{
  "docId": "019dd923-622c-750b-8b99-ab3a8a46c579",
  "docSlug": "0241ef55185f",
  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-03-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 23,
  "pageCount": 74,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "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"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/23",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-23",
  "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,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba7e-f3f1e9919c4b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.46,
        "x": 0.02,
        "y": 0.48
      },
      "kind": "chart",
      "text": "Wise's Business Cohort Growth",
      "attrs": null,
      "subkind": "area-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a986b5a-fe0e-409e-8a03-7c15cbca0244",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf568654-655c-49e2-9832-68e442cea1ff",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bcab7bfe-3e16-4c5d-8240-251c91e14753",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "261adf24-0ae0-4d7b-a786-910a78f78774",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba7e-f76e89fb7bc1",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cb23b3e9-1856-45e6-a93b-0ccdaa55bd98",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "64e0b921-1e8e-4401-a5b6-059d57b313dc",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "7c11c4e6-e805-4a6b-9768-835ef9650592",
      "evidence": "Contrasts CEO's optimistic growth statement with competitor market dominance data.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}