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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-03-11 00:00:00",
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      "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.",
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      "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.",
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      "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",
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      "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.",
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      "text": "A Former Employee Perspective On What Could Go Wrong For Remitly",
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