing and maintaining effective controls at international locations and the associated costs; • increased competition from local providers; • compliance with foreign laws and regulations, including privacy and cybersecurity frameworks similar to the GDPR; • the ability to obtain any required Licenses; • adapting to doing business in other languages or cultures; • compliance with local tax regimes, including potential double taxation of our international earnings, and potentially adverse tax consequences due to U.S. and foreign tax laws as they relate to our international operations; • compliance with anti-bribery laws, such as the FCPA, the CFPOA, and the U.K.
Bribery Act; • currency exchange rate fluctuations and related effects on our operating results; • economic and political instability in some countries; • the uncertainty of protection for IP Rights in some countries and practical difficulties of obtaining, maintaining, protecting, defending, and enforcing IP Rights abroad; and • other costs of doing business internationally.
Bribery Act; • currency exchange rate fluctuations and related effects on our operating results; • economic and political instability in some countries; 28 Table of Contents • the uncertainty of protection for IP Rights in some countries and practical difficulties of obtaining, maintaining, protecting, defending, and enforcing IP Rights abroad; and • other costs of doing business internationally.
If the experience delivered by our disbursement partners to a recipient is deemed unsatisfactory for any reason, including because our disbursement partners are not properly trained to disburse money or they deliver poor customer service, our disbursement partners’ compliance processes and approvals take longer than expected, the wait times at our disbursement partners’ pick-up locations are too long, or cash pick-up locations are not located in convenient and safe locations and open for business at convenient times, customers may choose to not use our services in the future and our business could be harmed.
If the experience delivered by our disbursement partners to a recipient is deemed unsatisfactory for any reason, including because our disbursement partners are not properly trained to disburse money or they deliver poor customer service, our disbursement partners’ compliance processes and approvals take longer than expected, the wait times at our disbursement partners’ pick-up locations are too long, or cash pick-up locations are not located in convenient and safe locations and open for business at convenient times, customers may choose to not use our services in the future and our business, financial condition, operating results, and future prospects could be harmed.
For additional discussion about privacy and cybersecurity and the legal and regulatory environment that we operate in, please see the section titled “Business—Privacy and Cybersecurity.” 17 Table of Content s Any significant interruption or failure of our system availability, including failure to successfully implement upgrades or new technologies to our mobile app or website, could adversely affect our business, financial condition, operating results, reputation, and future prospects.
For additional discussion about privacy and cybersecurity and the legal and regulatory environment that we operate in, please see the section titled “Business—Privacy and Cybersecurity.” Any significant interruption or failure of our system availability, including failure to successfully implement upgrades or new technologies to our mobile app or website, could adversely affect our business, financial condition, operating results, reputation, and future prospects.
If there were a disruption of trade relations between the United States and China, we, and our disbursements partners that rely on these technologies, could lose access to these critical Chinese technologies, which would disrupt our business and could have a material adverse effect on our operations.
If there were a disruption of trade relations between the United States and China, we, and our disbursements partners that rely on these technologies, could lose access to these critical Chinese technologies, which would disrupt our business and could have a material adverse 35 Table of Contents effect on our operations.
In addition, if our quarterly operating results fall below the expectations of investors and securities analysts who follow our stock, the price of our common stock could decline, and we could face costly lawsuits, including securities class action suits. Our operating results and metrics are also subject to seasonality.
In addition, if our quarterly operating results fall below the expectations of investors and securities analysts who follow our stock, the price of our common stock could decline, and we could face costly lawsuits, including securities class action suits. 31 Table of Contents Our operating results and metrics are also subject to seasonality.
In addition, an adverse outcome of a dispute may require us to: pay substantial damages; cease making, licensing, or using products or services that are alleged to infringe, misappropriate, or otherwise violate the IP Rights of others; expend additional development resources to attempt to redesign our products and services or otherwise develop non-infringing technology, which may not be successful; enter into potentially unfavorable royalty or license agreements to obtain the right to use necessary technologies or IP Rights; and indemnify our disbursement partners and other third parties with whom we partner.
In addition, an adverse outcome of a dispute may require us to: pay substantial damages; cease making, licensing, or using products, services, or intellectual property that are alleged to infringe, misappropriate, or otherwise violate the IP Rights of others; change or cease using elements of our IP portfolio; expend additional development resources to attempt to redesign our products and services or otherwise develop non-infringing assets or technology, which may not be successful; enter into potentially unfavorable royalty or license agreements to obtain the right to use necessary technologies or IP Rights; and indemnify our disbursement partners and other third parties with whom we partner.
While we believe that we are compliant with our regulatory responsibilities, the legal, political, and business environments in these areas are routinely changing, and subsequent legislation, regulation, litigation, court rulings, or other events could expose us to increased liability, increased operating and compliance costs to implement new measures to reduce our exposure to this liability, and reputational damage.
While we believe that we are compliant with our regulatory responsibilities, the legal, political, and business environments in these areas are routinely 23 Table of Contents changing, and subsequent legislation, regulation, litigation, court rulings, or other events could expose us to increased liability, increased operating and compliance costs to implement new measures to reduce our exposure to this liability, and reputational damage.
Intellectual property disputes are common in our industry. We may become involved in lawsuits to protect, defend, or enforce our IP Rights, and we may be subject to claims by third parties that we have infringed, misappropriated, or otherwise violated their IP Rights.
Intellectual property disputes are common in our industry. We have, and may in the future become, involved in lawsuits to obtain, protect, defend, or enforce our IP Rights, and we may be subject to claims by third parties that we have infringed, misappropriated, or otherwise violated their IP Rights.
Some competitors are significantly larger than we are and have longer operating histories, more scale and name recognition, and more resources to deploy. We also compete against smaller, country-specific companies, banks, and informal person-to-person money transfer service providers that may have more ability to effectively tailor products and services, marketing, and regulatory compliance to local preferences and requirements.
Some competitors are significantly larger than we are and have longer operating histories, more scale and name recognition, and more resources to deploy. We also compete against smaller, country-specific companies, banks, and informal person-to-person money transfer service providers that may be better positioned to effectively tailor products and services, marketing, and regulatory compliance to local preferences and requirements.
We may be unable to update policies, procedures, or controls to timely and effectively address changes in applicable legal requirements or in our sanctions risk environment. In addition, U.S. policy-makers have sought and may continue to seek heightened customer due diligence requirements on, or restrict, remittances from the United States to certain jurisdictions.
We may be unable to update policies, procedures, or controls to timely and effectively address changes in applicable legal requirements or in our sanctions risk environment. 24 Table of Contents In addition, U.S. policy-makers have sought and may continue to seek heightened customer due diligence requirements on, or restrict, remittances from the United States to certain jurisdictions.
We have historically spent, and intend to continue to spend, significant funds to further develop and secure our services, develop new products and functionalities, invest in marketing programs to drive new customer acquisition, expand strategic partner integrations, and support international expansion into new payment corridors.
Further, we have historically spent, and intend to continue to spend, significant funds to further develop and secure our services, develop new products and functionalities, invest in marketing programs to drive new customer acquisition, expand strategic partner integrations, and support international expansion.
In addition to the factors discussed in this Annual Report on Form 10-K, the market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including: • overall performance of the equity markets; • actual or anticipated fluctuations in our revenue and other operating results; • changes in the financial projections we may provide to the public or our failure to meet these projections; • failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow us, or our failure to meet these estimates or the expectations of investors; • recruitment or departure of key personnel; • the economy as a whole and conditions in our industry; • negative publicity related to the real or perceived quality of our service, as well as the failure to timely launch new products and services that achieve acceptance; • rumors and speculation involving us or other companies in our industry or newly public companies; 36 Table of Content s • announcements by us or our competitors of new products or services (including with respect to cryptocurrency or blockchain technology), commercial relationships, or significant technical innovations; • acquisitions, strategic partnerships, joint ventures, or capital commitments; • new laws or regulations or new interpretations of existing laws or regulations applicable to our business; • lawsuits threatened or filed against us, litigation involving our industry, or both; • developments or disputes concerning our or other parties’ products, services, or IP Rights; • changes in accounting standards, policies, guidelines, interpretations, or principles; • interpretations of any of the above or other factors by trading algorithms, including those that employ natural language processing and related methods to evaluate our public disclosures; • other events or factors, including those resulting from war, incidents of terrorism, natural disasters, pandemics, or responses to those events; and • sales of shares of our common stock by us, our directors and executive officers, or our stockholders.
In addition to the factors discussed in this Annual Report on Form 10-K, the market price of our common stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including: • overall performance of the equity markets; • actual or anticipated fluctuations in our revenue and other operating results; • changes in the financial projections we may provide to the public or our failure to meet these projections; • failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow us, or our failure to meet these estimates or the expectations of investors; • recruitment or departure of key personnel; • the economy as a whole and conditions in our industry; • negative publicity related to the real or perceived quality of our service or those of our competitors, as well as the failure to timely launch new products and services that achieve acceptance; • rumors and speculation involving us or other companies in our industry; • efforts by short sellers to spread negative or misrepresentative information about us in order to gain a market advantage; • announcements by us or our competitors of new products or services (including with respect to cryptocurrency, stablecoins, or blockchain technology), commercial relationships, or significant technical innovations; 36 Table of Contents • acquisitions, strategic partnerships, joint ventures, or capital commitments; • new laws or regulations or new interpretations of existing laws or regulations applicable to our business; • lawsuits threatened or filed against us, litigation involving our industry, or both; • developments or disputes concerning our or other parties’ products, services, or IP Rights; • changes in accounting standards, policies, guidelines, interpretations, or principles; • interpretations of any of the above or other factors by trading algorithms, including those that employ natural language processing and related methods to evaluate our public disclosures; • other events or factors, including those resulting from war, incidents of terrorism, natural disasters, pandemics, or responses to those events; and • sales of shares of our common stock by us, our directors and executive officers, or our stockholders.
While we have multiple API integrations and certain partner redundancies built into our systems, if we are unable to adapt to the needs of our strategic partners’ systems, our remittance transaction process may be interrupted or delayed, and our strategic partners may terminate their agreements with us, leading to a loss of access to large numbers of customers at the same time and consequent negative impact on our growth and customer retention. 20 Table of Content s Legal and Compliance Risks Any failure to obtain or maintain necessary licenses, permissions, approvals, or registrations (“Licenses”) across our global footprint could adversely affect our operations.
While we have multiple API integrations and certain partner redundancies built into our systems, if we are unable to adapt to the needs of our strategic partners’ systems, our global money movement process may be interrupted or delayed, and our strategic partners may terminate their agreements with us, leading to a loss of access to large numbers of customers at the same time and consequent negative impact on our growth and customer retention. 20 Table of Contents Legal and Compliance Risks Any failure to obtain or maintain necessary licenses, permissions, approvals, or registrations (“Licenses”) across our global footprint could adversely affect our operations.
We expect we will need to continue to enhance our operational, financial, and management controls and our reporting systems and procedures to manage this growth. 13 Table of Content s Further, as we continue to grow, our business becomes increasingly complex and requires more resources.
We expect we will need to continue to enhance our operational, financial, and management controls and our reporting systems and procedures to manage this growth. 13 Table of Contents Further, as we continue to grow, our business becomes increasingly complex and requires more resources.
Such systems could become unstable, include defects, experience outages, and include undetected errors, each of which could adversely affect our business, financial condition, operating results, and future prospects. Our proprietary financial systems are an integral part of our technology stack, which is a complex system composed of many interoperating components and which incorporates other third-party software.
Such financial systems could become unstable, include defects, experience outages, and include undetected errors, each of which could adversely affect our business, financial condition, operating results, and future prospects. Our financial systems, which consist of proprietary and third-party financial systems, are an integral part of our technology stack, which is a complex system composed of many interoperating components.
If the interest rate on the 2021 Revolving Credit Facility or any alternative financing were to increase, our operating results could be harmed.
If the interest rate on the 2025 Revolving Credit Facility or any alternative financing were to increase, our operating results could be harmed.
In addition, working from home and using private residential networks to access the internet may further exacerbate risks associated with cyberattacks, cybersecurity breaches, service outages, and other similar incidents as private work environments and electronic connections to our work environment may not have the same security measures as those deployed in our offices.
In addition, working remotely and using private networks to access the internet may further exacerbate risks associated with cyberattacks, cybersecurity breaches, service outages, and other similar incidents as private environments and electronic connections to our work environment may not have the same security measures as those deployed in our offices.
For instance, historically a substantial portion of our send volume has been derived from remittances being sent to India, Mexico, and the Philippines. During high volume sending periods, a significant portion of our available cash may be held in an account or accounts outside of the United States.
For instance, historically a substantial portion of our send volume has been derived from cross-border payments being sent to India, Mexico, and the Philippines. During high volume sending periods, a significant portion of our available cash may be held in an account or accounts outside of the United States.
If any of the device, browser, or software platforms that our product offerings depend upon change features of their application programming interfaces (“APIs”), discontinue their support of such APIs, restrict our access to their APIs, or alter the terms governing their use in a manner that is adverse to our business, we will not be able to provide compatible product offerings, which could significantly diminish the value of our product offerings and harm our business, financial condition, operating results, and future prospects.
If any of the devices, browsers, messaging services, or software platforms that our product offerings depend upon change features of their application programming interfaces (“APIs”), discontinue their support of such APIs, restrict our access to their APIs, or alter the terms governing their use in a manner that is adverse to our business, we will not be able to provide compatible product offerings, which could significantly diminish the value of our product offerings and harm our business, financial condition, operating results, and future prospects.
Any delay or inability to pay transactions could harm our business, financial condition, operating results, and future prospects; and • Our funds are held by us and our disbursement partners, which includes banks, non-bank financial institutions, and aggregators, both in the United States and abroad.
Any delay or inability to pay transactions could harm our business, financial condition, operating results, and future prospects; and 27 Table of Contents • Our funds are held by us and our disbursement partners, which includes banks, non-bank financial institutions, and aggregators, both in the United States and abroad.
We have from time to time found defects or errors in our system and may discover additional defects in the future that could result in financial information unavailability or system disruption. In addition, we have experienced outages on our proprietary financial systems due to circumstances within our control, such as outages due to software bugs or human error.
In the past, we have found defects or errors in our financial systems and may discover additional defects in the future that could result in financial information unavailability or system disruption. In addition, we have experienced outages on our financial systems due to circumstances within our control, such as outages due to software bugs or human error.
We have significant working capital requirements driven by: • the delay between when we release funds for disbursement and when we receive customer funds from our payment processors, which can be exacerbated by time zone differences, bank holidays, national or governmental holidays, and weekends; • regulatory capital requirements pertaining to net worth; • regulatory requirements pertaining to permissible investments and safeguarding of customer funds; • requirements contained in the credit agreement governing our 2021 Revolving Credit Facility; • collateral requirements imposed on us by our payment processors; and • collateral requirements imposed on us by our disbursement partners.
We have significant working capital requirements driven by: • the delay between when we release funds for disbursement and when we receive customer funds from our payment processors or from our customers related to consumer receivables, which can be exacerbated by time zone differences, bank holidays, national or governmental holidays, and weekends; • regulatory capital requirements pertaining to net worth; • regulatory requirements pertaining to permissible investments and safeguarding of customer funds; • requirements contained in the credit agreement governing our 2025 Revolving Credit Facility; • collateral requirements imposed on us by our payment processors; and • collateral requirements imposed on us by our disbursement partners.
The functionality and popularity of our product offerings depends, in part, on our ability to integrate our systems with the systems of our strategic partners.
The functionality and popularity of our product offerings depend, in part, on our ability to integrate our systems with the systems of our strategic partners.
If our disbursement partners fail to comply with applicable laws, it could harm our business. We work with disbursement partners in various receive jurisdictions whom we believe are complying with local laws and regulations.
If our disbursement partners fail to comply with applicable laws, it could harm our business. We work with disbursement partners in various receive jurisdictions whom we believe are complying with local laws and regulations and whom we require via contract to comply with applicable local laws and regulations.
The accuracy of our predictions with respect to revenue and transaction expenses may be subject to greater variance in new or recently added corridors, as compared to our more established corridors.
The accuracy of our predictions with respect to revenue and transaction expenses may be subject to greater variance in new or recently added corridors, as compared to our more established corridors, and with respect to new customer categories and new products.
If our transaction processing fees increase, it may require us to change our disbursement options, modify payment methods, or take other measures that would impact our costs and profitability or cause us to lose customers or otherwise limit our operations.
If our transaction processing fees increase, it may require us to 26 Table of Contents change our disbursement options, modify payment methods, or take other measures that would impact our costs and profitability or cause us to lose customers or otherwise limit our operations.
The majority of our total revenue is currently derived from remittances being sent from the United States and Canada to India, Mexico, and the Philippines. Further, we maintain business operations in a number of foreign jurisdictions such as Nicaragua and the Philippines.
The majority of our total revenue is currently derived from cross-border payments being sent from the United States and Canada to India, Mexico, and the Philippines. Further, we maintain business operations in a number of foreign jurisdictions, such as Nicaragua and the Philippines.

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Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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Biggest changeAlthough we have continued to invest in our due diligence, onboarding, and monitoring capabilities over critical third parties with whom we do business, including our third-party vendors and service providers, our control over the security posture of, and ability to monitor the cybersecurity practices of, such third parties remains limited, and there can be no assurance that we can prevent, mitigate, or remediate the risk of any compromise or failure in the cybersecurity infrastructure owned or controlled by such third parties.
Biggest changeWe have continued to invest in our due diligence, onboarding, and monitoring capabilities over critical third parties with whom we do business, including our third-party vendors and service providers.
We review or update our cybersecurity policies annually, or more frequently on an as-needed basis, to account for changes in the evolving cybersecurity threat landscape as well as legal and regulatory developments.
We review or update our cybersecurity policies annually, or more frequently on an as-needed basis, to account for changes in the evolving cybersecurity threat landscape, as well as for legal and regulatory developments.
In 2024, we did not identify any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats or incidents, or provide assurances that we have not experienced an undetected cybersecurity incident.
In 2025, we did not identify any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect our business strategy, results of operations, or financial condition. However, despite our efforts, we cannot eliminate all risks from cybersecurity threats or incidents, or provide assurances that we have not experienced an undetected cybersecurity incident.
Our cybersecurity risk management program is designed to follow our industry’s best practices and provides a framework for identifying, monitoring, assessing, and responding to cybersecurity threats and incidents, including threats and incidents associated with the use of third-party vendors and service providers, and facilitating coordination across the Company.
Item 1C. Cybersecurity Cybersecurity Risk Management Our cybersecurity risk management program is designed to follow our industry’s best practices and provides a framework for identifying, monitoring, assessing, and responding to cybersecurity threats and incidents, including threats and incidents associated with the use of third-party vendors and service providers, and also for facilitating coordination across the Company.
Further, our audit and risk committee reports material cybersecurity risks to our full board of directors, based on the assessment of risk by our management, CISO, information security team, internal audit team, and legal team. 40 Table of Content s
Further, our audit and risk committee reports material cybersecurity risks to our full board of directors, based on the assessment of risk by our management, CISO, information security team, internal audit team, and legal team.
When we do become aware that a third-party vendor or service provider has experienced such compromise or failure, we attempt to mitigate our risk, including by terminating such third party’s connection to our information systems and networks where appropriate.
If we become aware that a third-party vendor or service provider has experienced compromise or failure in the cybersecurity infrastructure owned or controlled by such third parties, we attempt to mitigate our risk, including by terminating such third party’s connection to our information systems and networks where appropriate.
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Item 1C. Cybersecurity Cybersecurity Risk Management Cybersecurity risk management is an integral part of our overall enterprise risk management program.

Item 2. Properties

Properties — owned and leased real estate

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Biggest changeOther significant leased properties include facilities in Israel, Nicaragua, the United Kingdom, the Philippines, Poland, and Ireland. We use these facilities for administration, finance, legal, human resources, IT, marketing, software engineering, and customer service. We maintain other leased facilities throughout the world. We intend to procure additional space as we add employees and expand geographically.
Biggest changeWe use these facilities for administration, finance, legal, human resources, IT, marketing, software engineering, and customer service. 40 Table of Contents We maintain other leased facilities throughout the world. We intend to procure additional space as we add employees and expand geographically.
Item 2. Properties As of December 31, 2024, we leased and occupied facilities in various countries. Our corporate headquarters are located in Seattle, Washington, where we currently occupy facilities totaling approximately 79,000 square feet under a lease that expires in June 2025.
Item 2. Properties As of December 31, 2025, we leased and occupied facilities in various countries. Our corporate headquarters is located in Seattle, Washington, where we currently occupy facilities totaling approximately 118,000 square feet under a lease that expires in June 2032. Other significant leased properties include facilities in Poland, Israel, Nicaragua, the United Kingdom, the Philippines, and Ireland.
Removed
In addition, during 2024 we entered into a separate agreement to lease certain office space in Seattle, Washington for use of our corporate headquarters. The payment terms for this lease begin in July 2025 for a period of seven years with optional renewal periods available.

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

5 edited+2 added−5 removed3 unchanged
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters” of this Annual Report on Form 10-K. Recent Sales of Unregistered Securities In April 2024, we issued 112,888 shares of our common stock to former shareholders of Rewire in connection with the release of equity proceeds held back pursuant to the terms of the Rewire acquisition.
Biggest changeSecurity Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters” of this Annual Report on Form 10-K.
The following data and graph show a comparison of the cumulative total stockholder return for our common stock, the Russell 2000 Growth Index, and the KBW NASDAQ Financial Technology Index from September 23, 2021, through December 31, 2024. This data assumes simultaneous investments of $100 on September 23, 2021, and reinvestment of any dividends.
The following data and graph show a comparison of the cumulative total stockholder return for our common stock, the Russell 2000 Growth Index, and the KBW NASDAQ Financial Technology Index from September 23, 2021 through December 31, 2025. This data assumes simultaneous investments of $100 on September 23, 2021, and reinvestment of any dividends.
Holders As of February 17, 2025, there were 20 stockholders of record of our common stock. The actual number of stockholders is significantly greater than this number of record holders, and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
Holders As of February 16, 2026, there were 17 stockholders of record of our common stock. The actual number of stockholders is significantly greater than this number of record holders, and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
The stockholder return shown in the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns. 42 Table of Content s Securities Authorized for Issuance Under Equity Compensation Plans For information on securities authorized for issuance under our equity compensation plans see “Item 12.
The stockholder returns shown in the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns. Securities Authorized for Issuance Under Equity Compensation Plans For information on securities authorized for issuance under our equity compensation plans, see “Item 12.
The shares bear a restrictive Securities Act legend. See Note 6. Business Combinations in our notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for further details. Issuer Purchase of Equity Securities None.
Common Stock within the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for further discussion of the share repurchase program. 43 Table of Contents
Removed
The shares were issued to former shareholders that were not a “U.S. person,” as defined in Rule 902 of Regulation S under the Securities Act, or were an “accredited investor,” and the issuances were exempt from the registration requirements of the Securities Act under Regulation S and Rule 506 of Regulation D, respectively.
Added
Recent Sales of Unregistered Securities Not applicable. 42 Table of Contents Issuer Purchases of Equity Securities Share repurchase activity during the three months ended December 31, 2025 was as follows (in thousands, except share and per share data): Periods Total Number of Shares Purchased Average Price Paid Per Share (1) Total Number of Shares Purchased as part of Publicly Announced Plans or Programs (2) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) October 1, 2025 - October 31, 2025 317,816 $ 15.75 317,816 $ 183,117 November 1, 2025 - November 30, 2025 552,690 $ 12.69 552,690 $ 176,106 December 1, 2025 - December 31, 2025 — $ — — $ 176,106 Total 870,506 870,506 __________ (1) Average price paid per share includes related commissions paid by us.
Removed
Use of Proceeds In September 2021, we completed the IPO, in which we issued and sold 7,000,000 shares of our common stock at $43.00 per share. Concurrently, 5,162,777 shares were sold by certain of our existing stockholders. In addition, the Company concurrently issued 581,395 shares of common stock in a private placement at the same offering price as the IPO.
Added
(2) On August 6, 2025, we announced that our board of directors had authorized a share repurchase program to repurchase up to $200 million of our outstanding common stock, with no expiration date. Refer to Note 12.
Removed
The Company received net proceeds of $305.2 million for the IPO and private placement, after deducting underwriting discounts and other fees of $20.8 million. In connection with the IPO, 127,410,631 shares of outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of common stock on a one-to-one basis.
Removed
All of the shares issued and sold in our IPO were registered under the Securities Act pursuant to a registration statement on Form S-1 (File No. 333-259167), which was declared effective by the SEC on September 22, 2021.
Removed
As of December 31, 2024, the proceeds from the IPO have been applied as described in our final prospectus filed with the SEC on September 24, 2021. 43 Table of Content s

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

98 edited+27 added−19 removed44 unchanged
Biggest changeWe expect to maintain this full valuation allowance in the United States for the foreseeable future as it is more likely than not that the assets will not be realized based on our history of losses. 47 Table of Content s Results of Operations Comparison of the years ended December 31, 2024 and 2023 The following table sets forth our results of operations together with the dollar and percentage change for the years ended December 31, 2024 and 2023: Years Ended December 31, Change (dollars in thousands) 2024 2023 Amount Percent Revenue $ 1,263,963 $ 944,285 $ 319,678 34 % Costs and expenses Transaction expenses 431,604 329,113 102,491 31 % Customer support and operations 83,918 82,521 1,397 2 % Marketing 303,799 234,417 69,382 30 % Technology and development 269,817 219,939 49,878 23 % General and administrative 195,857 179,372 16,485 9 % Depreciation and amortization 18,054 13,118 4,936 38 % Total costs and expenses 1,303,049 1,058,480 244,569 23 % Loss from operations (39,086) (114,195) 75,109 (66) % Interest income 8,077 7,447 630 8 % Interest expense (3,241) (2,352) (889) 38 % Other income (expense), net 3,999 (2,838) 6,837 (241) % Loss before provision for income taxes (30,251) (111,938) 81,687 (73) % Provision for income taxes 6,727 5,902 825 14 % Net loss $ (36,978) $ (117,840) $ 80,862 (69) % The following discussion and analysis is for the year ended December 31, 2024 compared to the same period in 2023.
Biggest changeResults of Operations Comparison of the Years Ended December 31, 2025 and 2024 The following table sets forth our results of operations together with the dollar and percentage change for the years ended December 31, 2025 and 2024: Years Ended December 31, Change (dollars in thousands) 2025 2024 Amount Percent Revenue $ 1,635,147 $ 1,263,963 $ 371,184 29 % Costs and expenses Transaction expenses 549,480 431,604 117,876 27 % Customer support and operations 101,226 83,918 17,308 21 % Marketing 342,903 303,799 39,104 13 % Technology and development 313,907 269,817 44,090 16 % General and administrative 225,129 195,857 29,272 15 % Depreciation and amortization 25,034 18,054 6,980 39 % Total costs and expenses 1,557,679 1,303,049 254,630 20 % Income (loss) from operations 77,468 (39,086) 116,554 nm Interest income 7,699 8,077 (378) (5) % Interest expense (7,612) (3,241) (4,371) 135 % Other income (expense), net (5,927) 3,999 (9,926) nm Income (loss) before provision for income taxes 71,628 (30,251) 101,879 nm Provision for income taxes 3,695 6,727 (3,032) (45) % Net income (loss) $ 67,933 $ (36,978) $ 104,911 nm __________ nm = not meaningful 49 Table of Contents The following discussion and analysis is for the year ended December 31, 2025 compared to the same period in 2024.
(2) Acquisition, integration, restructuring, and other costs for the year ended December 31, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire.
Acquisition, integration, restructuring, and other costs for the year ended December 31, 2024 consisted primarily of $0.8 million in restructuring charges incurred, $0.5 million of non-recurring legal charges, and $0.2 million related to the change in the fair value of the holdback liability associated with the acquisition of Rewire.
Revenue is recognized, in an amount that reflects the consideration we expect to be entitled to in exchange for services provided, when control of these services is transferred to our customers, which is the time the funds have been delivered to the intended recipient.
Revenue is recognized in an amount that reflects the consideration we expect to be entitled to in exchange for services provided, when control of these services is transferred to our customers, which is the time the funds have been delivered to the intended recipient.
Given the nature of our business, new customer acquisition marketing investments may negatively impact net loss and Adjusted EBITDA in the quarter they are acquired, but are expected to favorably impact net loss and Adjusted EBITDA in subsequent periods as many customers continue to send transactions in the periods after they are acquired.
Given the nature of our business, new customer acquisition marketing investments may negatively impact net income (loss) and Adjusted EBITDA in the quarter they are acquired, but are expected to favorably impact net income (loss) and Adjusted EBITDA in subsequent periods as many customers continue to send transactions in the periods after they are acquired.
Our primary uses of cash from operating activities have been for advertising expenses used to attract new customers, transaction expenses that include fees paid to payment processors and disbursement partners, personnel-related expenses, technology, and other general corporate expenditures.
Our primary uses of cash from operating activities have been for transaction expenses that include fees paid to payment processors and disbursement partners, advertising expenses used to attract new customers, personnel-related costs, technology expenses, and other general corporate expenditures.
In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future.
In recent periods, we have supplemented those cash flows with borrowings on our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, primarily to support customer transaction volumes during peak periods and weekends, which we expect to continue to do in the future.
During the years ended December 31, 2024 and 2023, the average term of outstanding borrowings under our 2021 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2021 Revolving Credit Facility (including the letter of credit sub-facility).
During the years ended December 31, 2025 and 2024, the average term of outstanding borrowings under our 2021 Revolving Credit Facility and 2025 Revolving Credit Facility was approximately four days. Operations continue to be substantially funded by the existing cash we have on hand and ongoing utilization of the 2025 Revolving Credit Facility (including the letter of credit sub-facility).
From time to time we do enter into short-term leases that have lease terms of less than 12 months, and are typically month-to-month in nature. As described in the notes to the consolidated financial statements, we elected not to record leases on our Consolidated Balance Sheets if the lease term is 12 months or less.
From time to time we do enter into short-term leases that have lease terms of less than twelve months, and are typically month-to-month in nature. As described in the notes to the consolidated financial statements, we elected not to record leases on our Consolidated Balance Sheets if the lease term is twelve months or less.
You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-K. This section generally discusses the results of our operations for the year ended December 31, 2024, compared to the year ended December 31, 2023.
You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-K. This section generally discusses the results of our operations for the year ended December 31, 2025, compared to the year ended December 31, 2024.
For example, active customers and send volume generally peak as customers send gifts for regional and global holidays including, most notably, in the fourth quarter around the Christmas holiday. This seasonality typically drives higher fourth quarter customer acquisition, which generally results in higher fourth quarter marketing costs and transaction losses.
For example, active customers and send volume generally peak as customers send gifts for regional and global holidays including, most notably, in the fourth quarter around the Christmas holiday. This seasonality typically drives higher fourth quarter customer acquisition, which generally results in higher fourth quarter marketing spend and transaction losses.
For a discussion of the year ended December 31, 2023, compared to the year ended December 31, 2022, please refer to Part I, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023.
For a discussion of the year ended December 31, 2024, compared to the year ended December 31, 2023, please refer to Part I, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024.
Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of expansion into new corridors, and the timing of introductions of new products and enhancements of existing products, and other strategic investments.
Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of expansion into new corridors, and the timing of introductions of new products and enhancements of existing products, share repurchases, and other strategic investments.
In addition, as discussed elsewhere in this Annual Report on Form 10-K, we expect that our operating expenses may continue to increase to support the continued growth of our business, including increased investments in our technology to support product improvements, new product development, and geographic expansion.
In addition, as discussed elsewhere in this Annual Report on Form 10-K, we expect that our operating expenses may continue to increase to support the 52 Table of Contents continued growth of our business, including increased investments in our technology to support product improvements, new product development, and geographic expansion.
Conversely, we typically observe lower customer acquisition and existing customer activity through most of the first quarter, especially in regions that experience favorable seasonality in the fourth quarter.
Conversely, we typically observe lower customer acquisition and transaction activity through most of the first quarter, especially in regions that experience favorable seasonality in the fourth quarter.
Revenue from transaction fees and foreign exchange spreads is reduced by customer promotions. For example, we may, from time to time, waive transaction fees for first-time customers, or provide customers with better foreign exchange rates on their first transaction.
Revenue from transaction fees and foreign exchange spreads is reduced by sales incentives, including customer promotions. For example, we may, from time to time, waive transaction fees for first-time customers, or provide customers with better foreign exchange rates on their first transaction.
Customers engage us to perform one integrated service—collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to our terms and conditions.
For our global money movement product, customers engage us to perform one integrated service—collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to our terms and conditions.
While shifts in our corridor mix could impact the trends in our global business, including send volume and customer economics, we have the ability to optimize these corridors over the long term based on their specific dynamics. Seasonality Our operating results and metrics are subject to seasonality, which may result in fluctuations in our quarterly revenues and operating results.
While shifts in our corridor mix could impact the trends in our global business, including send volume and customer economics, we have the ability to optimize these corridors over the long term based on their specific dynamics. 46 Table of Contents Seasonality Our operating results and key metrics are subject to seasonality, which may result in fluctuations in our quarterly revenues and operating results.
The acquisition and integration costs are primarily related to the Rewire acquisition and primarily include external legal, accounting, valuation, and due diligence costs, advisory and other professional services fees necessary to integrate acquired businesses, and the change in the fair value of the holdback liability as part of the acquisition of Rewire.
(“Rewire”) and primarily include external legal, accounting, valuation, and due diligence costs, advisory and other professional services fees necessary to integrate acquired businesses, and the change in the fair value of the holdback liability as part of the acquisition of Rewire.
It also results in higher transactions and transaction expenses, along with higher working capital needs. Other periods of favorable seasonality include Ramadan/Eid, Lunar New Year/Tết, and Mother’s Day, although the impact is generally lower than the seasonality we see in the fourth quarter and the timing of some of these holidays varies from year to year.
It also results in higher transactions and transaction expenses, along with higher working capital needs. Other periods of favorable seasonality include Ramadan/Eid, Lunar New Year/Tết, and Mother’s Day, although these effects are generally smaller than the seasonality we see in the fourth quarter and the timing of some of these holidays varies from year to year.
Depreciation and Amortization Depreciation and amortization expense includes depreciation on property and equipment and leasehold improvements, as well as the amortization of internal-use software costs and intangible assets. Interest Income Interest income consists primarily of interest income earned on our cash and cash equivalents. Interest Expense Interest expense consists primarily of the interest expense on our borrowings.
Depreciation and Amortization Depreciation and amortization expense includes depreciation on property and equipment, and leasehold improvements, as well as the amortization of internal-use software costs and intangible assets. 48 Table of Contents Interest Income Interest income consists primarily of interest income earned on our cash and cash equivalents.
As a percentage of revenue, general and administrative expenses decreased to 15% for the year ended December 31, 2024, from 19% for the year ended December 31, 2023, as we continue to leverage efficiencies in our general and administrative functions.
As a percentage of revenue, general and administrative expenses decreased to 14% for the year ended December 31, 2025, from 15% for the year ended December 31, 2024, as we continue to leverage efficiencies in our general and administrative functions.
When we accept a transaction and process the designated payment method of the customer, we become obligated to our customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of our contracts contains a significant financing component.
When we accept a transaction and process the designated payment method of the customer, we become obligated to our customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of our contracts contain a significant financing component. Refer to Note 3.
Customer support and operations expenses also include corporate communication costs and professional services fees. 46 Table of Content s Marketing Marketing expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses.
Customer support and operations expenses also include corporate communication costs and professional services fees. Marketing Marketing expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses.
Active Customers Active customers, measured as of the quarterly periods ended December 31, 2024, 2023, and 2022 were as follows: December 31, (in thousands) 2024 2023 2022 Active customers 7,780 5,911 4,188 We believe that the number of our active customers is an important indicator of customer engagement, customer retention, and the overall growth of our business.
Active Customers Active customers, measured as of the quarterly periods ended December 31, 2025, 2024, and 2023, were as follows: December 31, (in thousands) 2025 2024 2023 Active customers 9,279 7,780 5,911 We believe that the number of our active customers is an important indicator of customer engagement, customer retention, and the overall growth of our business.
Other Income (Expense), Net Other income (expense), net is primarily driven by unrealized losses and gains on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities. Provision for Income Taxes The provision for income taxes increased $0.8 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023.
Other Income (Expense), Net Other income (expense), net is primarily driven by unrealized losses and gains on foreign exchange remeasurements of certain foreign currency denominated monetary assets and liabilities. Provision for Income Taxes The provision for income taxes decreased $3.0 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024.
Our customers mostly send from the United States and Canada. Our customers and their recipients are located in over 170 countries and territories across the globe; the largest receive countries by send volume include India, Mexico, and the Philippines.
Our customers mostly send from the United States, Canada, the United Kingdom, and other countries in Europe. Our customers and their recipients are located in over 175 countries and territories across the globe. Our largest receive countries by send volume include India, Mexico, and the Philippines.
Most contracts are typically cancellable within a period of less than one year, although some of our larger software or cloud service subscriptions require multi-year commitments. As of December 31, 2024, we had approximately $37.7 million in total purchase commitments under these arrangements, of which $23.0 million are expected to be paid within the next year.
Most contracts are typically cancellable within a period of less than one year, although some of our larger software or cloud service subscriptions require multi-year commitments. As of December 31, 2025, we had approximately $133.9 million in total purchase commitments under these arrangements, of which $30.4 million are expected to be paid within the next year.
These factors evolve over time, and periods of significant currency appreciation or depreciation, whether in send or receive currencies, changes to global migration patterns or immigration policy, and changes to digital adoption trends may shift the timing and volume of transactions, or the number of customers using our service. In addition, foreign currency movements impact our business in numerous ways.
These factors evolve over time, and periods of significant currency appreciation or depreciation, whether in send or receive currencies, changes to global migration patterns, immigration policy, or international trade, and changes to digital adoption trends may shift the timing and volume of transactions, or the number of customers using our service.
The increase was primarily driven by a 32% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, and a continued mix shift trending towards digital disbursements.
The increase was primarily driven by a 19% increase in active customers period over period, continued strength in the retention of existing customers, favorable customer behavior based on foreign currency movement, send volume for high-amount senders, and a continued mix shift trending towards digital disbursements.
Interest Expense Interest expense increased by $0.9 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to draws on the 2021 Revolving Credit Facility.
Interest Expense Interest expense increased by $4.4 million for the year ended December 31, 2025, as compared to the year ended December 31, 2024, primarily due to draws on the 2021 Revolving Credit Facility and the 2025 Revolving Credit Facility.
We also routinely enter into marketing and advertising contracts, software subscriptions and other service arrangements, including cloud infrastructure arrangements, which are generally entered into in the ordinary course of business, and that can include minimum purchase quantities, requiring us to utilize cash on hand to fulfill these amounts. Refer to “Contractual Obligations and Commitments” discussed further below.
We also routinely enter into marketing and advertising contracts, software subscriptions, and other service arrangements, including cloud infrastructure arrangements and compliance-application related arrangements, which are generally entered into in the ordinary course of business, and that can include minimum service quantities, requiring us to utilize cash on hand to fulfill these amounts.
In the future, we may also attempt to raise additional capital through the sale of equity securities or through equity-linked securities, and the ownership of our existing stockholders would be diluted.
Refer to “Contractual Obligations and Commitments” discussed further below. In the future, we may also attempt to raise additional capital through the sale of equity securities or through equity-linked securities, and the ownership of our existing stockholders would be diluted.
These limitations include the following: • although depreciation and amortization are noncash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments; • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; • Adjusted EBITDA does not reflect the effect of income taxes that may represent a reduction in cash available to us; • Adjusted EBITDA does not reflect the effect of gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency; • Adjusted EBITDA excludes noncash charges associated with the donation of our common stock in connection with our Pledge 1% commitment, which is recorded in general and administrative expenses; • Adjusted EBITDA excludes stock-based compensation expense, net, which has recently been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy; • Adjusted EBITDA excludes certain transaction costs, related to acquisition, integration, restructuring, and other costs.
These limitations include the following: • although depreciation and amortization are noncash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or other capital commitments; • Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; • Adjusted EBITDA does not reflect the effect of income taxes that may represent a reduction in cash available to us; • Adjusted EBITDA does not reflect the changes in other (income) expense, net, primarily driven by the effect of gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency; • Adjusted EBITDA excludes noncash charges associated with the donation of our common stock in connection with our Pledge 1% commitment, which is recorded in general and administrative expenses; • Adjusted EBITDA excludes stock-based compensation expense, net and payroll taxes related to stock-based compensation expense, net.
Refer to Note 6. Business Combinations and Note 13. Restructuring Initiatives in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for more information on these costs.
Refer to Note 7. Business Combinations in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for additional information on these costs.
As a percentage of revenue, technology and development expenses decreased to 21% for the year ended December 31, 2024, from 23% for the year ended December 31, 2023, as we benefited from increasing efficiencies.
As a percentage of revenue, technology and development expenses decreased to 19% for the year ended December 31, 2025, from 21% for the year ended December 31, 2024, as we benefited from increasing efficiencies, including the usage of AI.
We do not have any capitalized contract acquisition costs. 53 Table of Content s Impairment assessments We monitor conditions related to long-lived assets and test for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable, such as historical operating and/or cash flow losses of an asset group.
Impairment Assessments We monitor conditions related to long-lived assets and test for impairment whenever events or circumstances indicate that their carrying amount may not be recoverable, such as historical operating and/or cash flow losses of an asset group.
Adjusted EBITDA is calculated as net loss adjusted by (i) interest (income) expense, net; (ii) provision for income taxes; (iii) noncash charges of depreciation and amortization; (iv) gains and losses from the remeasurement of foreign currency assets and liabilities into their functional currency; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; and (vii) certain acquisition, integration, restructuring, and other costs.
Adjusted EBITDA is calculated as net income (loss) adjusted by (i) interest (income) expense, net; (ii) provision for income taxes; (iii) noncash charges of depreciation and amortization; (iv) other (income) expense, net; (v) noncash charges associated with our donation of common stock in connection with our Pledge 1% commitment; (vi) noncash stock-based compensation expense, net; (vii) payroll taxes related to stock-based compensation expense, net; and (viii) certain acquisition, integration, restructuring, and other costs.
Management of Risk and Fraud We manage fraud (e.g., through identity theft) and other illegitimate activity (e.g., money laundering) by utilizing our proprietary risk models, which include machine learning processes, early warning systems, bespoke rules, and manual investigation processes.
Management of Risk and Fraud We manage fraud (e.g., through identity theft) and other illegitimate activity (e.g., money laundering) by utilizing our proprietary risk models, which include machine learning, early warning signals, bespoke rules, and manual investigation processes. These capabilities are enhanced by AI to improve detection accuracy and automation.
As a reflection of this growth, send volume increased 38% to $54.6 billion for the year ended December 31, 2024, as compared to $39.5 billion for the year ended December 31, 2023.
As a reflection of this growth, send volume increased 37% to $74.9 billion for the year ended December 31, 2025, as compared to $54.6 billion for the year ended December 31, 2024.
Customer Acquisition Costs Efficiently acquiring customers is critical to our growth and maintaining attractive customer economics, which are impacted by online marketing competition, our ability to effectively target the right demographic, and competitive environment. We have a history of successfully monitoring customer acquisition costs and will continue to be strategic and disciplined toward customer acquisition.
Customer Acquisition Costs Efficiently acquiring customers is critical to our growth and maintaining attractive customer economics, which are impacted by online marketing competition, our ability to effectively target the right demographic, and a competitive environment.
Macroeconomic and Geopolitical Changes Global macroeconomic and geopolitical factors, including inflation, currency fluctuations, immigration and immigration policy, regulatory changes, trade and regulatory policies, regional and global conflicts, global crises and natural disasters, unemployment, potential recession, and the rate of digital remittance adoption impact demand for our services and the options that we can offer.
Macroeconomic and Geopolitical Changes Global macroeconomic and geopolitical factors, including inflation, currency fluctuations, immigration and immigration policy, regulatory changes, trade and regulatory policies, including imposition of trade restrictions, taxes and tariffs, and any related market or economic uncertainty or slowdown, regional and global conflicts, global crises and natural disasters, unemployment, potential recession, and the rate of digital cross-border payment adoption impact demand for our services and the options that we can offer.
Additionally, the number of business days in a quarter and the day of the week that the last day of the quarter falls on may also introduce variability in our results, working capital balances, or cash flows period over period. 45 Table of Content s Our Technology We will continue to invest significant resources in our technology.
Additionally, the number of business days in a quarter and the day of the week that the last day of the quarter falls on may also introduce variability in our results, working capital balances, or cash flows period over period.
Common Stock within the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for further detail on the donation of common stock.
Leases in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.
Send volume increased 38%, to $54.6 billion for the year ended December 31, 2024, compared to $39.5 billion for the year ended December 31, 2023, driven by the increase in active customers.
Send volume increased 37%, to $74.9 billion for the year ended December 31, 2025, compared to $54.6 billion for the year ended December 31, 2024, driven primarily by the increase in active customers.
Net cash used in investing activities was $17.7 million for the year ended December 31, 2024 , a decrease of $32.3 million , compared to net cash used in investing activities of $50.0 million for the year ended December 31, 2023 .
Net cash used in investing activities for the year ended December 31, 2024 was $19.9 million, as compared to net cash used in investing activities for the year ended December 31, 2023 of $50.0 million.
The increase was primarily due to an $80.5 million, or 30%, increase in direct costs associated with processing a higher volume of our customers’ remittance transactions and the disbursement of our customers’ funds to their recipients, and a $19.6 million increase in our provision for transaction losses.
The increase was primarily due to an $85.4 million, or 25%, increase in direct costs associated with processing a higher volume of our customers’ global money movement transactions and the disbursement of our customers’ funds to their recipients, and a $27.9 million increase in our provision for transaction losses.
The decrease was primarily driven by the increase in net repayments on our 2021 Revolving Credit Facility of $260.0 million and the settlement of amounts previously held back for the Rewire acquisition of $10.3 million in the year ended December 31, 2024, offset by the repayment of assumed indebtedness of $17.1 million that occurred in the year ended December 31, 2023.
This change was primarily driven by net repayments on our 2021 Revolving Credit Facility of $130.0 million and the settlement of amounts previously held back for the Rewire acquisition of $10.3 million in the year ended December 31, 2024.
Technology and Development Expenses Technology and development expenses increased $49.9 million, or 23%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was driven by $41.2 million in personnel-related expenses, net of personnel-related expenses capitalized as internal-use software.
Technology and Development Expenses Technology and development expenses increased $44.1 million, or 16%, for the year ended December 31, 2025, compared to the year ended December 31, 2024. The increase was driven by a $34.5 million increase in personnel-related costs, net of personnel-related costs capitalized as internal-use software.
The increase was primarily driven by a $1.0 million increase in personnel-related costs compared to the year ended December 31, 2023. As a percentage of revenue, customer support and operations expenses decreased to 7% for the year ended December 31, 2024, from 9% for the year ended December 31, 2023.
In addition, the increase was driven by a $7.0 million increase in personnel-related costs compared to the year ended December 31, 2024. As a percentage of revenue, marketing expenses decreased to 21% for the year ended December 31, 2025, from 24% for the year ended December 31, 2024, primarily due to efficiencies in digital and brand marketing.
Our changes in operating cash flows are heavily impacted by the timing of customer transactions and, in particular, the day of the week that the year end falls on, including holidays and long weekends.
Activity in the customer funds assets and liabilities is heavily impacted by the timing of customer transactions and, in particular, the day of the week that the year end falls on, including holidays and long weekends.
Net cash used in financing activities for the year ended December 31, 2024, was $127.4 million, a decrease of $254.1 million, compared to net cash provided by financing activities for the year ended December 31, 2023, of $126.7 million.
Net cash used in financing activities for the year ended December 31, 2024 was $42.4 million, as compared to net cash provided by financing activities for the year ended December 31, 2023 of $6.3 million.
These models and processes allow us to achieve and maintain fraud loss rates within desired guardrails, as well as tune our risk models to target other illegitimate activity.
These models and processes allow us to achieve and maintain fraud loss rates within desired guardrails, as well as continuously refine our risk models to address new risks.
Transaction Expenses Transaction expenses increased $102.5 million , or 31%, to $431.6 million for the year ended December 31, 2024, compared to $329.1 million for the year ended December 31, 2023.
Transaction Expenses Transaction expenses increased $117.9 million , or 27%, to $549.5 million for the year ended December 31, 2025, compared to $431.6 million for the year ended December 31, 2024.
We continue to expand our customer base by launching new send and receive corridors, by continuing to innovate on existing and new products, and by providing the most trusted financial services for customers with cross-border financial needs.
Attracting New Customers Our continued ability to attract new customers is a key driver for our long-term growth. We continue to expand our customer base by launching new send and receive corridors, innovating existing and new products, and providing the most trusted financial services for customers with cross-border financial needs.
Using compliance and risk assessment tools, we perform a transaction risk assessment on individual transactions to determine whether a transaction should be accepted.
This service comprises of a single performance obligation to complete transactions for our customers. Using compliance and risk assessment tools, we perform a transaction risk assessment on individual transactions to determine whether a transaction should be accepted.
Revenue Revenue increased $319.7 million, or 34%, for the year ended December 31, 2024, compared to the year ended December 31, 2023.
Revenue Revenue increased $371.2 million, or 29%, for the year ended December 31, 2025, compared to the year ended December 31, 2024.
These investments will allow us to introduce new and innovative products, add features to current products, enhance the customer and recipient experience, grow our payment and disbursement network, invest in our risk and security infrastructure, and continue to secure data in accordance with evolving best practices and legal requirements.
Our Technology We continue to invest significant resources in our technology to support the development of new and innovative products, add features to existing offerings, and enhance the customer and recipient experience. The investments also grow our payment and disbursement network, strengthen our risk and security infrastructure, and maintain data protection in accordance with evolving best practices and legal requirements.
Basis of Presentation and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for a more comprehensive description of current business concentrations.
Basis of Presentation and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. Evolving regulatory developments may influence customer behavior and transaction volumes.
We believe that our cash, cash equivalents, and funds available under the 2021 Revolving Credit Facility will be sufficient to meet our working capital requirements for at least the next twelve months.
During the year ended December 31, 2025, we repurchased $23.9 million of our common stock in open market transactions. We believe that our cash, cash equivalents, and funds available under the 2025 Revolving Credit Facility will be sufficient to meet our working capital requirements for at least the next twelve months.
Leases in the notes to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K. 52 Table of Content s Off-Balance Sheet Arrangements As of December 31, 2024, we had no material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.
Off-Balance Sheet Arrangements As of December 31, 2025, we had no material off-balance sheet arrangements that have, or are reasonably likely to have, a current or future material effect on our consolidated financial condition, results of operations, liquidity, capital expenditures, or capital resources.
The calculation of this non-GAAP measure discussed below may differ from other similarly titled metrics used by other companies, analysts, or investors. 49 Table of Content s We use Adjusted EBITDA, a non-GAAP financial measure to supplement net loss.
We believe that this non-GAAP measure provides meaningful supplemental information for management and investors in assessing our historical and future operating performance. The calculation of this non-GAAP measure discussed below may differ from other similarly titled metrics used by other companies, analysts, or investors. We use Adjusted EBITDA, a non-GAAP financial measure to supplement net income (loss).
Other Income (Expense), Net Other income (expense), net, primarily includes foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities. Provision for Income Taxes Provision for income taxes consists primarily of income taxes in certain foreign jurisdictions in which we conduct business and state income taxes in the United States.
Interest Expense Interest expense consists primarily of the interest expense on our borrowings. Other Income (Expense), Net Other income (expense), net, primarily includes foreign currency exchange gains and losses due to remeasurement of certain foreign currency denominated monetary assets and liabilities.
Acquisition, integration, restructuring, and other costs for the year ended December 31, 2022 primarily represent expenses related to the acquisition of Rewire. 50 Table of Content s Liquidity and Capital Resources Sources of Liquidity and Material Future Cash Requirements As of December 31, 2024 and December 31, 2023, our principal sources of liquidity were cash and cash equivalents of $368.1 million and $323.7 million, respectively, as well as funds available under the 2021 Revolving Credit Facility, which we entered into in September 2021.
Liquidity and Capital Resources Sources of Liquidity and Material Future Cash Requirements As of December 31, 2025 and December 31, 2024, our principal sources of liquidity were cash and cash equivalents of $542.4 million and $368.1 million, respectively, as well as funds available under the 2021 Revolving Credit Facility and 2025 Revolving Credit Facility, which we entered into in September 2021 and June 2025, respectively.
Investing Activities Cash used in investing activities consists primarily of purchases of property and equipment, capitalization of internal-use software, and cash paid for acquisitions of businesses, net of acquired cash, cash equivalents, and restricted cash.
Investing Activities Cash used in investing activities consists primarily of purchases of property and equipment, net originations from consumer receivables, and the capitalization of internal-use software.
Depreciation and Amortization Depreciation and amortization increased $4.9 million, or 38%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase is primarily driven by an increase in amortization of internal-use software.
Depreciation and Amortization Depreciation and amortization increased $7.0 million, or 39%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily driven by an increase in amortization of internal-use software. 50 Table of Contents Interest Income Interest income decreased by an immaterial amount for the year ended December 31, 2025, as compared to the year ended December 31, 2024.
We plan to continue to acquire new customers through digital marketing channels and word-of-mouth referrals from existing customers, and by exploring new customer acquisition channels.
Growth in new customer categories, as well as product and geographic expansion, are contributing to broader acquisition. We continue to acquire new customers through digital marketing channels and word-of-mouth referrals from existing customers.
The decrease was primarily due to process improvements and automation across customer support headcount at internal and third-party customer support sites. 48 Table of Content s Marketing Expenses Marketing expenses increased $69.4 million, or 30%, for the year ended December 31, 2024, compared to the year ended December 31, 2023, primarily due to an increase of $56.2 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers.
Marketing Expenses Marketing expenses increased $39.1 million, or 13%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily due to an increase of $26.2 million in advertising expense and other targeted marketing expense, including online and offline marketing spend and promotion costs to acquire new customers.
The following table sets forth a reconciliation of net loss to Adjusted EBITDA, the most directly comparable financial measure prepared in accordance with GAAP, for each of the periods indicated: Years Ended December 31, (in thousands) 2024 2023 2022 Net loss $ (36,978) $ (117,840) $ (114,019) Add: Interest income, net (4,836) (5,095) (2,847) Provision for income taxes 6,727 5,902 1,043 Depreciation and amortization 18,054 13,118 6,724 Foreign exchange (gain) loss (4,394) 2,603 (5,261) Donation of common stock (1) 2,587 4,600 1,972 Stock-based compensation expense, net 152,137 136,967 95,293 Acquisition, integration, restructuring, and other costs (2) 1,468 4,197 3,462 Adjusted EBITDA $ 134,765 $ 44,452 $ (13,633) __________________ (1) Refer to Note 11.
The restructuring costs are primarily related to severance and other associated costs; and • Other companies, including companies in our industry, may calculate Adjusted EBITDA differently from how we calculate this measure or not at all, which reduces its usefulness as a comparative measure. 51 Table of Contents The following table sets forth a reconciliation of net income (loss), the most directly comparable financial measure prepared in accordance with GAAP, to Adjusted EBITDA, for each of the periods indicated: Years Ended December 31, (in thousands) 2025 2024 (2) 2023 (2) Net income (loss) $ 67,933 $ (36,978) $ (117,840) Add: Interest income, net (87) (4,836) (5,095) Provision for income taxes 3,695 6,727 5,902 Depreciation and amortization 25,034 18,054 13,118 Other (income) expense, net 5,927 (4,394) 2,603 Donation of common stock (1) 3,336 2,587 4,600 Stock-based compensation expense, net 155,114 152,137 136,967 Payroll taxes related to stock-based compensation expense, net 7,059 6,439 5,746 Acquisition, integration, restructuring, and other costs (3) 4,179 1,468 4,197 Adjusted EBITDA $ 272,190 $ 141,204 $ 50,198 __________________ (1) Refer to Note 12.
Contractual Obligations and Commitments Our principal commitments consist of standby letters of credit, long-term leases, and other purchase commitments entered into in the normal course of business.
T he change was also impacted by the repayment of assumed indebtedness of $17.1 million that occurred in the year ended December 31, 2023. Contractual Obligations and Commitments Our principal commitments consist of standby letters of credit, long-term leases, and other purchase commitments entered into in the normal course of business.
This was the result of a 23% increase in headcount compared to the year ended December 31, 2023, as part of our continued investment in our technology. The increase in technology and development expense was also driven by an $8.1 million increase in software costs for cloud services to support incremental transaction volume.
The increase in technology and development expense was also driven by a $5.6 million increase in software costs for cloud services to support incremental transaction volume.
General and Administrative General and administrative expenses consist primarily of personnel-related expenses for our finance, legal, compliance, human resources, facilities, administrative personnel, and other leadership functions, including salaries, benefits, and stock-based compensation expense. General and administrative expenses also include professional services fees, software subscriptions, facilities, indirect taxes, credit losses, and other corporate expenses, including acquisition and integration expenses.
General and administrative expenses also include professional services fees, software subscriptions, facilities, indirect taxes, credit losses, and other corporate expenses, including acquisition and integration expenses.
During the year ended December 31, 2024, we cumulatively borrowed $1,453.0 million against this credit facility and repaid $1,583.0 million, including outstanding amounts from the prior year. As of December 31, 2024, we had no outstanding borrowings under the 2021 Revolving Credit Facility. As of December 31, 2024, we have unused borrowing capacity of $277.3 million.
During the year ended December 31, 2025, we cumulatively borrowed $6.8 billion and repaid $6.7 billion against these credit facilities. As of December 31, 2025, we had $155.0 million outstanding borrowings under the 2025 Revolving Credit Facility, and had $323.2 million in unused borrowing capacity.
General and Administrative Expenses General and administrative expenses increased $16.5 million, or 9%, for the year ended December 31, 2024, compared to the year ended December 31, 2023. The increase was primarily driven by a $24.4 million increase in personnel-related expenses resulting from a 24% increase in headcount compared to the year ended December 31, 2023.
Customer Support and Operations Expenses Customer support and operations expenses increased $17.3 million , or 21%, for the year ended December 31, 2025, compared to the year ended December 31, 2024, primarily driven by a $13.0 million increase in personnel-related costs.
The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from $250.0 million (including a $60.0 million letter of credit sub-facility) to $325.0 million . We have historically financed our operations and capital expenditures primarily through cash generated from operations including transaction fees and foreign exchange spreads.
The 2021 Revolving Credit Facility was amended in December 2023 to increase the revolving commitments from $250.0 million (including a $60.0 million letter of credit sub-facility) to $325.0 million, and was replaced in June 2025 with the 2025 Revolving Credit Facility, which increased the revolving commitments to $550.0 million (including a $200.0 million letter of credit sub-facility).
Non-GAAP Financial Measures We regularly review the following non-GAAP measure to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. We believe that this non-GAAP measure provides meaningful supplemental information for management and investors in assessing our historical and future operating performance.
The decrease is primarily due to lower taxable income in certain foreign jurisdictions and changes in uncertain tax positions. Non-GAAP Financial Measures We regularly review the following non-GAAP measure to evaluate our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions.
We measure active customers to monitor the growth and performance of our customer base. The majority of our active customers send money for recurring, non-discretionary needs multiple times per month, providing a recurring revenue stream with high predictability and durability. Attracting New Customers Our continued ability to attract new customers is a key driver for our long-term growth.
The majority of our active customers send money for recurring, non-discretionary needs multiple times per month, providing a recurring revenue stream with high predictability and durability. Additionally, new customer categories, such as small- to mid-sized businesses, contribute often higher-value transactions as they send money to pay contractors, vendors, and employees.
Key Factors Affecting Our Performance Customer Retention and High Customer Engagement Our send volume is primarily driven by existing customers who regularly use our remittance product to send money to family and friends. We believe our mobile-first products and superior customer experience encourage high retention and repeat usage, which are significant though not the only drivers of our performance.
Key Factors Affecting Our Performance Customer Retention and High Customer Engagement Our send volume is primarily driven by existing customers, who regularly use our global money movement product to send money across borders to family and friends, as well as an increasing number of high-amount senders and businesses.
Building on its strong foundation, Remitly is expanding its suite of products to further its vision and transform lives around the world. Our Revenue Model For our remittance business, which represents substantially all of our revenue today, we generate revenue from transaction fees charged to customers and foreign exchange spreads applied to the amount the customer is sending.
Our Revenue Model For our global money movement product, which currently represents the substantial majority of our revenue, we earn revenue from transaction fees charged to customers and foreign exchange spreads applied to the amount the customer is sending.
For example, for performance marketing, we set rigorous customer acquisition targets that we continuously monitor to ensure a high return on investment over the long term, and we can increase or decrease this investment as desired.
For performance marketing, we set rigorous customer acquisition targets that we continuously monitor to drive a high long-term return on investment, adjusting spend dynamically based on performance and opportunity. This disciplined approach allows us to balance growth with profitability and to redeploy investment efficiently across customer categories and products.
Specifically, as a result of both growth and timing, we saw an increase in cash flow due to customer funds working capital changes of $80.9 million related to combined customer funds receivable, customer liabilities, disbursement prefunding, and trade settlement liability.
Specifically, as a result of timing, cash outflows were impacted by increases in both disbursement prefunding and customer funds receivable, partially offset by increases in customer liabilities and trade settlement liabilities.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

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Biggest changeIn periods where other currencies weaken against the U.S. dollar, this can negatively impact our consolidated results which are reported in U.S. dollars. 54 Table of Content s As of December 31, 2024 and December 31, 2023, a hypothetical uniform 10% strengthening or weakening in the value of the U.S. dollar relative to other currencies in which our net loss was generated, would have resulted in a decrease or increase to the fair value of our customer transaction-related assets and liabilities denominated in currencies other than the subsidiaries’ functional currencies of approximately $17.4 million and $19.3 million, respectively, based on our unhedged exposure to foreign currency at that date.
Biggest changeA hypothetical uniform 10% strengthening or weakening in the value of the U.S. dollar relative to other currencies in which our net income (loss) was generated, would have resulted in a decrease or increase to the fair value of our customer transaction-related assets and liabilities denominated in currencies other than the subsidiaries’ functional currencies of approximately $37.9 million as of December 31, 2025, and $17.4 million as of December 31, 2024, based on our unhedged exposure to foreign currency at that date.
We are also exposed to credit risk relating to our banking partners where we hold assets, and our disbursement partners when we prefund or remit funds in advance of having collected funds from our customers through our pay-in payment processors, if our disbursement partners fail to disburse funds according to our instructions (for example, due to their insufficient capital).
We are also exposed to credit risk relating to our banking partners where we hold assets, our disbursement partners when we prefund or remit funds in advance of having collected funds from our customers through our pay-in payment processors, if our disbursement partners fail to disburse funds according to our instructions (for example, due to their insufficient capital), and our consumer receivables.
We have not experienced significant losses during the periods presented. Foreign Currency Exchange Rate Risk Given the nature of our business, we are exposed to foreign exchange rate risk in a number of ways.
We have not experienced significant losses during the periods presented. 55 Table of Contents Foreign Currency Exchange Rate Risk Given the nature of our business, we are exposed to foreign exchange rate risk in a number of ways.
We mitigate these credit exposures by engaging with reputable disbursement partners and performing a credit review before onboarding each disbursement partner and by negotiating for postfunding arrangements where circumstances permit. We also periodically review credit ratings, or, if unavailable, other financial documentation, of both our pay-in payment providers and disbursement partners.
We mitigate these credit exposures by engaging with reputable disbursement partners and performing a credit review before onboarding each disbursement partner, by negotiating for postfunding arrangements where circumstances permit, and by managing eligibility related to our consumer receivables. We also periodically review credit ratings, or, if unavailable, other financial documentation, of both our pay-in payment providers and disbursement partners.
In addition, changes in foreign exchange rates may impact customer behavior by altering the timing or volume of remittance transactions. For example, an increase in the value of a send currency against a receive currency may accelerate the timing or amount of remittances.
In addition, changes in foreign exchange rates may impact customer behavior by altering the timing or volume of global money movement transactions. For example, an increase in the value of a send currency against a receive currency may accelerate the timing or amount of global money movement transactions.
To the extent practicable, we minimize our foreign currency exposures by maintaining natural hedges between our current assets and current liabilities in similarly denominated foreign currencies.
To the extent practicable, we minimize our foreign currency exposures by maintaining natural hedges between our current assets and current liabilities in similarly denominated foreign currencies. We also deploy derivatives and other financial instruments to reduce foreign currency exchange risk due to the timing difference between purchase of foreign currency and remittance initiation.
As such, the consolidated financial statements will continue to remain subject to the impact of foreign currency translation, as our international business continues to grow.
As such, the consolidated financial statements will continue to remain subject to the impact of foreign currency translation, as our international business continues to grow. In periods where other currencies weaken against the U.S. dollar, this can negatively impact our consolidated results which are reported in U.S. dollars.
Removed
At this time, we do not enter into derivatives or other financial instruments in an attempt to hedge our foreign currency exchange risk, however we may do so in the future. 55 Table of Content s
Added
These foreign exchange contracts have not had a material impact on our operations in the period. We do not use derivative financial instruments for trading or speculative purposes. 56 Table of Contents

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