{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-ab3a8a46c579", "slug": "0241ef55185f", "title": "Remitly Global, Inc. (RELY)", "subtitle": "Spruce Point Capital Management · 2025-03", "author": "Spruce Point Capital Management", "date": "2025-03-11 00:00:00", "pageCount": 74, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Remitly Global, Inc.", "targetTicker": "RELY", "document": { "id": "019dd923-622c-750b-8b99-ab3a8a46c579", "slug": "0241ef55185f", "title": "Remitly Global, Inc. (RELY)", "rawTitle": "67e3ee80d9c656ef4b6b0b9e rely research thesis 3 11 2025", "authorId": "54_Spruce_Point_Capital", "authorName": "Spruce Point Capital Management", "authorDisplay": "Spruce Point Capital Management", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2025-03-67e3ee80d9c656ef4b6b0b9e_rely_research_thesis_3-11-2025.pdf", "sourceUrl": null, "sourceDate": "2025-03-11 00:00:00", "presentationDate": "2025-03-11 00:00:00", "ingestedAt": "2026-04-22 22:01:44+00", "status": "ready", "pageCount": 74, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Remitly Global, Inc.", "targetTicker": "RELY", "metadata": { "local_root": "/tmp/legacy-images/0241ef55185f", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 190.55087900161743 } }, "coverage": { "pageCount": 74, "pagesIndexed": 74, "pagesWithImages": 74, "pagesWithMetadata": 74, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 463, "chartCount": 17, "metricSlides": 0, "toolMatches": 11, "documentToolMatches": 5, "frameworkMatches": 60, "arcMatches": 0, "beatMatches": 0, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [], "beats": [], "loops": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "e5cbc8b1-0270-4d81-b8c6-46b3bf1e0585", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d3ed96c4-a2fa-40d1-8527-39fc0c8d65ca", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "588fa22a-9a66-4aa3-896b-95a01d228db4", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "2ebcf978-e721-4cc5-9f28-9348f1e39af5", "evidence": "Matt Oppenheimer (CEO); Josh Hug (co-founder/Vice Chair); Ryno Blignaut (Director)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "a5e00fec-0281-4b5e-af94-23184699ae7a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.073129+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "712fca26-8765-4171-80b6-8229088662b1", "evidence": "The slide is a cover slide with a title, logo, and image.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.165335+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "408ea905-b933-4a29-9f75-73cfae9f0aa5", "evidence": "The slide provides a brief summary of the report's findings.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.280609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ffdec470-dc18-47e4-ba2c-b62e82614d3c", "evidence": "The slide provides a detailed summary of Spruce Point's opinion on Remitly Global.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.356543+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8419ba69-f0e5-4330-a862-b46d10055796", "evidence": "Remitly vs. Wise comparison table including Revenues, Restructuring Cost, Est. Support Staff, Active Customers, and Staff per Customer.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:04.354537+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "550b354a-cede-489c-a765-c67af6621cea", "evidence": "Remitly vs. Wise comparison table including downloads and engagement metrics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:04.436666+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b2e8ee72-ae3f-4b78-8f0f-fb98c8708a7c", "evidence": "Analysts fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:06:58.57409+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "b2fac12c-f937-46b0-bb76-73ea5f58e27e", "evidence": "Citing past successful short campaigns to build credibility for current thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "authority-citation" }, { "matchId": "c6d7293a-8cd8-45cc-a68c-824ea2f629b6", "evidence": "Slide title is 'Executive Summary'", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:51.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "executive-summary" }, { "matchId": "d1d0de81-02c6-4329-90f4-83fc3825ced2", "evidence": "The slide breaks down company performance into specific revenue and cost levers.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:52.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "decomposition" }, { "matchId": "bb8856e5-b413-4526-b291-5b0bf788a65c", "evidence": "Contrasts CEO's verbal emphasis on trust with the removal of 'Be Transparent' from corporate values.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "expose_contradiction" }, { "matchId": "8f65f47b-98d0-42ee-b5ed-d60b21d990bc", "evidence": "Exposing deceptive marketing practices through visual evidence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" }, { "matchId": "2334fd0a-0687-4231-9770-f8d80476191a", "evidence": "The slide explicitly aims to expose fraudulent marketing practices by highlighting inconsistencies in testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" }, { "matchId": "49fff1c4-b5d5-48e1-bfa0-f0513df02fe1", "evidence": "Contrasts CEO statement with visual evidence of review manipulation", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7265c903-2e19-478b-acae-9ac1eaa55b09", "evidence": "The slide systematically presents negative external data to contradict the company's curated positive narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" }, { "matchId": "004e84a8-eec0-4e8f-a53e-16a7457c24f4", "evidence": "The slide explicitly contrasts 'Starting In October 2024' with 'Previously' to highlight a change in disclosure.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "before-after-framing" }, { "matchId": "680f5e6f-8f72-425a-bb09-7d446d916448", "evidence": "The slide presents a single, high-level thesis statement that dictates the narrative of the subsequent deck.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "governing-thought" }, { "matchId": "1d26e906-21c9-4d59-a143-a5a8749a402d", "evidence": "Systematically deconstructs company growth levers to argue they are failing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "preempt_rebuttal" }, { "matchId": "52105ac3-beee-487a-a078-c148da514f0c", "evidence": "Visual comparison of 2022 and 2024 data points to highlight a shift in methodology.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "before-after-framing" }, { "matchId": "b964fb15-2771-4d98-a152-d98892213d6e", "evidence": "The slide frames Remitly's management and competitors as the source of potential failure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" }, { "matchId": "f2dbdd2c-a6e0-486b-87bb-3ccaa9ecf467", "evidence": "Comparison of 2023 vs 2024 risk factors", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "before-after-framing" }, { "matchId": "618377e9-6b0e-496a-b430-e370982668fc", "evidence": "Highlighting risk factors and competitive threats", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" }, { "matchId": "9d9721ce-2b97-49b4-ab6c-265c813f67bf", "evidence": "The slide explicitly frames the decline of traditional remittance apps as a result of stablecoin pressure, setting up a 'villain' narrative for the sector.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" }, { "matchId": "131975a2-6fe1-4df1-bd56-17b4858ba0da", "evidence": "Contrasts CEO statement with historical filing language to imply strategic desperation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7c11c4e6-e805-4a6b-9768-835ef9650592", "evidence": "Contrasts CEO's optimistic growth statement with competitor market dominance data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "expose_contradiction" }, { "matchId": "fa1d7c8f-b423-4798-af39-4fa3a430a22f", "evidence": "The slide explicitly frames a change in accounting definitions as a potential mechanism for metric inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" }, { "matchId": "8646a4b8-7747-48a7-9915-1ae13c2fed2c", "evidence": "Contrasts quantitative growth data with qualitative management statements.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "expose_contradiction" }, { "matchId": "f99f1a39-69da-417a-ae07-830fe7c6824f", "evidence": "The slide explicitly frames the lack of disclosure as a deliberate attempt to obscure negative business trends.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" }, { "matchId": "16c5df82-4a3a-44d4-b7a8-c6ea94bad2ba", "evidence": "Contrasts CEO's claim of 'secret sauce' with empirical search result data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "3cedc3d7-21b5-469b-847e-3940e1a00532", "evidence": "Exposing competitive disadvantage in marketing spend/search dominance", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" }, { "matchId": "4559233c-5493-425a-bfac-9b2e2e1046fe", "evidence": "Contrasting 2021 vs 2025 business model claims", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "expose_contradiction" }, { "matchId": "af805c1f-0ac6-4c03-bfbb-a05cdd3e10e3", "evidence": "Visual comparison of two business model flywheels", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "flywheel" }, { "matchId": "29170bfa-f73b-4aef-839e-183f27090d2f", "evidence": "Contrasts CEO's positive outlook on cohorts with the removal of the data and a former employee's negative assessment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7d4156b4-c598-482f-af4e-93fefab4cd77", "evidence": "Exposing a contradiction in financial reporting to suggest obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" }, { "matchId": "7c6fcadf-e826-4091-b93f-4b0a2791e7bb", "evidence": "Highlights the cessation of key metric disclosures to imply lack of transparency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" }, { "matchId": "875ded8f-2f14-4d66-b6a7-d10e07008aa3", "evidence": "Juxtaposition of management quotes against contradictory industry data points.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "expose_contradiction" }, { "matchId": "ab92db3b-9cc0-4036-a01e-b844b834ea91", "evidence": "Contrasts company statements with negative feedback from former employees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "expose_contradiction" }, { "matchId": "e5655e60-8aab-4982-93dc-b8420144a7a6", "evidence": "The slide uses a table to compare financial ratios across multiple years to identify trends.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison_frame" }, { "matchId": "5a569b9b-dd6d-43ba-b9c6-d72ffa7f2d4d", "evidence": "Contrasts detailed IPO disclosure with repetitive, simplified post-IPO explanations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "27bde478-a52e-45af-a1d6-e76db5252a12", "evidence": "Contrasting management quotes with historical data to expose a narrative shift.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "56e10fb6-94a1-400e-85ed-50cc52ab9d42", "evidence": "Uses expert interview excerpts to validate the thesis of extreme competition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "authority-citation" }, { "matchId": "33aa55c1-8eae-4151-a021-649fef894827", "evidence": "Contrasts official company risk disclosures with former employee testimony to expose potential hidden business practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "7d3c3f59-48ab-4602-a04c-973efa583227", "evidence": "Uses a former employee quote to contradict the company's public compliance stance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "a9610c09-7996-4419-ac08-327bff48a4b0", "evidence": "Highlighting executive turnover as a red flag for corporate governance or internal issues.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "fraud-exposure" }, { "matchId": "e41c16a3-b14a-4dd6-96df-0afb794fe60d", "evidence": "Direct comparison of Remitly against a peer group to highlight a performance/compensation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "comparison-frame" }, { "matchId": "8bc27f05-e784-4aa1-b9cf-9a7ae7220ed0", "evidence": "The slide explicitly frames the company's financial disclosures as potentially misleading regarding fraud loss models.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "fraud-exposure" }, { "matchId": "70d983e5-ee1b-47e4-94c8-3cb9ff445b51", "evidence": "Direct comparison of two competitors using search interest data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "comparison-frame" }, { "matchId": "2dee4eed-4aa5-4608-b9c0-86f3b6ffc982", "evidence": "The slide contrasts Remitly's stated fear of data transparency with the reality of their referral partner's bias.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "expose_contradiction" }, { "matchId": "749b8725-7081-4e8b-a6ff-1036617d206b", "evidence": "Direct comparison of two entities across multiple metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "comparison-frame" }, { "matchId": "24d95643-d9c5-4f91-b90c-11794e2ac0a9", "evidence": "Exposing how AI bias creates a competitive disadvantage for Remitly", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" }, { "matchId": "d0daff02-e60d-446f-a7cc-5dae29579e8d", "evidence": "Direct comparison of Remitly and Wise support metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "comparison_frame" }, { "matchId": "a4afa89d-0a2e-461d-87a9-02770abb9312", "evidence": "Side-by-side visual comparison of two competitors using identical metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "comparison_frame" }, { "matchId": "b2674547-bc2a-4a0a-bce3-c229d23aadb9", "evidence": "The slide explicitly contrasts company claims with accounting changes to imply potential manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" }, { "matchId": "4fa4882c-2a7a-46c3-9512-bde65daa37ed", "evidence": "The slide frames the CAO as a problematic figure associated with past financial restatements.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "antagonist-introduction" }, { "matchId": "909e2139-9b5e-4507-bc05-70eea8448ebd", "evidence": "Linking board member history to past corporate fraud", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" }, { "matchId": "9edec3d4-1742-4a25-aa98-8b619f858621", "evidence": "Connects board member history to specific allegations of fraud and regulatory misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" }, { "matchId": "6c67d241-d51c-4ec2-a367-b8cbfada4a94", "evidence": "Juxtaposition of management quotes against historical data to highlight inconsistency.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "expose_contradiction" }, { "matchId": "3fbfb76c-8056-44f0-9c23-395b1fd31d80", "evidence": "Uses expert testimony to highlight a potential contradiction in company performance metrics and disclosure practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "ceo-quote-contradiction" }, { "matchId": "0f2568dd-1302-4ca2-8c9c-de2913bcac19", "evidence": "The slide explicitly discusses corporate governance policies regarding stock pledging.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "governance" }, { "matchId": "bb348023-5a0d-444c-bc5e-35698a221957", "evidence": "The slide uses a comparative table to highlight Remitly's outlier status in stock-based compensation metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "frameworkName": "comparison_frame" }, { "matchId": "efbc932e-7b75-4c8a-909a-7765c1c785ce", "evidence": "The slide explicitly claims analysts are failing to conduct 'rigorous forensic analysis' and are ignoring 'dubious customers'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" }, { "matchId": "5f4c47a8-4782-495e-bf1f-3173d13bfef8", "evidence": "The slide uses insider trading data to contradict management's positive outlook, a classic activist short-selling tactic.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" }, { "matchId": "bc74cc44-f8aa-49d0-b450-4a0714bd670c", "evidence": "Exposing understated share count to argue for higher dilution and lower valuation.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "fraud-exposure" }, { "matchId": "0bfa960f-87e5-448f-ae72-80de74f3c85a", "evidence": "Peer valuation table comparing Remitly to industry competitors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "comparison_frame" }, { "matchId": "3820fa79-17e2-4783-981a-e31afd360446", "evidence": "Comparing valuation multiples of Remitly against a peer group to argue overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "comparison_frame" }, { "matchId": "7010b98f-2d31-482a-ad29-d960002151f2", "evidence": "The table calculates equity value by adjusting enterprise value for debt and cash, then dividing by shares.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "valuation-bridge" }, { "matchId": "9208c009-a4b0-4d67-8a2c-825c3498378f", "evidence": "Contrasts Remitly's disclosure with Wise PLC's disclosure to highlight a potential overstatement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "comparison-frame" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Classic Spruce Point short report on Remitly (NASDAQ: RELY). Strong thesis hook: Remitly's own FAQ asks 'Why should I trust Remitly?' — Spruce Point weaponises this by exposing stock-photo customer testimonials (reverse image search) and doctored Trustpilot ratings (Wayback comparisons). Cover visual of cash-exchange booth with 'Why should I trust you?' thought bubble is unusually cinematic for the genre. Slide 4 primes credibility with Spruce Point's track record on payments shorts (Lightspeed, Nuvei, NCR). Quantitative spine: revenue per active customer and transaction margin turning negative in 2024; take rate 'stable' narrative undermined by removed disclosures (mobile wallets, LTV/CAC, cohorts). Governance chapter attacks CFO/CAO turnover (CAO resigned 9 days after 10-K), Director Ryno Blignaut's Xoom $30.8m misappropriation history, and co-founder Hug's $40m pledged stock. Valuation chapter uses 10-13x 2025E EBITDA to derive $9.51-$12.46 target (38-53% downside from $20.07). No stake size disclosed, typical for short reports. Authored by firm, not a named individual.", "kpisCited": [ { "detail": "40%-55% to RELY share price, target $9.51-$12.46 vs. $20.07", "metric": "Long-term downside risk" }, { "detail": "$184.64 in 2024, declining YoY in four consecutive quarters (-1.2% to -3.6%)", "metric": "Revenue per active customer" }, { "detail": "-2.2% in 2024, first decline since IPO", "metric": "Transaction margin YoY change" }, { "detail": "2.28% Q4'24; mix shift to digital disbursements pressuring", "metric": "Take rate (gross)" }, { "detail": "Down 14%-43% from 2020-2023", "metric": "Average transaction size" }, { "detail": "12.0% at Remitly vs. 4.1% fintech peer average", "metric": "Stock-based compensation / revenue" }, { "detail": "78.2% at Remitly vs. 26.1% peer average", "metric": "Stock-based compensation / operating cash flow" }, { "detail": "$12.26 in 2024, -25.0% YoY (vs. $19.39 in 2022)", "metric": "Customer support spend per active customer" }, { "detail": "Wise has 3x more customer support staff per active customer than Remitly", "metric": "Support staff per active customer" }, { "detail": "22.0x (adjusted) vs. 7.5x peer average ex-Remitly", "metric": "EV/EBITDA 2025E multiple" }, { "detail": "71.9x (adjusted) vs. 10.2x peer average", "metric": "EV/Free Cash Flow 2025E" }, { "detail": "Co-founder Josh Hug pledged 2m shares (~$40m) as collateral for personal line of credit", "metric": "Co-founder pledged collateral" }, { "detail": "Only 100 new corridors added in 2024 (~2% growth) against 5,100+ base", "metric": "Corridor expansion" } ], "closingAsk": "Sell / short RELY — Spruce Point sees 40%-55% long-term downside and expects the stock to underperform the financial services industry and broader equity market.", "extraction": { "at": "2026-04-22 22:01:44+00", "model": "unknown-legacy", "runId": null, "seconds": 190.55087, "promptVersion": null }, "scqaReward": "At 10-13x 2025E EBITDA, Spruce Point models a $9.51-$12.46 target price, implying 38-53% downside from ~$20 and material underperformance versus fintech peers.", "thesisTypes": [ "fraud_exposure", "governance_board", "multiple_rerating" ], "top3Reasons": [ "Remitly's customer testimonials are iStock photos; Trustpilot ratings were doctored from 4.5 to 5 stars", "Key disclosures removed while 'stable' take rate masks a 14-43% collapse in average transaction size", "Governance red flags: CFO/CAO turnover, founder pledged $40m stock, insiders liquidating via 10b5-1" ], "scqaSituation": "Remitly is a $4bn Nasdaq-listed money-transfer app serving immigrant customers, whose CEO names 'trust' as the core of the business and cites industry-leading Trustpilot scores as proof.", "thesisSummary": "Spruce Point issues a 'Strong Sell' on Remitly Global (RELY), a $4bn money-transfer provider whose CEO calls 'trust' the core of the business. Forensic review finds Remitly illustrated customer testimonials with iStock photos, reused the same name across different faces, and inflated Trustpilot ratings from 4.5 to 5 stars while keeping identical quotes. Key disclosures — revenue cohorts, LTV/CAC, mobile-wallet counts, transaction totals — have been quietly removed, while the 2.0-2.5% 'stable' take rate obscures a 14-43% collapse in average transaction size since 2020. Governance is weak: CFO/CAO turnover, co-founder Hug's $40m stock pledge, director Ryno Blignaut's Xoom misappropriation history, and insider 10b5-1 liquidations. With Wise gaining share and stablecoin disruption looming, Spruce Point models 40-55% downside to a $9.51-$12.46 share price versus ~$20.", "primaryDemands": [ "Sell / short RELY — Strong Sell opinion", "Investors should discount Remitly's 'trust' narrative given doctored testimonials and Trustpilot ratings", "Scrutinize governance: CFO/CAO turnover, co-founder Hug's $40m pledged stock, director Ryno Blignaut's Xoom misappropriation history", "Re-rate the equity toward peer multiples as take-rate and margin compression become visible" ], "scqaResolution": "Sell RELY — Spruce Point recommends a Strong Sell as take rates contract, Wise gains share, regulatory risk builds, co-founder Hug transitions out, and insiders liquidate stock via 10b5-1 plans.", "thesisOneLiner": "Remitly sells 'trust' but relies on stock-photo testimonials and doctored reviews; forensic review reveals margin compression and governance red flags implying 40-55% downside to ~$10.", "precedentsCited": [ "Lightspeed (LSPD) short — -90% decline", "Nuvei (NVEI) short — -86% decline, taken private", "NCR short — -27% decline, company split" ], "scqaComplication": "Spruce Point finds stock-photo testimonials, doctored Trustpilot ratings, vanishing disclosures (cohorts, LTV/CAC, mobile wallets), CFO/CAO turnover, and margin compression pointing to a commoditised, eroding take rate.", "narrativeInterest": 4, "notableSlidePages": [ 1, 6, 9, 11, 35, 73 ], "peerCompaniesCited": [ "Wise Plc", "PayPal", "Enova International", "Western Union", "Euronet Worldwide", "International Money Express", "OFX Group", "Payoneer", "Block", "Shift4 Payments", "NCR Atleos", "Xoom" ], "valuationFrameworks": [ "multiple_comparison" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide uses a visual metaphor of a person holding money and questioning the counterparty, reinforcing the 'mistrust' thesis.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/CbnHc8VxwWjwnld_i3j1V90rPlVpj52jnteJdW10ZqY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wMjQxZWY1NTE4NWYvcDAwMS5wbmc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 5, "textChars": 158, "nDataPoints": 0, "notes": "The slide uses a visual metaphor of a person holding money and questioning the counterparty, reinforcing the 'mistrust' thesis.", "elementsJson": [ "photo", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:52.832+00", "seconds": 3.312, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/1", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.15, "x": 0.4, "y": 0.073 }, "kind": "callout", "text": "Why should I trust you?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2db9485-f3ad-467a-95f9-ff47fe5b8088", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.25, "x": 0.08, "y": 0.85 }, "kind": "image", "text": "SPRUCE POINT CAPITAL MANAGEMENT INVESTMENT RESEARCH REPORT", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b1cd1b7c-133e-4836-86ad-73033a94054e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.81 }, "kind": "paragraph", "text": "Remitly Global, Inc. | NASDAQ: RELY", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2e427b9d-9db5-4f12-bd3e-49ef29f0e4e9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.08, "y": 0.77 }, "kind": "title", "text": "STRONG SELL OPINION", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa0852de-4de1-4b68-8800-b92581bae083", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.08, "y": 0.72 }, "kind": "title", "text": "Why We Mistrust Remitly", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.832+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18d335d3-54a0-48a9-a08d-05e2edf58f83", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Slide recipe: Cover", "slug": "cover-slide", "status": "active", "bestFor": null, "canonId": "019df269-2a08-767d-9128-e7431e6fe8a3", "version": 1, "bodyDocId": "019df269-29e5-7738-b5fa-6892e5dc8e65", "description": "The first ten seconds. Build it deliberately.", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "712fca26-8765-4171-80b6-8229088662b1", "evidence": "The slide is a cover slide with a title, logo, and image.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.165335+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/D15u1NZxUDZpQ4nhXAmCzg7Rzs-neHaJS39mOrbpzvw/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wMjQxZWY1NTE4NWYvcDAwMS5wbmc", "imagePathAlt": "https://imgproxy.kitesheet.com/jeXManGHS60LMPzn1_vEpYPegD_s8flDEbOZIjmyFF0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wMjQxZWY1NTE4NWYvcDAwMS5qcGc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/PL1FQQkySrLOWq1eMxoYQr0T8PUxSIkn1xigBfGHglc/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8wMjQxZWY1NTE4NWYvcDAwMS5qcGc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 5, "textChars": 1575, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.973+00", "seconds": 6.272, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/2", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.75 }, "kind": "disclaimer", "text": "This report's estimated fundamental value only represents a best efforts estimate of the potential fundamental valuation of a specific security... This is not an offer to sell or a solicitation of an offer to buy any security... All rights reserved.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "73d38b92-af13-48ea-aee0-4625cb44fa2a", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions. You should assume that as of the publication date of any presentation, report or letter, Spruce Point Capital Management LLC (\"SPCM\") (possibly along with or through our members, partners, affiliates, employees, and/or consultants) along with our subscribers and clients has a short position in all stocks (and are long/short combinations of puts and calls on the stock) covered herein, including without limitation Remitly Global, Inc. (\"RELY\") and therefore stand to realize significant gains in the event that the price declines.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9c212b87-7585-4a17-90b9-d8f6f01e38e4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "disclaimer", "text": "This research presentation expresses our research opinions, which we have based upon interpretation of certain facts and observations, all of which are based upon publicly available information, and all of which are set out in this research presentation. Any investment involves substantial risks, including complete loss of capital.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4e17515-7884-402f-8f96-47cdff5dd42c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "disclaimer", "text": "To the best of our ability and belief, as of the date hereof, all information contained herein is accurate and reliable and does not omit to state material facts necessary to make the statements herein not misleading... Spruce Point Capital Management LLC makes no other representations, express or implied, as to the accuracy, timeliness, or completeness of any such information.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe137dd7-e9ff-4559-b6ec-60e9f45bd947", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.35, "y": 0.05 }, "kind": "title", "text": "Full Legal Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ed74744-a6a4-441b-95fc-86f3381d4440", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide uses alternating row colors to distinguish sections.", "function": "front_matter", "rawType": "table_of_contents", "block": null, "metadata": { "slideType": "table_of_contents", "slideTypeCanon": { "name": "Table of contents", "slug": "table_of_contents", "status": "active", "canonId": "019de52d-0643-721b-9b85-69676bb85cf8", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 2, "textChars": 491, "nDataPoints": 1, "notes": "The slide uses alternating row colors to distinguish sections.", "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:51.654+00", "seconds": 1.94, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/3", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.63, "w": 0.978, "x": 0.011, "y": 0.202 }, "kind": "list", "text": "1. Executive Summary\n2. Trust Is Perhaps The Biggest Factor Why Customers Choose Remitly: Here’s Evidence They Have Dubious Customers And Reviews\n3. We Believe Remitly Is A Troubled And Opaque Business Experiencing Growth Pressures\n4. We Think Wise Is A Formidable Competitor That Is Pressuring Remitly\n5. A Look At Remitly’s Stable Take Rate Claims In Light Of Its Troubled Accounting History And Governance Oversight\n6. We See 40% – 55% Downside Risk To RELY’s Share Price", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:51.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c9e6f3d-95d1-4df0-bde4-643631719c17", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.237, "x": 0.314, "y": 0.056 }, "kind": "title", "text": "Table of Contents", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:51.654+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9729e86b-8f0b-4eeb-9160-18a24b11bb90", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 4, "type": "evidence", "title": "The slide uses a table to establish credibility by citing historical performance of short-selling campaigns.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 554, "nDataPoints": 6, "notes": "The slide uses a table to establish credibility by citing historical performance of short-selling campaigns.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:52.174+00", "seconds": 2.45, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/4", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Spruce Point has a track record of short calls with publicly traded companies promoting payment solutions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a89448ed-d551-4103-a2f6-b952595e744e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.92 }, "kind": "disclaimer", "text": "The recommendations shown above are not intended to be exhaustive or represent investment returns following Spruce Point's research campaigns. A full list of all recommendations made over the past twelve months can be found on our website.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e005892a-e34f-4676-91ce-cfb0dc80024f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Max Decline Post Report: -90%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-07bbf5407098", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.22 }, "kind": "table", "text": "Comparison table of Lightspeed, Nuvei, and NCR including ticker, EV, decline, positioning, criticisms, and outcomes.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4df4b90-2553-4bfa-adaa-58f4efe3a756", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Spruce Point Has A Track Record With Financial Payment Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ac83ca0-558d-4e2c-aed4-145a8f66443b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b2fac12c-f937-46b0-bb76-73ea5f58e27e", "evidence": "Citing past successful short campaigns to build credibility for current thesis.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:52.174+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 5, "type": "setup", "title": "Standard Spruce Point Capital Management branding.", "function": "front_matter", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 3, "textChars": 154, "nDataPoints": 0, "notes": "Standard Spruce Point Capital Management branding.", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:51.789+00", "seconds": 2, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/5", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.54, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:51.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ebe67fd5-d00b-472e-afc9-39913495b6db", "parentComponentId": null }, { "bbox": { "h": 0.388, "w": 0.203, "x": 0.073, "y": 0.306 }, "kind": "image", "text": "Spruce Point tree logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:51.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b89d46fc-6f18-4c6f-b46e-29e0f6f47e34", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.25, "x": 0.375, "y": 0.46 }, "kind": "title", "text": "Executive Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:51.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "40074362-be7e-48af-9af7-a9af1c5bf9eb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "408ea905-b933-4a29-9f75-73cfae9f0aa5", "evidence": "The slide provides a brief summary of the report's findings.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.280609+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "c6d7293a-8cd8-45cc-a68c-824ea2f629b6", "evidence": "Slide title is 'Executive Summary'", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:51.789+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "frameworkName": "executive-summary" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "The slide uses a dense paragraph structure to summarize multiple pillars of a short thesis.", "function": "summarize", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 8, "textChars": 4242, "nDataPoints": 12, "notes": "The slide uses a dense paragraph structure to summarize multiple pillars of a short thesis.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.925+00", "seconds": 4.99, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/6", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-27090d684e46", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.25, "x": 0.02, "y": 0.04 }, "kind": "image", "text": "Spruce Point Capital Management", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d3eac40-6954-4f31-b6a7-a6ee88b61dc3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "downside risk: 40% - 55%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-297a5548835c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "After conducting a forensic financial and accounting review of Remitly Global, Inc (Nasdaq: RELY or “the Company”), a $4 billion money transfer and remittance provider serving immigrant customers, we find evidence that the Company has used dubious customer testimonials and doctored Trustpilot reviews. According to the CEO, his business is ultimately about trust and the top listed frequently asked question among its immigrant customers is “Why should I trust Remitly?”. Moreover, we believe there is ample evidence to distrust the Company’s accounting, financial reporting, governance and equity growth story. We lay out the case that Remitly is exhausting its ability to pull revenue and cost levers to improve its financial performance as the shift to digital payments accelerates and it may have weakened its compliance protections to prevent fraud in pursuit of lower quality and/or riskier customer growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00e92ba7-984c-43eb-a9dd-bfa1339ff875", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.96, "x": 0.02, "y": 0.43 }, "kind": "paragraph", "text": "We lack confidence in Remitly’s financial reporting given high turnover in the CFO / Chief Accounting Officer (“CAO”) function, including the recent CAO resignation nine days after the 10-K was filed. The CAO was previously CAO at Shift4 Payments (NYSE: FOUR) which restated financial results during their tenure related to expenses. Remitly previously disclosed three material weaknesses but claimed they were rectified in 2022. Remitly ceased disclosure of metrics we believe are important such as number of transactions, long-term customer value to acquisition cost calculations (LTV/CAC) and overhauled its flywheel depiction despite minimal business shift. It also modified its definition of active customers, is intensifying dependency on its short-term credit facility, and fails to disclose how much of cash is held for the benefit of customers. Remitly claims its take rate is stable at 2% - 2.5% despite evidence that average transaction size (a metric it obscures and key driver) collapsed by 14% - 43% from 2020-23. It also ceased to disclose mobile wallets, which factors into the equation. We believe the take rate is likely to contract going forward. Remitly recently removed “transparency” as a key corporate value in favor of “authenticity”.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9431383a-9131-4d55-aeb6-6c903f7daf01", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.96, "x": 0.02, "y": 0.74 }, "kind": "paragraph", "text": "We also question the fitness of Director Ryno Blignaut, who was appointed to Remitly’s Board Audit and Risk committees in April 2023. Under his leadership as CFO and Chief Risk Officer at Xoom Corp. (Nasdaq: XOOM), the company was ill-prepared for criminal misappropriation of $30.8 million in corporate cash a month after he resigned. We also question the fitness of Board member Peggy Smyth who served on the Board of Lilium NV (Nasdaq: LILM) which a noted activist alleged was a fraud and filed for bankruptcy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "985513c7-7e6f-4722-a38e-87d79cbb3f11", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.96, "x": 0.02, "y": 0.85 }, "kind": "paragraph", "text": "We believe Remitly trades at an irrational premium to peers at 22x and 72x 2025E Adj. EBITDA and free cash flow on the belief it is a high quality fintech with new product growth opportunities and sustainable competitive advantages. We disagree and believe its business faces long-term displacement risk from stablecoins and short-term disruption from U.S. immigration policy tightening. Remitly is dependent on maintaining the perception its equity has value given its aggressive use of stock-based compensation which, at 12% of revenue and 78% of operating cash flow, is the highest among fintech peers with >$1 billion in revenues. Both co-founders and the Chief Business Officer recently enacted 10b5-1 programs to liquidate stock while Remitly has disregarded best corporate governance practices by allowing co-founder Hug to pledge $40 million of stock as collateral for a personal line of credit according to last year’s proxy statement. Given the disclosure last week that Mr. Hug is transitioning out of Remitly, he may ultimately start selling more shares. We estimate 40%–55% long-term potential downside risk to RELY’s shares and expect it to underperform the financial services industry and the broader equity market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab0ddc7d-aa1b-45f8-954c-42bc52cfd603", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.68, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "Spruce Point Issues \"Strong Sell\" Opinion On Remitly Global (RELY) And Sees 40% - 55% Long-Term Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.925+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c50c43dd-1aa8-4b28-93be-580b67f289d5", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ffdec470-dc18-47e4-ba2c-b62e82614d3c", "evidence": "The slide provides a detailed summary of Spruce Point's opinion on Remitly Global.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:06:54.356543+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 7, "type": "tension", "title": "The slide uses a red checkmark icon to denote each lever, with one row highlighted in red to emphasize a specific concern regarding TAM expansion.", "function": "expose_gap", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 3, "textChars": 201, "nDataPoints": 10, "notes": "The slide uses a red checkmark icon to denote each lever, with one row highlighted in red to emphasize a specific concern regarding TAM expansion.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "icon_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:52.341+00", "seconds": 2.395, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/7", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.97, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69cc2f68-82bf-4902-a35b-69c3a54aa681", "parentComponentId": null }, { "bbox": { "h": 0.73, "w": 0.97, "x": 0.02, "y": 0.22 }, "kind": "table", "text": "Revenue and Cost Levers table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b27b510-3202-4958-bc7b-dd30e48dac88", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Remitly Is Running Out of Growth Levers To Pull", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20042892-a264-47b4-a583-ee06a6875e63", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d1d0de81-02c6-4329-90f4-83fc3825ced2", "evidence": "The slide breaks down company performance into specific revenue and cost levers.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:52.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "decomposition" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "Spruce Point Capital Management branding (pine tree logo).", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 393, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (pine tree logo).", "elementsJson": [ "headline_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:52.053+00", "seconds": 2.054, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/8", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Trust Is Perhaps The Biggest Factor Why Customers Choose Remitly: Here’s Evidence They Have Dubious Customers And Reviews", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7d-f3f1c6d6317a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65355ea5-b48d-412d-803b-32287086974a", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cff44bb1-e8ff-49d5-af19-6d3622ad031f", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "Trust Is Perhaps The Biggest Factor Why Customers Choose Remitly: Here’s Evidence They Have Dubious Customers And Reviews", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:52.053+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f913148a-c707-498b-82ce-ff50dba2e876", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 9, "type": "tension", "title": "Uses a screenshot of a CEO interview and the company's FAQ page to build the argument.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 9, "textChars": 1584, "nDataPoints": 0, "notes": "Uses a screenshot of a CEO interview and the company's FAQ page to build the argument.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:53.404+00", "seconds": 3.302, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/9", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.23, "x": 0.31, "y": 0.715 }, "kind": "callout", "text": "“We added a value called “Lead Authentically.” I think that’s a key part of my leadership style. And we actually removed a value that was “Be Transparent.” I think authenticity and transparency are different.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d7c2cb3-287c-4f78-b7ce-0817af98c456", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.23, "x": 0.31, "y": 0.485 }, "kind": "callout", "text": "“We are highly regulated, as we should be. I think that is part of what it means to build and maintain trust with customers, which ultimately is what this business I’ve learned is about.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbc2724e-e6fa-48d7-8e28-1c2f150acf5f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point questions both Remitly’s transparency and its authenticity.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-b9c2a92e7e1d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.44, "x": 0.52, "y": 0.3 }, "kind": "image", "text": "Screenshot of Remitly FAQ page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cac41f5d-54dc-4aee-901d-188836a7ae8d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.33, "x": 0.04, "y": 0.3 }, "kind": "image", "text": "Screenshot of Reboot Chronicles interview with Matt Oppenheimer", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2c22e73-f9d5-4324-adec-2f2e6958763b", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "In a recent interview, co-founder and CEO Matt Oppenheimer stressed that “trust” is ultimately what his business is about. In fact, “Why should I trust Remitly?” is the first item under its Frequently Asked Questions (FAQ). Moreover, he said the Company removed “Be Transparent” in favor of “Lead Authentically” as corporate values. Spruce Point questions both Remitly’s transparency and its authenticity.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cd2f1c5-fa07-497b-b035-9d4aa34f3182", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“We are highly regulated, as we should be. I think that is part of what it means to build and maintain trust with customers, which ultimately is what this business I’ve learned is about.” — Matt Oppenheimer, CEO, Remitly. “We added a value called ‘Lead Authentically.’ I think that’s a key part of my leadership style. And we actually removed a value that was ‘Be Transparent.’ I think authenticity and transparency are different.” — Matt Oppenheimer, CEO, Remitly.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-bf3bdb799efd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Reboot Chronicle CEO Interview, Remitly FAQ on homepage, Spruce Point red emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d574113a-167c-48fb-bbdf-6fa856f3d47f", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "“Trust” Is Enormously Important To Remitly’s Business Model....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b86b948-1c3a-4f2b-97ef-a0f973f5c747", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bb8856e5-b413-4526-b291-5b0bf788a65c", "evidence": "Contrasts CEO's verbal emphasis on trust with the removal of 'Be Transparent' from corporate values.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:53.404+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 10, "type": "tension", "title": "Uses visual evidence to contradict the authenticity of company marketing materials.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 6, "textChars": 352, "nDataPoints": 0, "notes": "Uses visual evidence to contradict the authenticity of company marketing materials.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:53.678+00", "seconds": 3.175, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/10", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.0017 }, "kind": "callout", "text": "Using a reverse image search tool, we find that Remitly has used stock images of customers to present them as if they are genuine.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b18aa134-b01f-4617-b807-66e351e39023", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.75, "x": 0.22, "y": 0.25 }, "kind": "image", "text": "Remitly website testimonials and corresponding Google reverse image search results.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed5b42fd-71e2-462d-932a-5824573292e4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.16, "x": 0.04, "y": 0.0039 }, "kind": "paragraph", "text": "Remitly Testimonial", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50b7a4c7-e5b8-4565-a5c7-7ce91ae4f042", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.16, "x": 0.04, "y": 0.0075 }, "kind": "paragraph", "text": "Look Familiar?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6065a990-ecaa-4c00-8a80-84073fc7c855", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Remitly Reviews, Google Images", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e716856-4b31-4925-8ba5-e84ad7253017", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Is Remitly Leading Authentically With Dubious Customer Testimonials?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0231de78-12cb-4e84-affc-5d7946a4ac03", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8f65f47b-98d0-42ee-b5ed-d60b21d990bc", "evidence": "Exposing deceptive marketing practices through visual evidence.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:53.678+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 11, "type": "tension", "title": "Uses red boxes and arrows to highlight inconsistencies in marketing materials.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 19, "componentCount": 4, "textChars": 447, "nDataPoints": 0, "notes": "Uses red boxes and arrows to highlight inconsistencies in marketing materials.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:53.431+00", "seconds": 2.652, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/11", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "Beyond just using stock images of purported customers, Remitly has also used the same name with two different images, and even the same image with two different names. This increases our suspicion that customer testimonials are doctored.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a56354b-c5ee-4e25-8916-95e0ee4a27ba", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "image", "text": "Collage of website testimonials and Google image search results showing stock photo usage.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4edf84b1-ec58-43be-948c-41db2d046235", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Reviews (1, 2); Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5e31c48-7a25-4a88-be48-c620c25fc3c1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Strong Evidence That Remitly Uses Dubious Customer Testimonials", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62638854-5b56-4e3a-9628-ea38e71fe6d8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2334fd0a-0687-4231-9770-f8d80476191a", "evidence": "The slide explicitly aims to expose fraudulent marketing practices by highlighting inconsistencies in testimonials.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:53.431+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 12, "type": "tension", "title": "Uses Wayback Machine screenshots to prove manipulation of public-facing review data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 64, "componentCount": 7, "textChars": 1142, "nDataPoints": 2, "notes": "Uses Wayback Machine screenshots to prove manipulation of public-facing review data.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.195+00", "seconds": 3.371, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/12", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.3, "x": 0.37, "y": 0.53 }, "kind": "callout", "text": "Same quote and same name, but notice the rating increased from 4.5 stars to 5 and the style changed", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f445df7c-a2b0-40b3-958a-e5a29f2db77c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.4 }, "kind": "image", "text": "Wayback Machine snapshots of Remitly homepage", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fcf6d6d-80da-4dc5-ba86-11d5d2b472d1", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly removed Trustpilot from its homepage between June and July 2022 yet kept the same identical customer quotes while boosting the star ratings. Despite these concerns, the CEO touts Remitly's industry-leading Trustpilot score.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcccb02e-d80b-46db-b879-7d85d3a91008", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.79, "x": 0.19, "y": 0.28 }, "kind": "quote", "text": "In addition, our Trustpilot scores are the highest among money transfer service companies in the U.S. and among the best in other regions. We are committed to simply being the best provider in every corridor we serve and continuously improving in every aspect so we can deliver on promises, win trust and grow.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57f6ee39-ad32-451e-a425-52731c8e4d9f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In addition, our Trustpilot scores are the highest among money transfer service companies in the U.S. and among the best in other regions. We are committed to simply being the best provider in every corridor we serve and continuously improving in every aspect so we can deliver on promises, win trust and grow. — CEO on Trustpilot Q3'23", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-7abe7c386088", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Wayback Machine (June 2022, July 2022); Spruce Point red emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9de9cdfb-4d8a-4aef-980f-d135b8a62637", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.55, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Evidence That Remitly Manipulated Review Ratings", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa7e8033-aafb-48ef-9d66-16ff58740bd8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "49fff1c4-b5d5-48e1-bfa0-f0513df02fe1", "evidence": "Contrasts CEO statement with visual evidence of review manipulation", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:54.195+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 13, "type": "tension", "title": "The slide uses screenshots of review platforms (BBB, Pissed Consumer, Capterra, Product Review, CompareRemit) and Facebook comments to build a case of poor cust", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 756, "nDataPoints": 6, "notes": "The slide uses screenshots of review platforms (BBB, Pissed Consumer, Capterra, Product Review, CompareRemit) and Facebook comments to build a case of poor customer service.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.272+00", "seconds": 3.091, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/13", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-ddb033b49917", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.44, "x": 0.54, "y": 0.27 }, "kind": "image", "text": "Screenshots of Facebook comments", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33222018-4882-48a8-b252-143ed837b0d8", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.52, "x": 0.02, "y": 0.27 }, "kind": "image", "text": "Screenshots of review sites: BBB, Pissed Consumer, Capterra, Product Review, CompareRemit", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded8a38d-1f69-4256-8fb8-2ac56d52293a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "While Remitly steers investors to Trustpilot and the app store reviews, there are a plethora of other sites that review Remitly unfavorably. Even recent comments on its Facebook page indicate significant negative sentiment around customer support.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b9d972f-8ee4-4f64-b567-254bd5331ae3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: CompareRemit.com, BBB.org, Capterra, Pissed Customer, Product Review Facebook", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6712e130-a28d-4f15-9b31-cb2f8c92dfac", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Find More Websites With Negative vs. Positive Reviews", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb67765-755a-439e-ad93-6e7a45a867ea", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7265c903-2e19-478b-acae-9ac1eaa55b09", "evidence": "The slide systematically presents negative external data to contradict the company's curated positive narrative.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 14, "type": "tension", "title": "The slide uses a before-after comparison to highlight a new footnote disclosure.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 597, "nDataPoints": 5, "notes": "The slide uses a before-after comparison to highlight a new footnote disclosure.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:53.666+00", "seconds": 2.45, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/14", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "Notice carefully that Remitly is now footnoting that its app store reviews vary by user location and device type. We believe this may be a signaling effect by the Company to warn about changing dynamics among its customer base.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d721a602-472f-4a98-8599-f8bf94fef6da", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "list", "text": "Starting In October 2024 vs Previously", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2cc4e96b-57ed-4514-9086-dd903f3d296d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "metric", "text": "4.9, 4.8, >92%, >95%, 99.80%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "51c1d723-15f2-4310-9dcb-205be3db6eab", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "App rating is based on all countries or regions and the rating may vary based on user location and device type — Remitly Investor Presentations", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-51377a3592f4", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.87 }, "kind": "source-note", "text": "Fine Print: \"App rating is based on all countries or regions and the rating may vary based on user location and device type\"", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aee7b16d-0aac-4db2-a018-b9e0f4d90076", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Subtle Shift In App Rating Disclosure", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63f2d826-8bc8-4a96-b6ba-518c419290a2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "004e84a8-eec0-4e8f-a53e-16a7457c24f4", "evidence": "The slide explicitly contrasts 'Starting In October 2024' with 'Previously' to highlight a change in disclosure.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:53.666+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 15, "type": "tension", "title": "This is a classic activist investor 'thesis' slide, often used as a section divider or opening statement.", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 4, "textChars": 322, "nDataPoints": 0, "notes": "This is a classic activist investor 'thesis' slide, often used as a section divider or opening statement.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.148+00", "seconds": 2.716, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/15", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Believe Remitly Is A Troubled And Opaque Business Experiencing Growth Pressures", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:24+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-1a6890aa3ad7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "845e8264-ba46-4a7e-bf6f-ea99cce8d469", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo (tree)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cf7042da-1997-4a28-bff3-de684b11b413", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.34, "y": 0.408 }, "kind": "title", "text": "We Believe Remitly Is A Troubled And Opaque Business Experiencing Growth Pressures", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb094c4e-e05b-4eb1-b5b9-1c683e7f90c4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "680f5e6f-8f72-425a-bb09-7d446d916448", "evidence": "The slide presents a single, high-level thesis statement that dictates the narrative of the subsequent deck.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.148+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "frameworkName": "governing-thought" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "setup", "title": "Uses red checkmarks as a visual motif to denote items being 'checked' or scrutinized by the activist.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 210, "nDataPoints": 6, "notes": "Uses red checkmarks as a visual motif to denote items being 'checked' or scrutinized by the activist.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.221+00", "seconds": 2.763, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/16", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Spruce Point believes that Remitly's playbook of finding revenue and cost levers to improve performance is waning.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11ca9906-c51f-497e-9c9d-659615e3436b", "parentComponentId": null }, { "bbox": { "h": 0.72, "w": 0.96, "x": 0.02, "y": 0.22 }, "kind": "table", "text": "Revenue and Cost Levers analysis table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68dcca32-3ff2-4aa4-9539-9158a6aa7d97", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe Remitly Is Running Out of Growth Levers To Pull", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a026c10-4edc-4802-bd7a-6eea98b22de0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "1d26e906-21c9-4d59-a143-a5a8749a402d", "evidence": "Systematically deconstructs company growth levers to argue they are failing.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.221+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "tension", "title": "Uses a before-after comparison to highlight a change in data sources and TAM figures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 868, "nDataPoints": 4, "notes": "Uses a before-after comparison to highlight a change in data sources and TAM figures.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.419+00", "seconds": 2.626, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/17", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-8d2b3e9ff5e4", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.7, "x": 0.15, "y": 0.31 }, "kind": "diagram", "text": "Comparison of 2022 vs 2024 investor presentation TAM claims", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Process flow", "slug": "process", "status": "active", "canonId": "019de52d-039c-718f-ad3a-efe9c4b3c838", "version": 1, "description": null }, "framework": null }, "subkind": "process", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "debabd84-c0db-4200-9c60-ca47722011f7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "TAM: $1.8t", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-904fc68f461e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly recently changed its TAM and stopped sourcing World Bank and IMF Fund data. The Company now shows a “Consumer Cross-Border TAM” of $1.8 trillion, up from $1.6 trillion two years earlier. We believe this shift indicates maturity and/or growing competitive challenges with its core immigrant customer. Moreover, we highlight that Remitly is a customer of FXC Intelligence which is the new source of its updated TAM and market share claim.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "87fb5922-0000-402b-b720-3a36279e8e69", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: William Blair Conference Presentations (June 7, 2022 and June 5, 2024), FXC Intelligence", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d07f2133-8b68-4c83-9fbd-c88b580efaf0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "We Believe A Recent TAM Shift Suggests Core Competitive Pressures", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "744138a6-c5f1-4c36-9937-11a9b17eb6f9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "52105ac3-beee-487a-a078-c148da514f0c", "evidence": "Visual comparison of 2022 and 2024 data points to highlight a shift in methodology.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.419+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "before-after-framing" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "tension", "title": "The slide uses red highlighting to emphasize negative sentiment and risk factors within the interview transcript.", "function": "expose_contradiction", "rawType": "testimonial", "block": null, "metadata": { "slideType": "testimonial", "slideTypeCanon": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52d-0a2d-7782-8a48-7e84df92cc97", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 58, "componentCount": 6, "textChars": 1451, "nDataPoints": 1, "notes": "The slide uses red highlighting to emphasize negative sentiment and risk factors within the interview transcript.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.161+00", "seconds": 3.327, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/18", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "It's just been very frustrating watching them not just take... like look at Wise and look at Remitly. They both started at the same place. 50% of Wise customers use more than one product and the velocity with which they put out new features, and they're just evolving very rapidly. Whereas Remitly keeps incrementally changing the things that are working.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-c1fa3aedbfbd", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point interviewed a former Remitly employee who was with the Company for over 2 years and worked on front line product development. In addition to existential risk related to stablecoin, the executive references multiple concerns such as new competition (e.g. TapTap Send(1) and Nubank) and how Remitly has struggled to expand and innovate in the same period that Wise has introduced many product extensions. In the next section we'll explore the Wise vs. Remitly in greater detail.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd8a8697-549a-46a9-bc89-0ed1382c5706", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So all of that to say it's a pretty solid consumer business and it'll continue to grow until some stablecoin displaces them at some point. But I don't think it's right now, probably like three, four years from now and they're very cognizant of it. — Former Employee", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-c6d6031cbf49", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Spruce Point research interview. 1) Remitly recently added a blog, “Alternatives to TapTap Send” which may be an acknowledgement of the growing competitor.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fda9dae7-165c-4382-b7b5-0e371b2ea5cc", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "table", "text": "Former Employee Interview table containing excerpts and commentary on stablecoin, management risk, and competition.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c80db5f4-6ce6-4b37-94e9-97c785adac31", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "A Former Employee Perspective On What Could Go Wrong For Remitly", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f790810-f6d7-4d4e-bcbb-fdaa91b35421", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b964fb15-2771-4d98-a152-d98892213d6e", "evidence": "The slide frames Remitly's management and competitors as the source of potential failure.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.161+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "tension", "title": "Uses a before-after comparison of regulatory filings to build a case for competitive risk.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 1528, "nDataPoints": 1, "notes": "Uses a before-after comparison of regulatory filings to build a case for competitive risk.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.207+00", "seconds": 3.373, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/19", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe having partners push stablecoin could be disruptive for Remitly.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-1288f8c54235", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "chart", "text": "2023 Risk Factor vs 2024 Risk Factor", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8319bfa5-590a-46b9-83a1-9e3bc1daa25f", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.47, "x": 0.02, "y": 0.59 }, "kind": "other", "text": "Stripe Is Accelerating Stablecoin w/ Bridge Acquisition", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24250eec-cd3e-4256-bca0-6a86100ea64e", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.47, "x": 0.51, "y": 0.59 }, "kind": "other", "text": "Remitly's Credit Agreement Identifies Stripe As A Payment Processor", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ef44e7c-ca35-45db-b9d1-7895c878aeb6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Stablecoins could reduce transaction fees and disrupt money remitters like Remitly. In fact, Remitly's new 10-K specifically calls out cryptocurrency and stablecoins. Remitly's latest credit agreement amendment in 2023 referenced Stripe as a payment processor (under liens on cash) which it partnered with in Europe in 2018. Stripe is accelerating stablecoin with the $1.1 billion acquisition of Bridge. We believe having partners push stablecoin could be disruptive for Remitly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da1fe5f9-9d78-48f0-a521-87535ff83875", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We closed our acquisition with Stripe! Together we're scaling digital dollars to businesses everywhere. Stablecoins aren't the future—they're already transforming how people move money today.\" — Zach Abrams, cofounder of Bridge, on X. \"It's been incredible hearing from users just how big of an impact stablecoin infrastructure is already making. We believe stablecoins will play a critical role in turbocharging cross-border commerce.\" — Neetika Bansal, business lead at Stripe, on LinkedIn.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-156cf03afabb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Stripe acquires Bridge; “Stripe closes $1.1bn Bridge deal, prepares for aggressive stablecoin push,” CNBC, Feb 2025; Remitly Credit Agreement (June 2023); 2024 10-K vs. 2023 10-K; “Remitly Partners w/ Stripe”, PaymentsDive.com, Sept 13, 2018", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d48da682-1299-4355-ae65-9590d33d8ce4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Stablecoin / Crypto Are A Longer-Term Risk Finally Acknowledged By Remitly", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "986dbcef-b6a1-4561-896a-56d6109a5af4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f2dbdd2c-a6e0-486b-87bb-3ccaa9ecf467", "evidence": "Comparison of 2023 vs 2024 risk factors", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "before-after-framing" }, { "matchId": "618377e9-6b0e-496a-b430-e370982668fc", "evidence": "Highlighting risk factors and competitive threats", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.207+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 19, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "tension", "title": "The slide uses external citations (CryptoSlate, VanEck, Sensor Tower, Chainalysis) to build a bearish case against traditional remittance players.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 10, "textChars": 1910, "nDataPoints": 4, "notes": "The slide uses external citations (CryptoSlate, VanEck, Sensor Tower, Chainalysis) to build a bearish case against traditional remittance players.", "elementsJson": [ "headline_text", "callout_box", "area_chart", "line_chart", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.78+00", "seconds": 3.922, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/20", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "According to an article by CryptoSlate which cites research from VanEck, app download data from Sensor Tower, and stablecoin data from Chainalysis, Western Union and MoneyGram are already seeing pressure from stablecoin through reduced app downloads and declining monthly active user (MAU) growth. In the next section, we provide evidence that Remitly's app usage is also being pressured.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46501b25-a021-4dad-896e-cb14ead3da4f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "According to an article by CryptoSlate which cites research from VanEck, app download data from Sensor Tower, and stablecoin data from Chainalysis, Western Union and MoneyGram are already seeing pressure from stablecoin through reduced app downloads and declining monthly active user (MAU) growth.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-5ff064ae1449", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.47, "x": 0.51, "y": 0.52 }, "kind": "chart", "text": "Stablecoin's Share of all transaction volume on-chain (weekly) Jan 2021 - Nov 8, 2024", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked area chart", "slug": "area-stacked", "status": "active", "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1", "version": 1, "description": null }, "framework": null }, "subkind": "area-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b8317c1-5718-423a-993f-0d8d68b578bb", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.48, "x": 0.02, "y": 0.52 }, "kind": "chart", "text": "Western Union App Actives Keep Falling, Downloads Decline 22%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "790a3652-b37a-456e-9e05-b9cbbae4480a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "app downloads: 22%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-676cb1a5aa20", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.47, "x": 0.51, "y": 0.31 }, "kind": "paragraph", "text": "Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matt Siegel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1748e4c6-84fb-479e-a568-158a1d425cdf", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "paragraph", "text": "Western Union and MoneyGram app usage drops as stablecoin adoption surges. Stablecoins redefine remittance by offering faster, cheaper cross-border payments amid declining app downloads for traditional giants.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6aacaa7-155f-41af-bb9f-a35fcff96c0e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matt Siegel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction. — Matt Siegel, VanEck", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-60a62e81abed", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: CryptoSlate.com, Jan 7, 2025", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0f34662-4869-4744-aa50-7f1b0cfbec30", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Stablecoin Is Already Pressuring Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b9716ca3-77b8-46f7-b7fc-bf5fe6b3c9ef", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9d9721ce-2b97-49b4-ab6c-265c813f67bf", "evidence": "The slide explicitly frames the decline of traditional remittance apps as a result of stablecoin pressure, setting up a 'villain' narrative for the sector.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:55.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "Uses news clippings to validate the thesis that the industry is struggling.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 9, "textChars": 2302, "nDataPoints": 2, "notes": "Uses news clippings to validate the thesis that the industry is struggling.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.509+00", "seconds": 3.393, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/21", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "callout", "text": "Feb 2025: International Money Express Failed To Find A Buyer", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af12fa1d-0669-4ff8-9396-fb2affd527a5", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.47, "x": 0.51, "y": 0.31 }, "kind": "callout", "text": "Feb 2025: Fintech Unicorn Zepz To Lay off 20% of Workforce", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b4770829-e864-4283-bdaf-b27593f65686", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "The robust strategic review did not, however, result in a definitive offer at a price that offered a superior alternative to the long-term stockholder value potentially created by Intermex's current business model", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-2cd4ffe775d8", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.47, "x": 0.51, "y": 0.39 }, "kind": "paragraph", "text": "The Company also reported that, consistent with the British digital remittances company Zepz is laying off dozens of IT workers and is in the process of closing down business units in Poland and Kenya. Roughly 200 staff members will be impacted by the redundancy measures, two employees who were made redundant told CNBC, asking to remain anonymous due to the sensitivity of the matter. As of January, London-headquartered Zepz — formerly known as WorldRemit — had a global headcount of 1,000 people, meaning the redundancies affect around 20% of its total workforce. The layoffs affect several IT functions at the company, including database administration, development operations and software engineering, the former employees said.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "256fc38b-7250-4960-be53-2ca4d548140d", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remittance industry pressures are already resulting in companies having to consider their future direction and adjust their business structure. For example, International Money Express (Nasdaq: IMXI) recently formed a committee to consider alternatives but failed to attract a buyer. Zepz, formerly WorldRemit, was once touted as a unicorn in digital remittances but recently announced it would lay off 20% of its workforce.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35a16074-e4a8-4b3e-b929-3855e40eebe6", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.48, "x": 0.02, "y": 0.39 }, "kind": "paragraph", "text": "The Company also reported that, consistent with the recommendation of its independent Strategic Alternatives Committee (\"SAC\"), the Board of Directors (\"Board\") has unanimously determined to suspend the Company's previously announced assessment of strategic alternatives.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f427c461-0272-478d-8296-934f630493d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As of January, London-headquartered Zepz — formerly known as WorldRemit — had a global headcount of 1,000 people, meaning the redundancies affect around 20% of its total workforce. The layoffs affect several IT functions at the company, including database administration, development operations and software engineering. — CNBC", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-328838bcfad4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: IMXI press release, Feb 26, 2025; \"Fintech unicorn Zepz to lay off 20% of its global workforce, sources say,\" CNBC, Feb 12, 2025", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35e8f839-14f4-4cb3-9e6d-d977c7a744e2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "Industry Peers Are Already Considering Strategic Alternatives And Restructuring", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.509+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0953dc89-897e-49ed-85f2-4ab35a7bc0ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "tension", "title": "Uses red underlining and green highlighting to draw attention to specific text changes in SEC filings.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 7, "textChars": 2165, "nDataPoints": 0, "notes": "Uses red underlining and green highlighting to draw attention to specific text changes in SEC filings.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.808+00", "seconds": 3.547, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/22", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The broadened description is a marked customer shift that puts Remitly up against greater competition and may be indicative of challenges with its core immigrant customer base.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-a706b601865e", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.96, "x": 0.02, "y": 0.165 }, "kind": "paragraph", "text": "Remitly made a subtle change in wording to describe its plan for attracting new customers. For the first time, it changed reference to targeting services for “immigrants” to services “for global citizens with cross-border financial needs.” The broadened description is a marked customer shift that puts Remitly up against greater competition and may be indicative of challenges with its core immigrant customer base. Moreover, Remitly is now talking about a focus on micro-businesses. Practically speaking, we don’t believe there is much of a difference between a micro and small business. We believe Remitly faces an uphill battle serving small businesses since competitors are already focused on this segment. In addition, we believe that the payback period on business customers can be up to 2 years whereas Remitly’s current customers are 1 year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58a729e1-f4ee-4c45-beab-7d8b07baeffa", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.76, "x": 0.22, "y": 0.385 }, "kind": "quote", "text": "“As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform.”", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "290556b9-4743-4c20-93bb-a3988548b67f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform. — Remitly CEO, Q4'24 Call (Feb 2025)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-a9793a4dfc01", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.975 }, "kind": "source-note", "text": "Source: Remitly SEC filings, Spruce Point red emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f37cfb9-d434-4eea-8502-b683ac51e549", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.53 }, "kind": "table", "text": "Old Description (2021-2023 10-K Filings) vs New Description (2024 10-K, filed Feb 2025)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6d1daf56-c1f1-411f-9ddb-43273d2c002a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.315, "y": 0.015 }, "kind": "title", "text": "We Think Shifting Customer Description And Focus Is Evidence of Growing New Customer Challenges", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26d4aadd-377a-470d-979d-cada5ff2835d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "131975a2-6fe1-4df1-bd56-17b4858ba0da", "evidence": "Contrasts CEO statement with historical filing language to imply strategic desperation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 22, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "tension", "title": "Uses a combination of CEO quote analysis and competitor data to frame the company's strategic pivot as a weakness.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 72, "componentCount": 8, "textChars": 1612, "nDataPoints": 0, "notes": "Uses a combination of CEO quote analysis and competitor data to frame the company's strategic pivot as a weakness.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "quote_block", "area_chart", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.452+00", "seconds": 3.157, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/23", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe Remitly's competitors already have a long history of focusing on small and medium-sized businesses and institutional knowledge which it lacks.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-f3f1e9919c4b", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.46, "x": 0.02, "y": 0.48 }, "kind": "chart", "text": "Wise's Business Cohort Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked area chart", "slug": "area-stacked", "status": "active", "canonId": "019de52c-ffb1-75fa-a614-76782f418cf1", "version": 1, "description": null }, "framework": null }, "subkind": "area-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0a986b5a-fe0e-409e-8a03-7c15cbca0244", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.49, "x": 0.49, "y": 0.48 }, "kind": "chart", "text": "PayPal Is Accelerating Focus on SMBs", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf568654-655c-49e2-9832-68e442cea1ff", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "On its recent February 2025 year end conference call, Remitly started referencing how it will unlock value for new customer use cases citing micro-businesses. Practically speaking, we don't believe there is much of a difference between a micro and small business. We believe Remitly's competitors already have a long history of focusing on small and medium-sized businesses and institutional knowledge which it lacks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcab7bfe-3e16-4c5d-8240-251c91e14753", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.2, "y": 0.31 }, "kind": "quote", "text": "As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "261adf24-0ae0-4d7b-a786-910a78f78774", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As we look ahead to 2025, we remain steadfast in executing on our vision. We are a growth company with no shortage of growth opportunities. We will unlock value for new customer use cases, including seafarers, micro-businesses, and high-amount senders, all of whom have distinct needs that we are uniquely positioned to serve. We can serve additional use cases with minimal incremental investment given the strength of our platform. — Remitly CEO", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7e-f76e89fb7bc1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: PayPal Investor Day, Wise Presentation", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb23b3e9-1856-45e6-a93b-0ccdaa55bd98", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Does Remitly Stand A Chance Serving Small Businesses?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64e0b921-1e8e-4401-a5b6-059d57b313dc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7c11c4e6-e805-4a6b-9768-835ef9650592", "evidence": "Contrasts CEO's optimistic growth statement with competitor market dominance data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "tension", "title": "Uses a 'From specific, to vague' callout to highlight the shift in language.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 17, "componentCount": 4, "textChars": 387, "nDataPoints": 0, "notes": "Uses a 'From specific, to vague' callout to highlight the shift in language.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:54.869+00", "seconds": 2.539, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/24", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Spruce Point observes that Remitly modified its definition of active customer in a manner that broadens its potential to inflate active customers by considering them over an undefined period.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c66aea5-b6a1-4bcf-9c0e-1e7b154fab76", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY IPO Prospectus and 2023 10-K, Peer group filings.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bfc1e289-9a10-4045-9163-20d02f086d4a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.29 }, "kind": "table", "text": "Comparison of Remitly's definition change and peer definitions", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "04371f26-0182-4acd-916c-7bd0854fd74f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Active Customer Definition Change Could Potentially Enable Embellishment", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c514823-8adf-45b3-aa57-5b930bdd5791", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "fa1d7c8f-b423-4798-af39-4fa3a430a22f", "evidence": "The slide explicitly frames a change in accounting definitions as a potential mechanism for metric inflation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:54.869+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "tension", "title": "The slide uses a red box to highlight the 2% growth figure in 2024 and a callout box to emphasize the stalling expansion.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 8, "textChars": 2137, "nDataPoints": 9, "notes": "The slide uses a red box to highlight the 2% growth figure in 2024 and a callout box to emphasize the stalling expansion.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.123+00", "seconds": 3.537, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/25", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.25, "x": 0.73, "y": 0.38 }, "kind": "callout", "text": "Corridor expansion has stalled", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c4a852e-2078-4444-9333-d308831b931e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "YoY growth: 2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-0a1de3ed0831", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "While the Company keeps talking up geographic corridor growth as a lever to increase its TAM, we believe it has largely tapped out its best corridor expansion options. In 2024, corridor growth plunged to just 2%. Moreover, based on prior comments from the CEO and a former channel executive as far back as 2022-2023, new corridors were already considered long-tail with revenues not expected to be material for years. We believe any incremental corridors added will only become more challenging to grow.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2855bd8d-5114-40b0-8cd8-874129b5303b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Each new corridor, use case and service increases our TAM, differentiates us from the competition, and creates new revenue streams, driving even more growth. — CEO on TAM, Q4'24, Feb 19, 2025; So I think you're seeing that increased mix which is exciting from -- for a whole host of reasons, but most importantly, kind of sustainable long-term growth because the 900 corridors we launched last quarter, they are not going to materially contribute to revenue this quarter, next quarter. They're going to contribute to revenue in the years to come. — CEO, Q2'2022, Aug 3, 2022; So quite honestly, the top 20% of corridors, we as marketers would know and have a gut sense like, oh, yes, U.S. to India versus U.K. to India versus U.S. to Philippines, we just had this gut sense of their value, what was different in the marketing, all of that. But the other 80%, we put into this bucket called long-tail corridors, and they got essentially the same sort of marketing with obviously replacements...But a lot of those corridors were added kind of in large groups and they say, well, this is an additional corridor to continue to expand, but we don't know that it's going to be a massive corridor. So it sort of grow into our default bucket. And it would be marketed too, but it would be marketed with the same formula of all of our other long-tail corridors. — Former Remitly Channel Executive, Tegus Interview, June 14, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-05e66bc05ebd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Remitly SEC filings and conference calls, Tegus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2d5fe27-ee7a-4b34-b905-e903257e9841", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Corridors 2021-2024 table showing additions and YoY growth.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d29eae8-c25b-417c-9abc-cd3fbb75f5fd", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.96, "x": 0.02, "y": 0.49 }, "kind": "table", "text": "Corridor Discussion quotes table.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d04c526a-b55f-4961-aadc-1832701c2f21", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Corridor Growth Stalling", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9d090ffb-d305-4598-a401-334902941d90", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8646a4b8-7747-48a7-9915-1ae13c2fed2c", "evidence": "Contrasts quantitative growth data with qualitative management statements.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 25, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "Uses a timeline-style visual to show the reduction in disclosure detail over time.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 562, "nDataPoints": 6, "notes": "Uses a timeline-style visual to show the reduction in disclosure detail over time.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "timeline_visual" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:55.781+00", "seconds": 3.06, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/26", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Spruce Point observes that Remitly now obscures the number of countries it can send and receive currencies from and also doesn't disclose the number of currencies.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5ea1d8b-e8fb-4bab-bf15-ce1898e51f3e", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.9, "x": 0.05, "y": 0.52 }, "kind": "diagram", "text": "Timeline showing Nov 2023, Feb 2024, and March 2025 data points", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64a2c084-171d-4b5a-bb09-cf7965cc2cbe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Global reach: Today, our network enables us to complete cross-border payments in over 1,700 corridors from 17 countries to over 115 countries, in over 75 currencies. — IPO Prospectus 2021", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-48a243ea92bf", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: 2024 10-K, IPO Prospectus, Nov 2023, Feb 2024, Current", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a7d7706-f7ad-4729-bb82-af40ae6ac453", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "table", "text": "Comparison of IPO 2021 disclosure vs 2024 10-K disclosure", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b286cd2f-e629-49a2-83de-7687340f1f07", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Remitly Now Obscures Its Reach", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "202a9dc5-27d3-4348-aa91-a189587e2347", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "f99f1a39-69da-417a-ae07-830fe7c6824f", "evidence": "The slide explicitly frames the lack of disclosure as a deliberate attempt to obscure negative business trends.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:55.781+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "tension", "title": "Uses screenshots of Google search results to highlight that Remitly is not the top sponsored result in key markets.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1644, "nDataPoints": 0, "notes": "Uses screenshots of Google search results to highlight that Remitly is not the top sponsored result in key markets.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:59.573+00", "seconds": 6.84, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/27", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The CEO claimed Remitly has a \"secret sauce\" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-a1486e87ce09", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.94, "x": 0.03, "y": 0.43 }, "kind": "image", "text": "Google search results for Mexico, India, and Philippines", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "464b35ab-616d-4db0-8e17-4b5df1fceded", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "When we conducted our first Google searches for sending money to Remitly's top three destinations of Mexico, India and the Philippines, Remitly was not the first sponsored result. The CEO claimed Remitly has a \"secret sauce\" in paid search, yet in a letter to the SEC from 2021 said that commercial data available could be used to reverse engineer its media investment strategy.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ab4f71c-893a-4cb0-8e39-4f7bfe842a28", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.27 }, "kind": "quote", "text": "So when our marketing team is thinking, hey, do we increase or decrease some of our, call it, paid search or digital channel investments, they're not looking at the average customer acquisition cost. They're looking at the marginal, meaning that next dollar spent, either higher or lower, and seeing what the return on is -- on that marketing dollar is. And so I think that's a big part of our secret sauce.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1b52f65-dd66-4788-9950-071f07a179fa", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"So when our marketing team is thinking, hey, do we increase or decrease some of our, call it, paid search or digital channel investments, they're not looking at the average customer acquisition cost. They're looking at the marginal, meaning that next dollar spent, either higher or lower, and seeing what the return on is -- on that marketing dollar is. And so I think that's a big part of our secret sauce.\" — CEO GS Conf Sept '24", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-a7c71be5378a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Google search, RELY 2024 10-K, Response Letter To SEC, July 21, 2021, Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dae96780-c9b4-48eb-84ee-ea1d52c0fdab", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.67, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Does Remitly Have A \"Secret Sauce\" In Search And Customer Acquisition?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42d0844d-3890-4b90-a9e0-54a53a65d19d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "16c5df82-4a3a-44d4-b7a8-c6ea94bad2ba", "evidence": "Contrasts CEO's claim of 'secret sauce' with empirical search result data.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:59.573+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "tension", "title": "Uses screenshots of mobile app stores to highlight competitive disadvantage in search advertising.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 717, "nDataPoints": 0, "notes": "Uses screenshots of mobile app stores to highlight competitive disadvantage in search advertising.", "elementsJson": [ "headline_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.839+00", "seconds": 3.647, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/28", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find that Remitly’s competitors are advertising so aggressively on the app stores, that when searching for “Remitly” both Ria and Western Union are prioritized ahead of it.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-90119864ed7d", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.63, "x": 0.02, "y": 0.33 }, "kind": "image", "text": "Google Play search results", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23caff0c-fe10-4769-bbc3-220bc853cf6a", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.31, "x": 0.67, "y": 0.33 }, "kind": "image", "text": "Apple App Store search results", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b02013c-5466-4536-b327-fed5583d8e53", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We find that Remitly’s competitors are advertising so aggressively on the app stores, that when searching for “Remitly” both Ria and Western Union are prioritized ahead of it. One emerging competitor is Pangea, which was acquired by Enova International (NYSE: ENVA) in 2021 and has a focus on payments from the U.S. to LATAM and Asia.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "24e7a932-fb67-4e08-a5fa-9beb782936b4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Apple and Google app stores, Enova acquisition of Pangea, Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7aea4cc-fd0e-4d50-836e-2dd35d353485", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.305, "y": 0.02 }, "kind": "title", "text": "App Store Searches For “Remitly” Return Competitors First....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f04d364-00cf-4e58-89c7-27b090209657", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3cedc3d7-21b5-469b-847e-3940e1a00532", "evidence": "Exposing competitive disadvantage in marketing spend/search dominance", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:25:56.839+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 29, "type": "tension", "title": "Uses a 'before-after' comparison of diagrams to highlight inconsistency in corporate narrative.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1709, "nDataPoints": 0, "notes": "Uses a 'before-after' comparison of diagrams to highlight inconsistency in corporate narrative.", "elementsJson": [ "headline_text", "paragraph", "quote_block", "process_diagram", "callout_box" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.537+00", "seconds": 3.235, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/29", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly's core business has not changed much since 2021, but its flywheel depiction has...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-80ff138da384", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.45, "x": 0.02, "y": 0.48 }, "kind": "diagram", "text": "2021 IPO Flywheel", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": "flywheel", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20133e92-77b3-484c-8e25-bcfc52ed5e99", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.45, "x": 0.52, "y": 0.48 }, "kind": "diagram", "text": "2025 Flywheel", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": "flywheel", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c58a58e7-f665-4c84-aee7-025f9da1d8b3", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.95, "x": 0.02, "y": 0.48 }, "kind": "framework", "text": "Flywheel comparison", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa97ae4f-3d55-41e9-8193-1ffbe1a5b4e1", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes Remitly has few, if any, competitive advantages or unique edge in its core business model. Like most buzz-laden financial technology companies trying to achieve a superior valuation, Remitly promoted an image of a flywheel in its IPO prospectus which claimed a “Leading brand.” However, a former employee who ran a regional business unit outside the U.S. claimed they did not have much of a brand. Fast forward to 2025, Remitly’s flywheel depiction looks completely different which we believe is an indication that its initial flywheel approach simply hasn’t lived up to expectations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "baf2e866-4a81-4d6e-be22-0a5d768b0289", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.18, "y": 0.36 }, "kind": "quote", "text": "They (Western Union) have the advantage of the brand over some of the players, such as Remitly that are more known in the U.S., but I feel like in most other countries they operate on don't have much of a brand which hurts them on the CAC side.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "302e2b89-d55e-42e0-be40-f8e9b4d7db15", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"They (Western Union) have the advantage of the brand over some of the players, such as Remitly that are more known in the U.S., but I feel like in most other countries they operate on don't have much of a brand which hurts them on the CAC side. They have to build the brand and they probably have to pay more for a customer than someone like Western Union or Ria has to just because they get this organic traffic of people just searching and knowing the company. That's (sic: my) initial very high-level view.\" — Former Remitly Regional Business Head, Nov 11, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-8704e6bda4b1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: IPO Prospectus, Investor Presentation, Tegus interview, Nov 11, 2024", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9db50005-04ad-49db-aebf-54aa6560d5c7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Flywheel Changing Despite Minimal Change In Remitly's Underlying Business Model", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23c70f63-932f-45bc-9062-cadfb8af6acc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4559233c-5493-425a-bfac-9b2e2e1046fe", "evidence": "Contrasting 2021 vs 2025 business model claims", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "expose_contradiction" }, { "matchId": "af805c1f-0ac6-4c03-bfbb-a05cdd3e10e3", "evidence": "Visual comparison of two business model flywheels", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "flywheel" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "Uses a 'before/after' style comparison of a past chart vs current executive/employee commentary to expose a potential contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1851, "nDataPoints": 0, "notes": "Uses a 'before/after' style comparison of a past chart vs current executive/employee commentary to expose a potential contradiction.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_stacked", "quote_block", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.672+00", "seconds": 3.319, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/30", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-35cacfcb99a4", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.48, "x": 0.03, "y": 0.36 }, "kind": "chart", "text": "Revenue Contribution by Cohort (2016-2022)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Stacked bar chart", "slug": "bar-stacked", "status": "active", "canonId": "019de52c-feec-74bf-9028-15b74f84f0a7", "version": 1, "description": null }, "framework": null }, "subkind": "bar-stacked", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1249ba8-0bc6-4b19-947b-0d3830fae481", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly no longer shares its “Revenue Contribution By Cohorts” slide which is a powerful analysis for investors to gauge its ability to harvest revenues from new and existing customers over time.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4b6593b-11f5-43a8-9b87-928852d88785", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.42, "x": 0.56, "y": 0.36 }, "kind": "quote", "text": "Due to our unique product and trusted experience, we have deep loyalty within our customer base... As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "034aa555-c5f5-47c6-9727-50aaa7880c6a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.42, "x": 0.56, "y": 0.66 }, "kind": "quote", "text": "I'm hearing from consumers that they're getting ads from various companies with very similar messaging... I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f47dfbc8-1543-4fb7-9cec-a62c363aad4b", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Due to our unique product and trusted experience, we have deep loyalty within our customer base, which creates durability in revenue and gives us confidence in predicting the future of business. As we look at customer cohorts, past trends and take a prudent view, we expect a low to mid-20%s revenue growth rate for 2025.” — CEO Q3’2024 Earnings Call; “I'm hearing from consumers that they're getting ads from various companies with very similar messaging. For them then the question really becomes again, the pricing and then considerations on the product side. The payout speed and then the receive network like whomever I'm sending it to, unless it's myself, how easy is it for them to pick up? I feel like the gap on the paid marketing side is closing and I don't see that as a sustainable advantage.” — Former Employee, Regional Business Head", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-3aefa145554d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Investor Presentation, Earnings call, Tegus interview, Nov 11, 2024", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da104254-4f9e-437d-8b17-05b2c44487b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Why Doesn't Remitly Continue Reporting Revenue Cohort Data?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "daadd2dc-2408-4246-8e8e-16fffb5f1b8d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "29170bfa-f73b-4aef-839e-183f27090d2f", "evidence": "Contrasts CEO's positive outlook on cohorts with the removal of the data and a former employee's negative assessment.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.672+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "Uses a comparison table to contrast IPO-era disclosures with current reporting practices.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 640, "nDataPoints": 0, "notes": "Uses a comparison table to contrast IPO-era disclosures with current reporting practices.", "elementsJson": [ "headline_text", "callout_box", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.335+00", "seconds": 2.931, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/31", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Remitly recently ceased disclosing mobile wallets by lumping them together with bank accounts. Yet, it also says that mobile wallets are a key determinant of transaction fees.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23fd5cb2-eaae-4099-b07f-5f867734ffc8", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Transaction fees vary based on the corridor, the currency in which funds are delivered to the recipient, the funding method a customer chooses (e.g., ACH, credit card, debit card, etc.), and the amount of the customer's principal. — Remitly IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-274b337fffb8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY 2024 10-K and IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9744d02d-5e31-4ed9-9e82-8a6a977a716a", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.26 }, "kind": "table", "text": "Comparison of IPO vs current disclosures regarding transaction fees and mobile wallet reporting.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c831cc40-8f4e-4e95-87db-6e1044181720", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly Ceased Reporting Mobile Wallets, A Key Driver of Transaction Fees", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d08c1dad-f89b-456e-adf3-dc1b9c040934", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7d4156b4-c598-482f-af4e-93fefab4cd77", "evidence": "Exposing a contradiction in financial reporting to suggest obfuscation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.335+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "tension", "title": "The slide uses the 'fraud-exposure' framework by highlighting a lack of transparency in key performance indicators.", "function": "expose_contradiction", "rawType": "appendix_disclosure", "block": null, "metadata": { "slideType": "appendix_disclosure", "slideTypeCanon": { "name": "Appendix disclosure", "slug": "appendix_disclosure", "status": "active", "canonId": "019de52d-07b2-7549-8e8b-932a19f6e616", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 587, "nDataPoints": 3, "notes": "The slide uses the 'fraud-exposure' framework by highlighting a lack of transparency in key performance indicators.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.691+00", "seconds": 2.86, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/32", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "It's not just cohort and transaction data or mobile wallets that Remitly ceased to provide, but also order completion and detailed LTV / CAC calculations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1693f3fa-3703-4fc0-9125-7533105612f5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Order completion rate\" is defined as the sum of daily unique customers who complete a transaction over the sum of daily unique customers who sign-in.\" — IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba7f-ecb9a036547c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY IPO Prospectus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2832ecb-f987-4d92-b23a-c41f6696bd15", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Metric: Order Completion, Last Disclosed: IPO prospectus, Reference: Definition of order completion rate. Metric: LTV/CAC, Last Disclosed: IPO Prospectus, Reference: Definition and historical 2019/2020 data.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97e57a49-51bb-45ef-b811-ef13ae9fb435", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Other Items No Longer Disclosed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38dd005f-446c-4709-923e-92caf03741f5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7c6fcadf-e826-4091-b93f-4b0a2791e7bb", "evidence": "Highlights the cessation of key metric disclosures to imply lack of transparency.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.691+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "tension", "title": "Uses a comparison table structure to juxtapose management quotes against industry data.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 62, "componentCount": 6, "textChars": 2031, "nDataPoints": 2, "notes": "Uses a comparison table structure to juxtapose management quotes against industry data.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.814+00", "seconds": 2.96, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/33", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly Claims No Pricing Pressures, But Industry Prices Are Under Pressure", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-dcbeb81e7f18", "parentComponentId": null }, { "bbox": null, "kind": "framework", "text": "Exposing contradiction between management narrative and market reality", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5178bd9c-0946-49bb-9d0e-bae7d98b1fb1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "At its IPO, Remitly disclosed 31 million remittance transactions but has subsequently failed to update this figure. Moreover, management claims that it manages the business on a per transaction basis. Furthermore, management claims it saw no pricing pressures in 2024. However, its major competitor Wise lowered prices during the year, consistent with industry trends.(1)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "428d726c-3b39-44a3-b453-a3258f752d32", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"While we are just getting started, we are proud of the scale we have achieved to date. In 2020 our customers completed approximately 31 million remittance transactions using Remitly.\" — Remitly IPO Prospectus. \"We manage more to revenue per transaction, profit per transaction, LTV. And when you look at it from that lens, it's business as usual in Q2. No major shift in competitive pricing. It wasn't due to any sort of pricing pressure.\" — Remitly CEO Q2'24. \"And what we're focused on is things like ARPU and specifically average revenue per transaction, the profit per transaction and fewer trends there as much as how we think about modeling the business.\" — Remitly CFO Q1'24. \"For them (Remitly), the biggest challenges are I think players like Wise. Then on the pricing side, something like Atlantic Money, I don't know whether you've heard of them, that's a fairly new player with even lower pricing...\" — Former Remitly Regional Head, Tegus: Nov 11, 2024. \"Our discipline and focus in reducing unit costs allowed us to lower prices in the first half of FY25, which was the main driver of the cross border take rate reducing by 11bps YoY to 56bps in Q3.\" — Wise Plc Trading Update Jan 16, 2025. \"Across all providers/corridors/payment methods we examined, pricing was down on average to 3.25% (vs. 3.46% last Q).\" — J.P. Morgan Research Feb 3, 2025.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-e39b98460abf", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.05, "y": 0.28 }, "kind": "table", "text": "Comparison table of Remitly management claims vs industry evidence", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd882f3d-6d7c-4230-add8-4ae21653d771", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "Remitly Claims To Manage Its Business On Transaction Data, But Won't Disclose Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e75036a6-be16-4a50-9cc9-36b5828e6671", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "875ded8f-2f14-4d66-b6a7-d10e07008aa3", "evidence": "Juxtaposition of management quotes against contradictory industry data points.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:25:56.814+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "tension", "title": "Uses a table format to contrast company claims with critical feedback.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 6, "textChars": 900, "nDataPoints": 0, "notes": "Uses a table format to contrast company claims with critical feedback.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.747+00", "seconds": 2.645, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/34", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Former employees express concerns that product development is not the Company's core competency.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-4e0b97fc29f3", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Given our view that Remitly's core product is commoditized with long-term downward pressures on pricing, we believe it is vital for the Company to develop new product offerings for its customer base. However, recent efforts to progress \"Remitly for Developers\" and \"Passbook\" appear to have fizzled out. Former employees express concerns that product development is not the Company's core competency.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f857148-b95c-4f10-b26b-3e8a8a80c9f0", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And so because there wasn't an overlap in terms of our customer base and Passbook was the product that we had, it wasn't going to scale as fast, because the synergies weren't there as fast as we would have wanted it to. — CEO on Passbook, JP Morgan Conf, May 22, 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-53d03f05436f", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.35, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: RELY Prospectus, Conference statements, Tegus", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "171d88a3-e67b-4b7d-b284-b9acb77aa73f", "parentComponentId": null }, { "bbox": { "h": 0.63, "w": 0.94, "x": 0.03, "y": 0.31 }, "kind": "table", "text": "Comparison table of product claims vs. reality", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afa06a9b-8332-42f2-91fd-e8caccda615e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Product Development Has Largely Failed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0842be75-f8e1-47e0-9a88-83cf25bc6a9c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ab92db3b-9cc0-4036-a01e-b844b834ea91", "evidence": "Contrasts company statements with negative feedback from former employees.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:56.747+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "analysis", "title": "The slide uses a table to demonstrate declining unit economics for the target company.", "function": "analyze_data", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 659, "nDataPoints": 80, "notes": "The slide uses a table to demonstrate declining unit economics for the target company.", "elementsJson": [ "headline_text", "callout_box", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:56.775+00", "seconds": 2.647, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/35", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We find that revenue per active customer and per send volume has been declining.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-afecd24b38b2", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue per Active Customer: -1.3%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-b0c7202ba937", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Based on Remitly’s reported revenue, active customers, and send volume, we calculate last 12 months trailing results of revenue per active customer and send volume. We find that revenue per active customer and per send volume has been declining.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ab6176f-69ff-4ee6-8bc4-163bd986a50b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Defined as average of current period and prior year active customer RELY SEC filings and Spruce Point analysis", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "098829f0-e777-4903-b089-cd0911f8b525", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.27 }, "kind": "table", "text": "Analysis of Key Metrics table showing LTM Revenue, Active Customers, Revenue per Active Customer, Send Volume, and derived metrics from 2019 to 2024.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33f4d48e-3ded-4da6-93f0-9da4e3cf59a4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Important Metrics Are Turning Negative", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:56.775+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69f6823b-981b-4c9c-9b68-4294420c2693", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 36, "type": "analysis", "title": "The table uses color-coding (green/red) to indicate improvement or worsening of metrics over time.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 473, "nDataPoints": 55, "notes": "The table uses color-coding (green/red) to indicate improvement or worsening of metrics over time.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.104+00", "seconds": 5.587, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/36", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "RELY only reports period changes in transaction expense drivers such as direct costs and loss reserves. When we analyze the annual increases in these costs relative to annual increase in revenue and send volume, we see that trends mostly worsened in 2024 after a period of improvement.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fa721ca-5e9c-4b1d-b507-a6209b52a10b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Transaction Expense / Revenue: 32.1%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-cb582e2416a1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY SEC filings and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a7721437-9e49-4a4b-9e36-26f5525815c7", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.9, "x": 0.05, "y": 0.29 }, "kind": "table", "text": "Analysis of Marginal Changes of Revenues And Send Volumes To Costs Since 2020", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76eef12f-2190-4153-840f-9386fda2a29a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Negative Leverage In 2024", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fa859db5-b56f-44a4-9172-974e8b246019", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e5655e60-8aab-4982-93dc-b8420144a7a6", "evidence": "The slide uses a table to compare financial ratios across multiple years to identify trends.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:00.104+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 37, "type": "analysis", "title": "The slide uses color-coding (green/red) to indicate improvement or worsening of YoY metrics.", "function": "analyze_data", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 339, "nDataPoints": 45, "notes": "The slide uses color-coding (green/red) to indicate improvement or worsening of YoY metrics.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:59.218+00", "seconds": 4.684, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/37", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "callout", "text": "Spruce Point estimates that for the first time since coming public, Remitly's transaction margin, or the difference of revenue per send volume and transaction expense per send volume, declined.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a28a1adb-94f6-46c7-8170-5e5a7621e73e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Transaction Margin: -2.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-9c6c4f577577", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.05, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY SEC filings and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfd2baef-d2ba-4d95-b41a-462661b6be20", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.315 }, "kind": "table", "text": "Analysis of Transaction Margin Since 2020", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d318545a-6780-40fc-8ef3-5a157419b70a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.48, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Evidence of Margin Compression", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.218+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a80c3ecd-6e8c-4907-a798-be02ab14dcbc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 38, "type": "tension", "title": "The slide uses color-coded highlighting (green for positive drivers, red for negative/offsetting factors) to emphasize the shift in disclosure quality.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1063, "nDataPoints": 8, "notes": "The slide uses color-coded highlighting (green for positive drivers, red for negative/offsetting factors) to emphasize the shift in disclosure quality.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:57.867+00", "seconds": 3.278, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/38", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly provides vastly less commentary about factors driving its send volume than it did in its IPO prospectus.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-f47b1719448d", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Remitly provides vastly less commentary about factors driving its send volume than it did in its IPO prospectus. Curiously, the Company now only attributes its increasing send volume to an increase in active customers but says nothing about the effect of payment type, geographic mix shift, or other activities such as advancing funds to recipients before received from customers.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ed74067-9cac-40ad-aa17-1e6831755aad", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Send volume increased to $12.1 billion for 2020, compared to $7.1 billion for 2019, largely due to higher transaction volumes from new and existing customers, partially offset by lower average send amount per active customers as a result of increasing geographic diversification, and in particular a mix shift toward corridors with lower average send amounts. — Remitly IPO Prospectus 2020", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-f999c9f8169e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3902914e-6b8c-452e-a1a8-0028323c8216", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.94, "x": 0.03, "y": 0.32 }, "kind": "table", "text": "Comparison table showing detailed 2020 IPO disclosure vs simplified post-IPO disclosures from 2021-2024.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58e31f8b-f919-4117-9642-cf2b324e31e6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly Has Become Less Transparent About Send Volumes", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "136f51bb-f61f-4799-a633-d7d83a793d31", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5a569b9b-dd6d-43ba-b9c6-d72ffa7f2d4d", "evidence": "Contrasts detailed IPO disclosure with repetitive, simplified post-IPO explanations.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:57.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 38, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "Includes annotations highlighting 'Almost no growth' and 'Sharp Decline...'", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 8, "textChars": 887, "nDataPoints": 30, "notes": "Includes annotations highlighting 'Almost no growth' and 'Sharp Decline...'", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:57.599+00", "seconds": 2.959, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/39", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.22, "x": 0.76, "y": 0.31 }, "kind": "callout", "text": "Almost no growth", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9af9945a-e88d-48de-8610-e1f43ceed4b9", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.27, "x": 0.71, "y": 0.78 }, "kind": "callout", "text": "Sharp Decline...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e428a1c6-5016-4073-96ca-9e5ebbe98c90", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-69931ed7d087", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Customer Support / Active Customer: $12.26", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-6d663e2dc8e5", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes that Remitly is playing a dangerous game of slowing customer support and operations expense, either in response to anticipated slowing customer growth, or to boost earnings. While this may help earnings in the short-term, it risks aggravating customer relationships and leading to higher churn in the future. We have identified a plethora of recent customer service complaints.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca00e414-e01f-43f0-8fb0-512091ed55d6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Average of beginning and ending year active customers\nSource: Remitly SEC filings and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c372b32f-343f-40e0-a56b-89513f467fb4", "parentComponentId": null }, { "bbox": { "h": 0.41, "w": 0.96, "x": 0.02, "y": 0.36 }, "kind": "table", "text": "Customer Support and Operations Expense Analysis table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03e2c19f-a176-480b-b020-6d24eb18da8c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Customer Support Spend Per Active Customer Is Declining", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4908b40f-decc-476e-a7b3-1147cae4fef7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses a combination of historical data visualization and a table of management quotes to highlight a discrepancy.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 1214, "nDataPoints": 9, "notes": "Uses a combination of historical data visualization and a table of management quotes to highlight a discrepancy.", "elementsJson": [ "headline_text", "paragraph", "line_chart", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.508+00", "seconds": 3.79, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/40", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe these new disclosures signal that the take rate will continue to decline.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-b9d3f31a2b30", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.42, "x": 0.02, "y": 0.34 }, "kind": "chart", "text": "Average Take Rate by Quarter (%)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca8cf773-fa1f-4ed6-9b96-611e0a041ae5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "take rate: 2.22%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-c2d0a2cb12db", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly stopped providing investors its average take rate by quarter graph below after June 2022. Since then, management has repeatedly said that its take rate remained within its historical range. However, in the past two quarters the Company started to again provide a specific gross take rate while also providing a new disclosure that a mix shift towards digital disbursements impacted revenue.(1) We believe these new disclosures signal that the take rate will continue to decline.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9927401a-e93f-4e35-814f-09716897504e", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "So the last 12 quarters, which is -- goes as far back in terms of when we've shared that as a public company, the take rate has been between 2% and 2.5%. So a lot of stability there between 2% to 2.5%. That's point one, stability in pricing. — Goldman Conf Sept 2023", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-bc6a4c24f43b", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.02, "y": 0.93 }, "kind": "source-note", "text": "1) Note: The new CFO uses the term \"gross take rate\" which is defined as revenue compared with send volume. See above for past definition in 2022. Source: RELY 2024 10-K, Investor presentation and conference calls", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b608dfb4-69eb-42a9-a3e8-d29d4fdad6f6", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.54, "x": 0.44, "y": 0.31 }, "kind": "table", "text": "Mix Shift To Digital Starting To Pressure Take Rates", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac3fb3b1-706e-43d7-8dc5-e6c4cd462fc8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "We Believe Remitly’s Take Rate Is Likely To Decline Going Forward", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4e77d9da-7c90-4529-967a-e4528bc9c32a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "27bde478-a52e-45af-a1d6-e76db5252a12", "evidence": "Contrasting management quotes with historical data to expose a narrative shift.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:58.508+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "evidence", "title": "The slide uses red highlighting to emphasize negative outlooks on industry profitability and green highlighting for a positive assessment of Remitly's quality.", "function": "cite_precedent", "rawType": "quote_slide", "block": null, "metadata": { "slideType": "quote_slide", "slideTypeCanon": { "name": "Quote slide", "slug": "quote_slide", "status": "active", "canonId": "019de52d-098e-7555-a9fd-4f0af7e80bc2", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 8, "textChars": 1959, "nDataPoints": 1, "notes": "The slide uses red highlighting to emphasize negative outlooks on industry profitability and green highlighting for a positive assessment of Remitly's quality.", "elementsJson": [ "headline_text", "callout_box", "quote_block" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:04.169+00", "seconds": 9.439, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/41", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.25 }, "kind": "callout", "text": "Expert: Competitor Responsible For All Digital Partnerships", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b7e3c78-3877-4770-9349-f620a34fb6b2", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Maybe in five or maybe 10 years, there won't be much money to be made on remittance per se.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-2ad776c5729f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "A recent expert interview illustrates the competitive situation in an increasing digital environment and the challenges faced by remittance dependent players like Remitly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09093a29-69a5-4311-b504-f8c78d8d0807", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.94, "x": 0.03, "y": 0.75 }, "kind": "quote", "text": "Comments on Remitly: Remitly, it's an interesting one because they are the best digital remittance company out of U.S... They've done well in Asia and Africa, but I've seen some newcomers... You think Remitly is only the disruptor. I think, in my book, Remitly is a good company, but they only do one thing, and that's remittances, whereas some of these other players have a competitive advantage which takes ages to create.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "10baecc2-ec6e-4e6e-b2a7-103c610e7ddc", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.94, "x": 0.03, "y": 0.3 }, "kind": "quote", "text": "Now, let's go to the other place that you mentioned, which is the agent base... Maybe in five or maybe 10 years, there won't be much money to be made on remittance per se... I think that space is highly competitive. One point is unless these guys innovate and reinvent the wheel, there is not much money to be made on remittances... It's going to be very, very difficult because some of these players are selling under cost just to get numbers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7da698ac-956a-4e0f-aab8-b8ab66416bbe", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Maybe in five or maybe 10 years, there won't be much money to be made on remittance per se... I think that space is highly competitive\" — Expert: Competitor Responsible For All Digital Partnerships. \"It's going to be very, very difficult because some of these players are selling under cost just to get numbers.\" — Expert: Competitor Responsible For All Digital Partnerships. \"You think Remitly is only the disruptor. I think, in my book, Remitly is a good company, but they only do one thing, and that's remittances, whereas some of these other players have a competitive advantage which takes ages to create.\" — Expert: Competitor Responsible For All Digital Partnerships.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-2c0dba95ad12", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Alphasense excerpts from interview, Oct 31, 2024", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2ebdae1-c61e-498e-bc84-68211a5ec3dd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Expert Interview On Extreme Competition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fc9dd5a-19c9-4969-8bd5-9c6ea920061e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "56e10fb6-94a1-400e-85ed-50cc52ab9d42", "evidence": "Uses expert interview excerpts to validate the thesis of extreme competition.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:04.169+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 41, "frameworkName": "authority-citation" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "analysis", "title": "The slide uses a table to compare 2023 and 2024 financial metrics related to credit facility usage, with red callout boxes highlighting aggressive growth.", "function": "analyze_data", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 776, "nDataPoints": 24, "notes": "The slide uses a table to compare 2023 and 2024 financial metrics related to credit facility usage, with red callout boxes highlighting aggressive growth.", "elementsJson": [ "headline_text", "paragraph", "data_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:57.514+00", "seconds": 2.744, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/42", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.33, "x": 0.64, "y": 0.34 }, "kind": "callout", "text": "Increased end of Dec 2023", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4afa2d52-a31d-4745-bffa-28e1f8c27f26", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.33, "x": 0.64, "y": 0.47 }, "kind": "callout", "text": "Gross Borrowings And Average Borrowing Balance Grew Much Faster Than Send Volumes", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ba0e96f-1e94-4950-a2ca-26f86b3581e5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Borrowings / Send Volume: 2.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba80-dd74af58036b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "While the evidence suggests that Remitly appears to be increasing its exposure to riskier clients by underspending in KYC compliance, it is also utilizing its credit facility more aggressively. Remitly doesn't explain why but it could be related to increased microlending (see next slide). Facility borrowings and average balance size are growing faster than send volumes.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77d74bbe-8c46-4556-b452-70ce8cd6875f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.55, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Disclosed at 9% for 2023 and H1 2024. Estimated for other periods based on interest rate decisions. Source: Remitly SEC filings", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e69372fd-28e5-4f1e-8a46-ca8ee190620f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.6, "x": 0.02, "y": 0.31 }, "kind": "table", "text": "Remitly Credit Facility Analysis table comparing 2023 and 2024 metrics", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2955d26a-6ba0-4e8d-b9f2-a81119c833f2", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Riskier Clients Amidst Increasing Short-Term Credit Dependency", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf4564b7-c859-434b-8fca-8f5037afad63", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 43, "type": "tension", "title": "Uses a comparison table to highlight the discrepancy between official risk disclosures and anecdotal evidence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 1001, "nDataPoints": 0, "notes": "Uses a comparison table to highlight the discrepancy between official risk disclosures and anecdotal evidence.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.42+00", "seconds": 3.407, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/43", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Remitly makes vague reference to a partnership with a microlending nonprofit (we identified Kiva) and puts advancing funds on behalf of customers as a new risk. This sounds like a lending practice. Interviews with two former employees confirm it as do job opening positions which talk about lending. Why doesn't Remitly discuss its \"Flex Plus\" program?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec51bc7-81f3-4f3e-a3cc-d6a755ad02eb", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Remitly makes vague reference to a partnership with a microlending nonprofit (we identified Kiva) and puts advancing funds on behalf of customers as a new risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-4f3c72919f37", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Also in the middle of all of that, they started launching the lending team. So doing some micro transaction lending, micro being on the order of hundreds of dollars, and that was actually launching pretty good. — Tegus Former Engineer, Oct 2, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-5212a38e9184", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.55, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY 2024 10-K, Tegus, Remitly Job Openings, Sr. Product Marketing Analyst, Lending", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0260f6b-bec6-454b-9503-482fada4e4de", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.28 }, "kind": "table", "text": "Comparison of risk factors, corporate disclosures, and former employee interviews regarding lending activities.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b70143c2-b5b9-4fe6-9eae-7b8caa8f59c3", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Why Is Remitly Vague About Microlending?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18fb953b-2e1f-4623-8a55-be85ba7661ba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "33aa55c1-8eae-4151-a021-649fef894827", "evidence": "Contrasts official company risk disclosures with former employee testimony to expose potential hidden business practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.42+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 44, "type": "tension", "title": "Uses a combination of a pull-quote from a former employee and excerpts from regulatory documents to build a case of negligence.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 74, "componentCount": 8, "textChars": 1892, "nDataPoints": 0, "notes": "Uses a combination of a pull-quote from a former employee and excerpts from regulatory documents to build a case of negligence.", "elementsJson": [ "headline_text", "callout_box", "quote_block", "screenshot", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.514+00", "seconds": 3.245, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/44", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "We find evidence from a recent employee interview, a regulatory consent order in Florida, and from Remitly's Australian filings that it may have underspent in KYC (Know Your Customer) compliance which is designed to prevent money laundering. Additionally, Remitly's IPO Prospectus mentioned \"KYC\" fifteen times, but its recent 10-K did so just twice. If so, this raises the risk of additional regulatory sanctions, which could further undermine public trust of the Company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a53a214-5650-44c8-9388-d0f49f8c96b0", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We find evidence from a recent employee interview, a regulatory consent order in Florida, and from Remitly's Australian filings that it may have underspent in KYC (Know Your Customer) compliance which is designed to prevent money laundering.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-0d5cd8670e51", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.48, "x": 0.02, "y": 0.52 }, "kind": "image", "text": "Excerpts of Remitly's Recent AML Consent Agreement", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c68d5959-d673-44f4-aad7-d5922a76a429", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.46, "x": 0.52, "y": 0.52 }, "kind": "paragraph", "text": "Australian Regulatory Non-Compliance: As a remittance service provider, registered with AUSTRAC, the Company is subject to local laws and regulations... The Company does not disclose any contingent liability for the year ended 31 December 2023.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ff903d1-cc95-4aee-a9ae-f96326fb6fda", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.84, "x": 0.14, "y": 0.3 }, "kind": "quote", "text": "\"Very similar topics, but they need to be 100% separate... you never want an A-plus grade in compliance, you want a B grade when you come back from the auditors. You always want them to find something because, otherwise, you're investing too much into it.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65b51d84-e306-47e5-be0b-7a333961e8ea", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"The compliance guy I was working with at the time to launch Passbook, he was saying, you never want an A-plus grade in compliance, you want a B grade when you come back from the auditors. You always want them to find something because, otherwise, you're investing too much into it. You're probably creating more customer pain and you're doing too much.\" — Former Remitly Software Engineer", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-13ce5742758d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.98, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Tegus Interview, Oct 2,2024, Florida Office of Financial Regulation, Australian Filings, RELY 2024 10K vs. IPO Prospectus , Spruce Point red emphasis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "977fbabc-eece-4695-99c7-ebc46dea0f09", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Evidence Suggests Remitly May Have Underspent In KYC / Money Laundering Compliance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a7f9da0-c62c-45bc-85cb-495e5e658ce6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7d3c3f59-48ab-4602-a04c-973efa583227", "evidence": "Uses a former employee quote to contradict the company's public compliance stance.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.514+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 44, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 45, "type": "tension", "title": "The slide uses a list of departures to imply internal issues or lack of confidence in the company.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 275, "nDataPoints": 32, "notes": "The slide uses a list of departures to imply internal issues or lack of confidence in the company.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:57.766+00", "seconds": 2.491, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/45", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Spruce Point has identified a concerning number of executive departures in Remitly's legal, compliance and risk functions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c993b8e5-79d3-44dd-98e8-336aedeb9b94", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.08, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: LinkedIn", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cad43727-6c50-47e3-a69c-29f13b51b3cf", "parentComponentId": null }, { "bbox": { "h": 0.68, "w": 0.96, "x": 0.02, "y": 0.24 }, "kind": "table", "text": "Recent Executive Departures In Legal, Compliance and Risk Management", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d28eebac-e87b-482f-bba6-b043a4922ef1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Troubling Executive Turnover In Legal, Compliance, And Risk Functions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2101c8fb-87b2-43a4-bebc-adcd848e384e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a9610c09-7996-4419-ac08-327bff48a4b0", "evidence": "Highlighting executive turnover as a red flag for corporate governance or internal issues.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:57.766+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 45, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 46, "type": "setup", "title": "The slide uses a peer benchmark table to highlight a negative outlier in compensation.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 6, "textChars": 527, "nDataPoints": 40, "notes": "The slide uses a peer benchmark table to highlight a negative outlier in compensation.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.537+00", "seconds": 2.977, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/46", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Are Remitly's executives leaving because of its off-market pay or for more concerning reasons? Spruce Point finds that Remitly's median employee pay is -75% below the industry peer average.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a04d20fc-8276-4736-babe-81c76957c06a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point finds that Remitly’s median employee pay is -75% below the industry peer average.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-688bc958d6b5", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Median Pay: $16,882", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-6c5a9bedd1a4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Company Proxy Statements under CEO Pay Ratio Disclosure.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ddcaac05-3adb-4b33-9a4d-8475224cfb6c", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Employee Pay Benchmark Analysis table comparing Remitly to peers across total employees, location split, and median pay.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36b59655-00c4-4369-8817-9e6cca6307df", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Remitly's Median Pay Is Wildly Off-Market", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fdfae66-92f9-449c-b8d2-6f24f1db16ce", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e41c16a3-b14a-4dd6-96df-0afb794fe60d", "evidence": "Direct comparison of Remitly against a peer group to highlight a performance/compensation gap.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.537+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 46, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 47, "type": "tension", "title": "The slide uses a table to contrast company narrative with financial performance metrics.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 8, "textChars": 759, "nDataPoints": 84, "notes": "The slide uses a table to contrast company narrative with financial performance metrics.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.622+00", "seconds": 2.77, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/47", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point is concerned that Remitly may be managing earnings and/or experiencing troubles with its fraud loss models.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-507a7d1b230a", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "list", "text": "Remitly Discussion About Fraud Loss quotes", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fdd046b-39a3-4d2a-8712-e84717eb8d56", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Incurred Loss / Send Volume: 0.11%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-5ae69bc8a25d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point is concerned that Remitly may be managing earnings and/or experiencing troubles with its fraud loss models. In 2023, it had favorable provisions that reduced transaction expenses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f104ba19-0f44-48aa-aa4f-fa65e1a76e6a", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "the quantitative models we employ are subject to the risk of oversimplification — Remitly 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-54bbd36ee335", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.02, "y": 0.91 }, "kind": "source-note", "text": "1) Generally disclosed as software costs... 2) Exact figure was not disclosed... 3) Incurred loss, net of recoveries disclosed in the footnotes of RELY SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "061f47a1-de8a-4cfa-83ad-450eb86dd439", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.55 }, "kind": "table", "text": "Transaction Expenses table showing annual and quarterly data from 2019-2024", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f94029d-9c14-44ce-b2f1-8a6b16eb0211", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.38, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Unusual Changes In Fraud Loss Provision", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30ed8689-b613-4307-a17c-64d15f45c78a", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8bc27f05-e784-4aa1-b9cf-9a7ae7220ed0", "evidence": "The slide explicitly frames the company's financial disclosures as potentially misleading regarding fraud loss models.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:25:58.622+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "tension", "title": "The slide uses highlighting to draw attention to specific phrases within the quoted risk factor text.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 45, "componentCount": 4, "textChars": 2298, "nDataPoints": 0, "notes": "The slide uses highlighting to draw attention to specific phrases within the quoted risk factor text.", "elementsJson": [ "headline_text", "callout_box", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:02.549+00", "seconds": 6.659, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/48", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Remitly added a new risk factor that caught our attention and is concerning in the context of significant turnover in its compliance and risk areas along with increased microlending.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "12713f9f-e051-4ce4-bef5-bd5dca9664fc", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.92, "x": 0.04, "y": 0.26 }, "kind": "paragraph", "text": "New Risk Factor: Quantitative Model Risk? \"The development and use of quantitative models in our business may present risks and challenges that could adversely impact us. We rely on quantitative models across our business in areas such as liquidity management, monitoring and managing of risk, and forecasting. The accuracy of our calculations depends on the reliability of the underlying models and assumptions. 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. 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. Further, the assumptions underlying our models are inherently speculative. These assumptions are influenced by a myriad of factors, all of which are fluid and can evolve in unpredictable ways. A failure to accurately anticipate or quickly adapt to these changes could render our models less effective, which could adversely affect our business, financial condition, operating results, and future prospects. Finally, the potential for model failure or significant prediction errors poses a risk to our financial stability. Any discrepancies between model forecasts and actual outcomes may lead to unexpected losses. Such situations could strain our financial resources, require us to obtain additional funding, which may not be available on terms attractive to us, if at all, and negatively impact our ability to capitalize on growth opportunities.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b42a0ed-7346-40fd-bc70-23cfde380c17", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY 2024 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cda08723-2eb8-422f-afb7-9ecf59a0b682", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "New Quant Model Risk Factor Concerns Us", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.549+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60b3ea2b-286b-4267-80d2-7d54a09bd9a1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 49, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 285, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.103+00", "seconds": 2.16, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/49", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Think Wise Is A Formidable Competitor That Is Pressuring Remitly", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-80d1fe6a6423", "parentComponentId": null }, { "bbox": { "h": 0.018, "w": 0.538, "x": 0.453, "y": 0.961 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dc4e360-8ed6-478d-91fc-e6846f9a9eab", "parentComponentId": null }, { "bbox": { "h": 0.389, "w": 0.203, "x": 0.073, "y": 0.305 }, "kind": "image", "text": "Spruce Point Capital Management logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Illustration", "slug": "illustration", "status": "active", "canonId": "019de52c-fe76-7772-a5ac-c0b7294d7615", "version": 1, "description": null }, "framework": null }, "subkind": "illustration", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e636252-18f4-46d2-a8f2-c80a7d79935c", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.585, "x": 0.348, "y": 0.438 }, "kind": "title", "text": "We Think Wise Is A Formidable Competitor That Is Pressuring Remitly", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.103+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09ca1e64-fcef-4e28-9ba8-68ffb429533d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 50, "type": "tension", "title": "The slide uses screenshots of a YouTube video and Wise's comparison website to illustrate competitive pressure.", "function": "expose_contradiction", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 381, "nDataPoints": 0, "notes": "The slide uses screenshots of a YouTube video and Wise's comparison website to illustrate competitive pressure.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.958+00", "seconds": 2.786, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/50", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Rarely has Spruce Point witnessed such competitive intensity among peers. Wise has launched a social media campaign and provided tools on its website to allow potential customers to compare value propositions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dfa7ed9-348b-4185-ba2c-1eb03a3d7665", "parentComponentId": null }, { "bbox": { "h": 0.66, "w": 0.41, "x": 0.55, "y": 0.26 }, "kind": "image", "text": "Wise comparison website screenshots", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ce19ac7-35aa-4624-9a88-fcb7f7038a2d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.46, "x": 0.04, "y": 0.27 }, "kind": "image", "text": "YouTube video screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "807add25-e88c-4471-9195-51e48fc3f196", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: YouTube, Compare Remitly vs. Wise; Remitly Exchange Rate", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56dc536a-06d1-46ff-afd5-644e36d9ca58", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Wise Is Marketing Head-To-Head Against Remitly...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.958+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "555ed052-aeb2-4601-b2aa-536d57f0763f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 51, "type": "setup", "title": "The slide uses a standard Google Trends interface screenshot to support a competitive analysis argument.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 5, "textChars": 214, "nDataPoints": 3, "notes": "The slide uses a standard Google Trends interface screenshot to support a competitive analysis argument.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.599+00", "seconds": 2.334, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/51", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "Recent Google Trends data shows that Wise is pulling far ahead of Remitly.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49c577a5-e21b-4542-9861-a6870c398543", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.31 }, "kind": "chart", "text": "Google Trends: Remitly vs. Wise", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66c13966-df76-4433-8080-3cca80fe3f63", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Google Trends search interest", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-39394cbeb016", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Google Trends", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a65782fd-222f-4192-9047-ae3259d799c0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Wise Is Pulling Ahead of Remitly According To Google Trends", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22983028-f4d9-41f1-ad90-486534780d05", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "70d983e5-ee1b-47e4-94c8-3cb9ff445b51", "evidence": "Direct comparison of two competitors using search interest data.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.599+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 51, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 52, "type": "tension", "title": "Uses a combination of a screenshot of a traffic analytics table and a screenshot of a comparison website to build a narrative of competitive disadvantage.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 699, "nDataPoints": 12, "notes": "Uses a combination of a screenshot of a traffic analytics table and a screenshot of a comparison website to build a narrative of competitive disadvantage.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "data_table", "bar_chart_horizontal", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.127+00", "seconds": 3.821, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/52", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.42, "x": 0.02, "y": 0.25 }, "kind": "callout", "text": "Remitly Warned About Similarweb Data Being A Strategic Weakness.... If the Company's competitors can identify CAC and LTV separately... they could build a robust picture of where the Company is purchasing efficient media...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50017745-c7d1-460e-a4b2-8afc63b5cae2", "parentComponentId": null }, { "bbox": { "h": 0.42, "w": 0.96, "x": 0.02, "y": 0.53 }, "kind": "image", "text": "Monito's Website Favors Wise", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5576e25f-976f-42ea-976c-108d514eec8b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.54, "x": 0.44, "y": 0.25 }, "kind": "image", "text": "Similarweb Analysis of Incoming Remitly Traffic", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb123203-dd00-4936-9d23-aa37d17d1f60", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Similarweb data shows that Monito is the largest referring website to Remitly. However, the website steers visitors first towards Wise by providing a link to their website and illustrating it as the low-cost leader for British Pound conversion services.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "981fc951-7845-4161-a5dd-5b2b74189631", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Monito, Similarweb, Response Letter To SEC, July 21, 2021", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "808ff539-0fc8-4269-b1d3-61c73f171d38", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly Doesn't Want Competitors To See Similarweb Data...Here's Why We Think So...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a27bb25b-b44a-4775-9f8f-39f60e7ea8af", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2dee4eed-4aa5-4608-b9c0-86f3b6ffc982", "evidence": "The slide contrasts Remitly's stated fear of data transparency with the reality of their referral partner's bias.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.127+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "setup", "title": "The slide uses trophy icons to denote the 'winner' of each metric.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 18, "componentCount": 4, "textChars": 137, "nDataPoints": 16, "notes": "The slide uses trophy icons to denote the 'winner' of each metric.", "elementsJson": [ "headline_text", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:58.379+00", "seconds": 2.065, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/53", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "metric", "text": "Monthly visits: 49.75M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba81-a72665b56654", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Similarweb", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18ce8884-58ad-4ffb-8a17-5320ed2a04f8", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.66, "x": 0.17, "y": 0.22 }, "kind": "table", "text": "Engagement metrics table comparing remitly.com and wise.com", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cee2ecc3-e182-44fe-a3bb-8b6a1b47e5b8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Wise Is The Clear Winner On Engagement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "193abe28-2694-4e98-89ca-c50dbfeaf53e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "749b8725-7081-4e8b-a6ff-1036617d206b", "evidence": "Direct comparison of two entities across multiple metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:25:58.379+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "tension", "title": "Uses Similarweb data and screenshots of AI chatbot responses to argue that AI bias favors Wise over Remitly.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 6, "textChars": 446, "nDataPoints": 12, "notes": "Uses Similarweb data and screenshots of AI chatbot responses to argue that AI bias favors Wise over Remitly.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:04.861+00", "seconds": 8.281, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/54", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Wise also appears to have convinced artificial intelligence models that it is the #1 money remittance company. As adoption of these models to inform decisions increases, we believe Remitly will be challenged to attract new customers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e84a93c-670a-4cfa-b515-f5b108f08fab", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.34, "x": 0.36, "y": 0.72 }, "kind": "image", "text": "Perplexity.ai response showing Wise as top choice", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52179a66-707f-4ce1-90b7-a34365848d9b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.27, "x": 0.71, "y": 0.26 }, "kind": "image", "text": "ChatGPT response showing Wise as #1", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7449e3c3-898d-4508-94b2-4004afb65ab4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Similarweb, ChatGPT, Perplexity.ai", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5ffdf6c-efa8-4bed-bb7a-5339e246e837", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.68, "x": 0.02, "y": 0.26 }, "kind": "table", "text": "Referral Analysis on Similarweb for Remitly and Wise", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a265fca7-9ded-4750-8cf2-709ec583a162", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Wise Is Leading The AI Race Too....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aff6861c-fe12-4f42-a7de-395a710b82e5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "24d95643-d9c5-4f91-b90c-11794e2ac0a9", "evidence": "Exposing how AI bias creates a competitive disadvantage for Remitly", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:04.861+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 54, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "tension", "title": "Uses screenshots of BestMoney.com comparison tables to show Remitly's low ranking (4th, 3rd, 4th) in major corridors.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 6, "textChars": 450, "nDataPoints": 0, "notes": "Uses screenshots of BestMoney.com comparison tables to show Remitly's low ranking (4th, 3rd, 4th) in major corridors.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:59.547+00", "seconds": 2.816, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/55", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "callout", "text": "Similarweb data shows that Bestmoney.com is the 2nd largest referring website to Remitly. However, on Best Money's website, Remitly is not the most recommended alternative in its three largest corridors of the Philippines, India, or Mexico.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a75c421-5c73-4aa2-b9ee-c964dcedf666", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.28, "x": 0.36, "y": 0.28 }, "kind": "image", "text": "Comparison table for US$ > Indian Rupee", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02685ffc-a5dd-47dc-b89b-3a4d63f0da52", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.28, "x": 0.07, "y": 0.28 }, "kind": "image", "text": "Comparison table for US$ > Philippine Peso", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0cea1165-a509-4722-9621-7b5ef43ac912", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.28, "x": 0.65, "y": 0.28 }, "kind": "image", "text": "Comparison table for US$ > Mexican Peso", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50890a62-6905-48bd-9ac0-bb5d24482de1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bestmoney.com, Red emphasis Spruce Point", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d329a4a1-5388-4db6-bff4-7d8e2c2d7590", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.31, "y": 0.05 }, "kind": "title", "text": "Remitly Is Poorly Positioned On Best Money", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.547+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03162f21-9718-4dcb-a4f2-6342c34fa3d3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 56, "type": "setup", "title": "Uses LinkedIn employee data to estimate support headcount for Remitly and compares it against Wise's reported figures.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 92, "componentCount": 11, "textChars": 1748, "nDataPoints": 12, "notes": "Uses LinkedIn employee data to estimate support headcount for Remitly and compares it against Wise's reported figures.", "elementsJson": [ "headline_text", "callout_box", "comparison_table", "screenshot", "big_number", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.617+00", "seconds": 3.581, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/56", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-56", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.08, "x": 0.66, "y": 0.73 }, "kind": "callout", "text": "40% of Total", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d210f15a-c9a6-44ff-b1c9-6f49e3bb4c1a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "On a per active customer basis, Wise has 3x the amount of customer support staff then Remitly.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-71398dee8db6", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.28, "x": 0.36, "y": 0.45 }, "kind": "chart", "text": "Remitly Employee Classification chart showing 424 employees in Customer Success and Support.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Horizontal bar chart", "slug": "bar-horizontal", "status": "active", "canonId": "019de52c-fec4-7221-986b-1cb5f5e84b1f", "version": 1, "description": null }, "framework": null }, "subkind": "bar-horizontal", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b230b90b-a573-402c-b34f-6ddb174c96f1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.12, "x": 0.77, "y": 0.77 }, "kind": "metric", "text": "2,200", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "60ff8772-0afc-46d8-b104-299ea2951934", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Support Staff Per Active Customer: 3x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-7846621da258", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes that Remitly is vastly understaffed in customer support relative to its growing competitor Wise. At IPO, Remitly said that 50% of customer service questions are handled via self-help and automation and now says 95% of customer transactions proceed without support. While this may be effective for certain industries, we believe it is not best suited for handling sensitive payment issues among immigrant clients. By comparison, we find that 40% of Wise's headcount is dedicated to customer support. On a per active customer basis, Wise has 3x the amount of customer support staff then Remitly.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e65310e-1a52-4535-ba87-7e62b6e789b3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.84, "x": 0.14, "y": 0.33 }, "kind": "quote", "text": "And after thorough testing, we are using AI to efficiently serve even more customers by translating and responding to contacts in real time. These efforts have been key drivers of more than 95% of customer transactions proceeding without a customer support contact.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bc75b15-f03c-4660-91aa-81ad01ae9b75", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "And after thorough testing, we are using AI to efficiently serve even more customers by translating and responding to contacts in real time. These efforts have been key drivers of more than 95% of customer transactions proceeding without a customer support contact. — Remitly Q4'23 Earnings Call (Feb 21, 2024)", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-77f567286347", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "1) Estimated based on LinkedIn employee classification data. Source: Remitly IPO prospectus and Wise 2024 Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2860ca1-0091-4228-bb9f-735b1e2bf256", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.33, "x": 0.02, "y": 0.45 }, "kind": "table", "text": "Remitly vs. Wise comparison table including Revenues, Restructuring Cost, Est. Support Staff, Active Customers, and Staff per Customer.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b2d2fe6-332a-4363-b076-f97bda2e3a13", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly's Customer Support Pales In Comparison To Wise's Support", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07000fcf-5d7b-451d-81f2-3bccabcabf8e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8419ba69-f0e5-4330-a862-b46d10055796", "evidence": "Remitly vs. Wise comparison table including Revenues, Restructuring Cost, Est. Support Staff, Active Customers, and Staff per Customer.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:04.354537+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "d0daff02-e60d-446f-a7cc-5dae29579e8d", "evidence": "Direct comparison of Remitly and Wise support metrics", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.617+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 56, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 57, "type": "setup", "title": "The slide uses Apptopia screenshots to contrast the performance of two competitors.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 9, "textChars": 618, "nDataPoints": 44, "notes": "The slide uses Apptopia screenshots to contrast the performance of two competitors.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.153+00", "seconds": 3.091, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/57", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-57", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.17 }, "kind": "callout", "text": "Based on recent data from Apptopia, which may reflect some seasonality, we see a significant year-over-year decline in Remitly's downloads and engagement. By comparison, Wise download and daily active user growth has been more resilient.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a2cf949-af01-4fe9-9e9d-bb1f17e2de67", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Based on recent data from Apptopia, which may reflect some seasonality, we see a significant year-over-year decline in Remitly’s downloads and engagement. By comparison, Wise download and daily active user growth has been more resilient.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-1b58fc12a977", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.44, "x": 0.52, "y": 0.71 }, "kind": "chart", "text": "Wise DAU Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cf20cec-ea0a-43dc-9368-91ac35bba7f5", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.44, "x": 0.52, "y": 0.43 }, "kind": "chart", "text": "Wise Downloads Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6353a5a1-361f-40e5-b146-5e2e03a562fe", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.44, "x": 0.04, "y": 0.43 }, "kind": "chart", "text": "Remitly Downloads Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cc15354-5851-4f18-9061-306e3361b5fa", "parentComponentId": null }, { "bbox": { "h": 0.21, "w": 0.44, "x": 0.04, "y": 0.71 }, "kind": "chart", "text": "Remitly DAU Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4359602-d8a2-484d-aa54-426645872686", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Year-over-Year Growth", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-1dd3fa16ddeb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Apptopia", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c159fadf-3d43-4a23-89af-0223f2acb035", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.38, "x": 0.31, "y": 0.04 }, "kind": "title", "text": "Recent App Download Data.....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37c1115d-50c9-4fe4-a9ff-b58aac134ec0", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Comparison frame", "slug": "comparison-frame", "status": "active", "bestFor": null, "canonId": "019dd9e1-484b-7399-a4fc-d14644b99f93", "version": 1, "bodyDocId": null, "description": "Two or more states/subjects placed side by side to expose a gap.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "550b354a-cede-489c-a765-c67af6621cea", "evidence": "Remitly vs. Wise comparison table including downloads and engagement metrics.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:07:04.436666+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "a4afa89d-0a2e-461d-87a9-02770abb9312", "evidence": "Side-by-side visual comparison of two competitors using identical metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 57, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 58, "type": "setup", "title": "Spruce Point Capital Management branding (pine tree logo).", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 9, "componentCount": 3, "textChars": 228, "nDataPoints": 0, "notes": "Spruce Point Capital Management branding (pine tree logo).", "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:25:59.603+00", "seconds": 2.521, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/58", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-58", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.96 }, "kind": "disclaimer", "text": "Proprietary and Confidential - May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ef73e0e-e330-46c9-b4b2-d8b5a5d05f4b", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": null, "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7426aa1a-5a95-42bc-b411-b7ecebdf1991", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.6, "x": 0.34, "y": 0.375 }, "kind": "title", "text": "A Look At Remitly's Stable Take Rate Claims In Light of Its Troubled Accounting History And Governance Oversight", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:25:59.603+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "078501f0-1e99-415f-89cc-391c622a7353", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 59, "type": "tension", "title": "The slide uses direct quotes from SEC filings to contrast the company's claims of remediation with suspicious accounting reclassifications.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 1533, "nDataPoints": 1, "notes": "The slide uses direct quotes from SEC filings to contrast the company's claims of remediation with suspicious accounting reclassifications.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.522+00", "seconds": 3.388, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/59", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-59", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-a7b7887fa750", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Remitly has a history of material weaknesses of internal controls over financial reporting relating to three areas. In February 2023, the Company claims to have remediated these three issues. However, there was a reclassification of employee stock purchases from \"non-cash\" to \"cash\" costs through operating cash flow. While not calling this an error, it certainly caught our attention that the Company made this change which had the effect of reducing operating cash flow by $3.5 million in 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c000784-6749-444e-83d8-e6c41bbb2877", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.52, "x": 0.46, "y": 0.37 }, "kind": "paragraph", "text": "Reclassification... These consolidated financial statements and notes have been prepared consistently... the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "70b0fac7-97ff-46a5-8861-b23ae331b99b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.43, "x": 0.02, "y": 0.37 }, "kind": "paragraph", "text": "At IPO... We did not design and maintain effective controls over certain IT... August 2022... we identified a new material weakness... Feb 2023... we have remediated the three previously identified material weaknesses...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca1546b7-e8e1-4fa6-bddc-e44918645222", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"In connection with the audit of our consolidated financial statements as of and for the year ended December 31, 2020, two material weaknesses in our internal control over financial reporting were identified....\" — Remitly SEC filings", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-a81e19398a08", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: RELY SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3fb624ff-b7b5-4134-a671-41b2fc332816", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly Has A Troubled History With Material Weaknesses of Internal Controls...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69aef65a-f695-48c7-8d04-a25d1a0e11c6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.43, "x": 0.02, "y": 0.32 }, "kind": "title", "text": "RELY’s History With Material Weaknesses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "74ff46b2-f20c-4777-9e26-d682d82bb654", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.52, "x": 0.46, "y": 0.32 }, "kind": "title", "text": "Reclassification Affecting Operating Cash Flow", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da7e33eb-e321-4f36-a871-0c482a18c827", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b2674547-bc2a-4a0a-bce3-c229d23aadb9", "evidence": "The slide explicitly contrasts company claims with accounting changes to imply potential manipulation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.522+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 59, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 60, "type": "tension", "title": "Uses a red arrow to visually connect Gail Miller's tenure at Remitly to the Shift4 restatement event.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 6, "textChars": 1114, "nDataPoints": 0, "notes": "Uses a red arrow to visually connect Gail Miller's tenure at Remitly to the Shift4 restatement event.", "elementsJson": [ "headline_text", "paragraph", "kpi_table", "screenshot", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:04.296+00", "seconds": 7.143, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/60", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.2, "w": 0.25, "x": 0.32, "y": 0.48 }, "kind": "image", "text": "LinkedIn profile snippet for Gail Miller showing her roles at Remitly and Shift4 Payments.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bcc4a08-7ef7-4ae4-9a2c-7468c9585835", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.37, "x": 0.61, "y": 0.36 }, "kind": "paragraph", "text": "Shift4 Payments Financial Restatement text detailing the Audit Committee's conclusion regarding misclassification of customer acquisition costs.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d13082d-b819-449e-b52e-6ab4d64c21ab", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point is troubled that Remitly has appointed four Chief Accounting Officers since its IPO in 2021. In May 2023, it hired Gail Miller as its Chief Accounting Officer (CAO). Her prior role was CAO at Shift4 Payments, Inc. (NYSE: FOUR). Miller's tenure at Shift4 was marked by a troubling financial restatement involving misclassification of customer acquisition costs. Mrs. Miller recently resigned effective Feb 28, 2025, just nine days after the 10-K was filed where we recently identified reporting anomalies. This followed CFO Munipalli who left effective August 19, 2024.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5e45374-ddc8-471b-99fe-58187dbaeae2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Miller LinkedIn, Shift4 Non-Reliance Statement, CFO Munipalli departure", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c2fb8e21-9ddc-4543-bdbf-bf41c8f87fd2", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.3, "x": 0.02, "y": 0.033 }, "kind": "table", "text": "Recent Chief Accounting Officers table showing Susanna Morgan, Hemanth Munipalli, Gail Miller, and Luke Tavis with their respective tenures.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a721bdfc-a368-402a-b757-d13514593d93", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Remitly's Recent Chief Accounting Officer Was Associated With A Cost Restatement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0658ff4-7116-47b8-aa10-d0a1eda4d737", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "4fa4882c-2a7a-46c3-9512-bde65daa37ed", "evidence": "The slide frames the CAO as a problematic figure associated with past financial restatements.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:04.296+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 60, "frameworkName": "antagonist-introduction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 61, "type": "tension", "title": "Uses a screenshot of a biography and a quote from a press release to establish the contradiction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 954, "nDataPoints": 1, "notes": "Uses a screenshot of a biography and a quote from a press release to establish the contradiction.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot", "headshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:04.679+00", "seconds": 7.412, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/61", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.49, "x": 0.49, "y": 0.32 }, "kind": "callout", "text": "Xoom “Defrauded” Under Blignaut’s Leadership", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f2696b14-f7d3-4c17-8ae6-6231daf649e8", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.47, "x": 0.02, "y": 0.32 }, "kind": "image", "text": "Remitly website biography screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b54dd214-44cb-4c46-989b-ea090225a273", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point questions why Remitly appointed Mr. Ryno Blignaut to its Audit and Risk committees and the Board in April 2023. Under his leadership as CFO and Chief Risk Officer at Xoom Corp. (Nasdaq: XOOM), the company was ill-prepared for a criminal misappropriation of $30.8 million in corporate cash.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e2d3ac4-d9cb-4bdf-b8b9-9656c542c71d", "parentComponentId": null }, { "bbox": { "h": 0.53, "w": 0.49, "x": 0.49, "y": 0.37 }, "kind": "quote", "text": "On December 30, 2014, Xoom Corporation (the “Company”) determined that it had been the victim of a criminal fraud. The incident involved employee impersonation and fraudulent requests targeting the Company’s finance department, resulting in the transfer of $30.8 million in corporate cash to overseas accounts.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "09f10cf6-9359-4aa6-8177-f08089f43a3d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.92 }, "kind": "source-note", "text": "1) Mr. Blignaut resigned as CFO effective Dec 1, 2014 and on Dec 30, 2014 Xoom determined it had been criminally defrauded. He was reappointed as XOOM's acting CFO on Jan 5, 2015.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "28fc0219-24d7-4404-aefa-2e39a3f64543", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "Audit And Risk Board Member Associated With A Company Subjected To A Criminal Fraud", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4c953bf-d1c6-405f-bae3-82f9501ddaa8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "909e2139-9b5e-4507-bc05-70eea8448ebd", "evidence": "Linking board member history to past corporate fraud", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:04.679+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 61, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 62, "type": "tension", "title": "Uses red arrows to connect the subject's bio to specific negative allegations/reports.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 9, "textChars": 1775, "nDataPoints": 0, "notes": "Uses red arrows to connect the subject's bio to specific negative allegations/reports.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.8+00", "seconds": 3.475, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/62", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-62", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.51, "x": 0.47, "y": 0.48 }, "kind": "callout", "text": "Smyth Was A Director At Bankrupt Lilium NV Which Was Alleged To Be A Fraud By An Activist", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26b24cdb-de7a-442f-8a26-8ddedc5e2d9b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.51, "x": 0.47, "y": 0.28 }, "kind": "callout", "text": "Documented Concerns At Frontier Communications: Spruce Point recently highlighted the shortcomings of Frontier in a report. We questioned why they failed to flag related-party dealings with an executive's sibling. Moreover, the FTC recently blasted Frontier for duping consumers, while the CT utility regulator alleged Frontier committed fraud and put public safety at risk.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50299de3-e07c-4558-b317-1581a841770c", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point questions why Remitly appointed Peggy Smyth to its Board of Directors and as its Audit Chair.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-cd3f50db3215", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.44, "x": 0.02, "y": 0.28 }, "kind": "image", "text": "Remitly board bio snippet", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca891422-2164-4828-b20a-b94d22b39823", "parentComponentId": null }, { "bbox": { "h": 0.37, "w": 0.51, "x": 0.47, "y": 0.56 }, "kind": "paragraph", "text": "In a recently published report titled, Iceberg Research notes that \"Recent events have taken a dramatic turn at German eVTOL company Lilium (LILM), with management warning the company faces near-term insolvency... the real reason why Lilium is in this predicament is that it is a fraud.\"", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ac38070e-5a52-4d69-ba54-f7b75bd9663e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point questions why Remitly appointed Peggy Smyth to its Board of Directors and as its Audit Chair. Mrs. Smyth has a history of serving on public Boards of controversial companies such as Etsy (alleged to promote counterfeit products), Frontier Communications (blasted by the FTC for lying to customers), and now bankrupt Lilium NV where an activist alleged it was a fraud.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7045863-c4be-47bf-8247-1bea65bae719", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In a recently published report titled, Iceberg Research notes that \"Recent events have taken a dramatic turn at German eVTOL company Lilium (LILM), with management warning the company faces near-term insolvency... the real reason why Lilium is in this predicament is that it is a fraud.\" — Iceberg Research", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-d29ef0140ffd", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.96, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Lilium and Remitly websites, Etsy article, FTC blasts Frontier, Spruce Point report referencing Frontier, Lilium called a fraud.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71d856cc-8b97-40aa-8b7a-18527b33f3fb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Audit Chair Peggy Smyth Associated With Multiple Controversial Companies", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08193048-42de-4e36-9407-21dfa6d68015", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9edec3d4-1742-4a25-aa98-8b619f858621", "evidence": "Connects board member history to specific allegations of fraud and regulatory misconduct.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.8+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 62, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 63, "type": "tension", "title": "The slide uses a 'villain' framing technique by juxtaposing historical data with conflicting management statements.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 8, "textChars": 2414, "nDataPoints": 8, "notes": "The slide uses a 'villain' framing technique by juxtaposing historical data with conflicting management statements.", "elementsJson": [ "headline_text", "paragraph", "line_chart", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.601+00", "seconds": 2.69, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/63", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-63", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly also states that take rate is heavily influenced by average transaction size. Yet, Remitly has consistently said that its take rate has remained stable. How is it possible?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-1503ccd348ff", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.38, "x": 0.02, "y": 0.33 }, "kind": "chart", "text": "Average Take Rate by Quarter (%)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45fe8c7f-6451-4b8e-895d-d041967a1a7c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "take rate: 2.22%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-1cd71434636b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.96, "x": 0.02, "y": 0.13 }, "kind": "paragraph", "text": "Remitly doesn't disclose number of transactions and rarely comments on its average transaction size. In fact, we can only find one mention in September 2023 that it was in the $200 - $300 range. However, before it was public in a letter dated November 2020 to the Federal Reserve, it referenced that its average transaction size was $350 which indicates a decline of approximately 14% - 43%. Remitly also states that take rate is heavily influenced by average transaction size. Yet, Remitly has consistently said that its take rate has remained stable. How is it possible?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96889a9b-ec75-44ac-a953-9cb09da3a4af", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“Considering that the average Remitly transaction size is around $350, we believe that the proposed rule change would impact the majority of Remitly's customer base.” — Letter To FINCEN Nov 27, 2020; “But when you're comparing why's, which was the question to Remitly or banks to Remitly, the average transaction size will bring down the take rate significantly even though the revenue and profit per transaction would be more similar.” — JP Morgan Conf May 23, 2023; “And the reason I mentioned that the $200 to $300 kind of average transaction size is our customer segment, unlike some other customer segments, the more affluent bank customers might have the privilege to wait to send money when rates are good.” — Goldman Conference Sept 7, 2023; “So the last 12 quarters, which is -- goes as far back in terms of when we've shared that as a public company, the take rate has been between 2% and 2.5%. So a lot of stability there between 2% to 2.5%. That's point one, stability in pricing.” — Goldman Conf Sept 2023; “So I'll break out pricing and take rate separately. On the take rate side, it makes sense, investors look at it because you've got revenue and you've got total volume. But the kind of take rate fluctuations, which were within a few basis points in Q1 is mainly due to mix shift because take rate is so heavily influenced by average transaction size.” — JP Morgan Conf May 20, 2024", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-19968c719265", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: RELY Conference transcripts, Letter to Federal Reserve / FINCEN", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2366522a-1b36-4420-9d86-fb3f25c21ca2", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.58, "x": 0.41, "y": 0.33 }, "kind": "table", "text": "Remitly on Avg. Transaction Size vs. Take Rate", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1d60f12-f79d-4327-9610-713f80269c8e", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "How Is Remitly's Take Rate Stable In The Face of A Dramatic Decline In Average Transaction Size?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a9a70fd-1298-44a1-885f-93c1be6a7d4e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6c67d241-d51c-4ec2-a367-b8cbfada4a94", "evidence": "Juxtaposition of management quotes against historical data to highlight inconsistency.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:26:00.601+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 63, "frameworkName": "expose_contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 64, "type": "tension", "title": "The slide uses a Q&A format to frame the expert's testimony as a critique of company transparency and business health.", "function": "expose_contradiction", "rawType": "ceo_quote", "block": null, "metadata": { "slideType": "ceo_quote", "slideTypeCanon": { "name": "CEO quote", "slug": "ceo_quote", "status": "active", "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 6, "textChars": 1090, "nDataPoints": 0, "notes": "The slide uses a Q&A format to frame the expert's testimony as a critique of company transparency and business health.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.593+00", "seconds": 2.565, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/64", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-64", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "That would indicate a problem somewhere in the business. If your take rate was stable and transaction size fell or vice versa, that would indicate something's getting worse in the business.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d1-73a9-abc6-c95ebb8cc3c4", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point spoke with a Former Remitly Executive who spent over 5 years at the company in a variety of financial and business management roles. When we asked about the stability of the take rate in the face of declining transaction size, we were told that that would indicate a problem unless it could be explained by a mix shift to mobile wallets. Curiously, Remitly just stopped disclosing its number of mobile wallets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "790b08bf-0d04-403a-a2ae-3ab350c676a7", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "That wouldn't shock me because of mix. ... That would indicate a problem somewhere in the business. If your take rate was stable and transaction size fell or vice versa, that would indicate something's getting worse in the business. ... I don't know why they would've stopped disclosing it. — Former Remitly Executive", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d1-73a9-abc6-ccf60b08b6ec", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Spruce Point Research Interview", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "090b7be7-2199-49d9-b8be-3295029aa48a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.96, "x": 0.02, "y": 0.3 }, "kind": "table", "text": "Expert Interview Q&A transcript", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7f68c0e6-a2db-44f6-b506-b02eedb08feb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "Former Remitly Employee Opined On The Take Rate Stability vs. Avg. Transaction Size Decline", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1768cc05-75ac-4879-a0c6-9870e527790c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3fbfb76c-8056-44f0-9c23-395b1fd31d80", "evidence": "Uses expert testimony to highlight a potential contradiction in company performance metrics and disclosure practices.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:00.593+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 64, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 65, "type": "tension", "title": "The slide uses a specific example of a co-founder's pledged shares to argue against poor governance practices.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 6, "textChars": 1454, "nDataPoints": 4, "notes": "The slide uses a specific example of a co-founder's pledged shares to argue against poor governance practices.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:01.239+00", "seconds": 3.113, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/65", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-65", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Companies following best corporate governance practices adopt policies that prohibit executives from pledging stock.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-e43b8b06d32e", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.96, "x": 0.02, "y": 0.71 }, "kind": "paragraph", "text": "(2) Represents (a) 4,253,631 shares of common stock, of which 300,000 shares are held by a family trust, of which Mr. Hug's spouse is the trustee, (b) 530,000 shares underlying options to purchase common stock that are exercisable within 60 days of March 31, 2024, of which 195,833 shares are unvested, early exercisable and, if exercised, subject to repurchase by us, and (c) 34,118 shares issuable upon the vesting of restricted stock units within 60 days of March 31, 2024. Includes 2,000,000 shares pledged as collateral to secure a personal line of credit.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "354ca285-71e1-4d10-b7de-724c14f41ed4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Companies following best corporate governance practices adopt policies that prohibit executives from pledging stock. By doing so, it mitigates the deleterious impact of forced selling of stock upon margin calls or a sharp decline in the value of the equity. As of last year's proxy statement, we find that Remitly's co-founder had pledged 2 million shares to secure a personal line of credit. On March 5, 2025 the Company announced that Mr. Hug will transition from Vice Chair into a non-employee director effective on May 15, 2025.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78c406f-1289-4d48-98fd-cfe2c6ffcbf9", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY Proxy Statement, Hug transition 8-K filing", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58e6d5c2-acec-4778-814e-de7598ce9024", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "table", "text": "Shares Pledged By Co-Founder Hug table showing Matthew Oppenheimer and Joshua Hug share ownership.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d358920d-074e-460e-9959-23e5b7fbd281", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Pledging Stock As Collateral Is Poor Governance With Potentially Harmful Impact To Investors", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "03a3fdec-fdfe-4a2a-9236-cb436f76ef1d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0f2568dd-1302-4ca2-8c9c-de2913bcac19", "evidence": "The slide explicitly discusses corporate governance policies regarding stock pledging.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.239+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 65, "frameworkName": "governance" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 66, "type": "setup", "title": "This is a classic 'thesis headline' slide used by Spruce Point Capital Management.", "function": "summarize", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 293, "nDataPoints": 2, "notes": "This is a classic 'thesis headline' slide used by Spruce Point Capital Management.", "elementsJson": [ "headline_text", "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:00.996+00", "seconds": 2.734, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/66", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-66", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We See 40% – 55% Downside Risk To RELY’s Share Price", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-9052185206b7", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.45, "y": 0.95 }, "kind": "disclaimer", "text": "Proprietary and Confidential –May Not Be Distributed or Copied Without Spruce Point Capital Management, LLC Consent", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.996+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc39fa0e-c359-43dc-8beb-e2adc93b7ab8", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.2, "x": 0.07, "y": 0.3 }, "kind": "image", "text": "Spruce Point Capital Management logo (tree)", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.996+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a6c47e6-73dc-47cb-9a51-3219bb8f34ed", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price downside: 40% – 55%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-954035deaee5", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.6, "x": 0.35, "y": 0.4 }, "kind": "title", "text": "We See 40% – 55% Downside Risk To RELY’s Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:00.996+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afa56d42-9c72-4a26-883a-d60996f23b27", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 67, "type": "setup", "title": "The slide highlights Remitly's aggressive use of stock-based compensation (12% of revenue, 78.2% of operating cash flow) compared to the peer average (4.1% and ", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 912, "nDataPoints": 77, "notes": "The slide highlights Remitly's aggressive use of stock-based compensation (12% of revenue, 78.2% of operating cash flow) compared to the peer average (4.1% and 26.1% respectively).", "elementsJson": [ "headline_text", "paragraph", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:01.598+00", "seconds": 3.194, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/67", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-67", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-96d263702a55", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Stock-Based Compensation / Operating Cash Flow: 78.2%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-9a36d8d55232", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "We believe that Remitly is dependent on keeping the perceived value of its equity high because it is among the most aggressive issuers of stock-based compensation at 12% of revenue and 78% of operating cash flow. If employees lost confidence in the value of the stock and demanded more cash compensation, Remitly's financial struggles would intensify. In the table below, we compare it with a range of money remittance and fintech peers with revenue near or above $1 billion.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ec1701c-000c-4f50-a6b7-993d152201d7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.18, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company annual reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfe00da9-1bf4-42f9-8b0c-30e17b22ba4c", "parentComponentId": null }, { "bbox": { "h": 0.61, "w": 0.96, "x": 0.02, "y": 0.33 }, "kind": "table", "text": "Fintech Stock-Based Compensation Benchmark Analysis (Revenue > $1bn)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08d44505-c243-48b8-b054-7e83a07c0413", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.03 }, "kind": "title", "text": "Remitly Is Extremely Dependent On Convincing Employees Its Stock Has Value", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4abddee5-0a02-4e3f-8ece-afa21733a95c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bb348023-5a0d-444c-bc5e-35698a221957", "evidence": "The slide uses a comparative table to highlight Remitly's outlier status in stock-based compensation metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.598+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 67, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 68, "type": "tension", "title": "Uses a table of analyst ratings and a pie chart to visualize the consensus bias.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 958, "nDataPoints": 30, "notes": "Uses a table of analyst ratings and a pie chart to visualize the consensus bias.", "elementsJson": [ "headline_text", "callout_box", "data_table", "pie_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:01.787+00", "seconds": 3.022, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/68", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-68", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-f8ab7bcd6e7c", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.4, "x": 0.55, "y": 0.35 }, "kind": "chart", "text": "Rating Distribution pie chart showing 80% Buy, 10% Hold, 10% Sell.", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad311031-c6e6-4d7e-a5cd-b3e758a4de4d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "implied upside: +47%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba82-fc80b63143f4", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly has a majority of “Buy” recommendations from analysts whom we believe fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company. Moreover, we believe they do not properly assess Remitly’s vulnerability to trust among its customer base who have been pedaled images of dubious customers and trust ratings. Analysts project 40% upside from the current price. Such a large disconnect suggests that even the market is skeptical of these projections.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f18b2fcc-431c-4528-b755-669a9d6fe17d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.25, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Bloomberg and Spruce Point analysis", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2890f92-eff4-446f-ad02-a2388f9f851f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.5, "x": 0.02, "y": 0.31 }, "kind": "table", "text": "Analyst, Recommendation, Price Target table for 10 firms.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e58bfd6-ea76-4b77-9e66-b878d8cbb170", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.68, "x": 0.28, "y": 0.02 }, "kind": "title", "text": "And Remitly Must Convince Analysts There Is Upside...There Are Few Street Skeptics", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb06152f-0a60-4560-ba63-39a881296ddc", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b2e8ee72-ae3f-4b78-8f0f-fb98c8708a7c", "evidence": "Analysts fail to conduct a rigorous forensic analysis that challenges the glowing narrative being spun by the Company.", "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:06:58.57409+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "efbc932e-7b75-4c8a-909a-7765c1c785ce", "evidence": "The slide explicitly claims analysts are failing to conduct 'rigorous forensic analysis' and are ignoring 'dubious customers'.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.787+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 68, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 69, "type": "tension", "title": "The table details specific insider trading plans for executives including Pankaj Sharma, Josh Hug, and Matt Oppenheimer.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 5, "textChars": 753, "nDataPoints": 15, "notes": "The table details specific insider trading plans for executives including Pankaj Sharma, Josh Hug, and Matt Oppenheimer.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:01.534+00", "seconds": 2.728, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/69", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-69", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Spruce Point is concerned that both co-founders, in addition to the Chief Business Officer, are currently selling stock through 10b5-1 programs.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-40dfa73d7b6a", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Spruce Point is concerned that both co-founders, in addition to the Chief Business Officer, are currently selling stock through 10b5-1 programs. Moreover, co-founder Hug more than doubled his planned sales after transitioning from his role as COO to Vice Chair in May 2024. Mr. Sharma started his stock sales shortly before being promoted to Chief Business Officer in February 2024. These stock sales are occurring despite the projected 40% upside to consensus target.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e53d342b-89a3-4443-a374-8b0d9a3870b1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Remitly SEC filings", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66ef2886-6973-4814-a50f-a83f230f3b46", "parentComponentId": null }, { "bbox": { "h": 0.61, "w": 0.96, "x": 0.02, "y": 0.32 }, "kind": "table", "text": "Insider 10b5-1 Trading Programs table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b16bdf3b-0352-4b71-9a81-6dda423ecef3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "However, Co-Founders And The Chief Business Officer Are Liquidating Stock....", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50fbfbc3-cace-4ebc-be69-9acd1c8f29ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5f4c47a8-4782-495e-bf1f-3173d13bfef8", "evidence": "The slide uses insider trading data to contradict management's positive outlook, a classic activist short-selling tactic.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:01.534+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 69, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 70, "type": "tension", "title": "Highlights discrepancy between market-reported shares and actual RSU overhang.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 10, "textChars": 1181, "nDataPoints": 15, "notes": "Highlights discrepancy between market-reported shares and actual RSU overhang.", "elementsJson": [ "headline_text", "callout_box", "data_table", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:07.695+00", "seconds": 8.79, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/70", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-70", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "callout", "text": "Spruce Point believes the market should consider RELY's 23m+ RSUs as part of the valuation. RSUs outstanding have been stable at approximately 23 million the past three years and they are service-based.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "982cb06b-ce04-4d72-b19f-c602c4e5db39", "parentComponentId": null }, { "bbox": { "h": 0.28, "w": 0.24, "x": 0.75, "y": 0.67 }, "kind": "callout", "text": "23M RSUs Outstanding For The Past 3 Years. Beginning in August 2021, the Company grants RSUs to employees and directors with service-based vesting conditions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d672907a-6a96-400f-8865-68224f2369de", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes the market should consider RELY's 23m+ RSUs as part of the valuation.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-c00f38575297", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "shares outstanding: 23M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-cb5c3aa5a6ef", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Beginning in August 2021, the Company grants RSUs to employees and directors with service-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. — Remitly RSU Disclosure", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-c5b14e390c65", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company financials, Bloomberg Yahoo! Finance, Analyst Reports", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e248c8f-45ed-4a20-b6fb-c48ba8c10f26", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.48, "x": 0.26, "y": 0.68 }, "kind": "table", "text": "RELY's RSU Disclosure: Unvested at Dec 31, 2024: 23,886,131", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ecf52b7-c691-41cf-b5c6-65a21ff3c63c", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.33, "x": 0.6, "y": 0.31 }, "kind": "table", "text": "Sell-Side Analyst: JP Morgan: Feb 20th Company Data (Shares O/S 183, Market cap 4,731.12, etc.)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dcfa19f-799a-4234-b16b-b7f2d131058b", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.46, "x": 0.07, "y": 0.31 }, "kind": "table", "text": "Market Data Providers: Yahoo Finance (Shares Outstanding 200.61M, Implied 206.55M), Bloomberg (Shrs Out/Float 200.6M/149.0M)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e8864e15-6c46-4abf-ae47-ff3f3cc0a542", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.305, "y": 0.04 }, "kind": "title", "text": "We Believe RELY's Share Count Is Understated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21c5f2a9-6101-4f55-a163-4965c3bc22e2", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bc74cc44-f8aa-49d0-b450-4a0714bd670c", "evidence": "Exposing understated share count to argue for higher dilution and lower valuation.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 20:26:07.695+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 70, "frameworkName": "fraud-exposure" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 71, "type": "setup", "title": "The table compares Remitly against a basket of payment and money transfer companies, highlighting its high EV/FCF multiple compared to peers.", "function": "compare_peers", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 6, "textChars": 858, "nDataPoints": 120, "notes": "The table compares Remitly against a basket of payment and money transfer companies, highlighting its high EV/FCF multiple compared to peers.", "elementsJson": [ "headline_text", "paragraph", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:02.463+00", "seconds": 3.503, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/71", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-71", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-5710f6c122a7", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA: 18.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-5890e866a201", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive. We believe Remitly may be chasing lower quality customers by underspending in KYC and pivoting away from its core immigrant customers which may ultimately increase customer acquisition costs. We expect take rates to continue to contract as the shift from physical to digital payments and stablecoin accelerates.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ca9db0b-3eaa-4bc6-8cb4-d139c901fddf", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.02, "y": 0.96 }, "kind": "source-note", "text": "Source: Company financials, Bloomberg and Spruce Point estimates and adjustments to RELY include 32.1m shares from RSUs, options and ESPP.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8dd0a435-6c5d-4e8b-a377-d20678cfd96e", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.86, "x": 0.07, "y": 0.3 }, "kind": "table", "text": "Peer Public Company Valuation Metrics", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82bf2377-8c61-4f3a-9a61-81e6fd8b8a27", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.68, "x": 0.28, "y": 0.05 }, "kind": "title", "text": "We Believe RELY's Valuation Appears Stretched", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f08a55cd-08d2-4a82-9337-956d89462b11", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0bfa960f-87e5-448f-ae72-80de74f3c85a", "evidence": "Peer valuation table comparing Remitly to industry competitors", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.463+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 71, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 72, "type": "setup", "title": "The slide uses a red bar for Remitly to visually distinguish it from the peer group.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 59, "componentCount": 7, "textChars": 801, "nDataPoints": 14, "notes": "The slide uses a red bar for Remitly to visually distinguish it from the peer group.", "elementsJson": [ "headline_text", "callout_box", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:02.365+00", "seconds": 3.366, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/72", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-72", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Remitly's valuation premium is better illustrated graphically. We understand the case of Remitly's valuation being above the legacy players that have larger physical footprints and more hardware exposure (e.g. Euronet (ATMs) & Western Union (stores)), we do not believe its large premium to Wise or PayPal is justified.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-7cccd364b347", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.48, "x": 0.02, "y": 0.31 }, "kind": "chart", "text": "2025E EV / EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b5053bf-c992-45b1-83ca-a2cb51cb721f", "parentComponentId": null }, { "bbox": { "h": 0.58, "w": 0.48, "x": 0.51, "y": 0.31 }, "kind": "chart", "text": "2025E EV / Free Cash Flow", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cc051d2-1349-40f6-998e-20d8207aaba1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EV / EBITDA: 22.0x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba83-839c5fefd6ab", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.96, "x": 0.02, "y": 0.17 }, "kind": "paragraph", "text": "Remitly's valuation premium is better illustrated graphically. We understand the case of Remitly's valuation being above the legacy players that have larger physical footprints and more hardware exposure (e.g. Euronet (ATMs) & Western Union (stores)), we do not believe its large premium to Wise or PayPal is justified.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9d79065-83f2-49d6-b160-f5983febfbdd", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company financials, Bloomberg and Spruce Point estimates", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b310577-cb2a-4f6f-84ea-17addcee9649", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.28, "y": 0.04 }, "kind": "title", "text": "Remitly's Valuation Premium Illustrated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ed00560-851b-4fe4-9b92-734aa4d329b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3820fa79-17e2-4783-981a-e31afd360446", "evidence": "Comparing valuation multiples of Remitly against a peer group to argue overvaluation.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.365+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 72, "frameworkName": "comparison_frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 73, "type": "setup", "title": "The slide uses a standard valuation bridge format to derive implied share price from EBITDA multiples.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "dense", "densityScore": 52, "componentCount": 6, "textChars": 857, "nDataPoints": 24, "notes": "The slide uses a standard valuation bridge format to derive implied share price from EBITDA multiples.", "elementsJson": [ "headline_text", "valuation_table", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:06.895+00", "seconds": 7.883, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/73", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-73", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.98, "x": 0.01, "y": 0.16 }, "kind": "callout", "text": "Spruce Point believes there is significant downside risk to RELY’s share price as its premium multiple is reconsidered by institutional investors in the face of our strong evidence to indicate that it is masking growing pressures.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50126106-64c1-4afa-82e3-9fc7c4fd9a8a", "parentComponentId": null }, { "bbox": { "h": 0.71, "w": 0.56, "x": 0.43, "y": 0.24 }, "kind": "list", "text": "Factors Why RELY’s Valuation Should Compress: Risk of material weaknesses, lack of transparency, take rate pressure, core market straying, expansion limits, liquidity risks, product development issues, regulatory risk, labor/retention issues, immigration policy, crypto disruption, competition, leadership vacuum, cash questions.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e185b8a-6fbd-41e5-9774-4762f10ca093", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Est. Share Price: $9.51", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:35+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba85-b0739df38d68", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.01, "y": 0.96 }, "kind": "source-note", "text": "Source: Company financials, Spruce Point research", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "936c6885-caef-4878-a5af-0cf65bfabdb2", "parentComponentId": null }, { "bbox": { "h": 0.71, "w": 0.42, "x": 0.01, "y": 0.24 }, "kind": "table", "text": "RELY’s Share Valuation table showing 2025E EBITDA, Multiple Range, Enterprise Value, Debt, Cash, Equity Value, Diluted Shares, Est. Share Price, and % Downside.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Valuation table", "slug": "valuation", "status": "active", "canonId": "019de52d-034c-74ed-b5c8-22b5e6ac196d", "version": 1, "description": null }, "framework": null }, "subkind": "valuation", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4686d3bf-c9bf-4ef2-9020-9f05802820c1", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.67, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Spruce Point Estimates 40% – 55% Long-Term Potential Downside Risk", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c055d34e-3ec5-4396-97d5-aa19c6050114", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7010b98f-2d31-482a-ad29-d960002151f2", "evidence": "The table calculates equity value by adjusting enterprise value for debt and cash, then dividing by shares.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 20:26:06.895+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 73, "frameworkName": "valuation-bridge" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 74, "type": "tension", "title": "Uses a comparison frame to highlight a lack of transparency in Remitly's financial reporting compared to a peer.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 9, "textChars": 1214, "nDataPoints": 8, "notes": "Uses a comparison frame to highlight a lack of transparency in Remitly's financial reporting compared to a peer.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:26:02.489+00", "seconds": 3.469, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/74", "deck": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckAnchor": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-74", "deckJson": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.56, "x": 0.42, "y": 0.85 }, "kind": "callout", "text": "Wise PLC gives enhanced disclosure about how much is corporate cash vs. client funds", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3b075bd-adc7-4e8d-bfd9-3ad87173ff21", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba84-869f8108fe7a", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.39, "x": 0.02, "y": 0.33 }, "kind": "list", "text": "RELY's New Cash Disclosure text block highlighting the ambiguity of their cash holdings.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8564861b-e115-472f-bf4b-a687ea9218c8", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "cash and cash equivalents", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba84-8e2f8dd90669", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.96, "x": 0.02, "y": 0.16 }, "kind": "paragraph", "text": "Spruce Point believes that Remitly's cash (and valuation) is likely to be overstated because it includes cash held for clients. While it claims to control the cash, such control may only be for a limited time. We applaud Wise PLC for clearly disclosing how much of its cash is for corporate purposes. Astute analysts use the corporate cash to value the company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a066c28-a9ea-4a41-bbff-a54de69c0f9f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Of the £11,899.0m (31 March 2024: £10,479.2m) cash and cash equivalents at the period end, £1,061.2m (2024: £1,061.1m) is considered the corporate cash balance, which is not related to customer funds that are held in Wise accounts or collected from customers as part of the money transfer settlement process. — Wise Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:44:34+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-e6e9-749a-ba84-8a7b30b359d8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: RELY 2024 10-K, Wise Annual Report", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "43649392-a40c-4af3-9c42-07836b773005", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.56, "x": 0.42, "y": 0.33 }, "kind": "table", "text": "Wise Plc's Cash Disclosure table showing breakdown of cash and cash equivalents.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f33df7b0-9a3c-46ea-97a2-0ddae8c09881", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.65, "x": 0.31, "y": 0.02 }, "kind": "title", "text": "We Caveat Our Valuation With One Issue: RELY's Reported Cash May Be Overstated", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0eeae26f-08f4-4c86-8ec5-cec060e758dc", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9208c009-a4b0-4d67-8a2c-825c3498378f", "evidence": "Contrasts Remitly's disclosure with Wise PLC's disclosure to highlight a potential overstatement.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:26:02.489+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 74, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [], "loops": [] }