{
  "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": 28,
  "pageCount": 74,
  "prevPage": 27,
  "nextPage": 29,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "Uses screenshots of mobile app stores to highlight competitive disadvantage in search advertising.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "screenshot"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/28",
  "deckHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-28",
  "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,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6e9-749a-ba7f-90119864ed7d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.63,
        "x": 0.02,
        "y": 0.33
      },
      "kind": "image",
      "text": "Google Play search results",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "23caff0c-fe10-4769-bbc3-220bc853cf6a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.31,
        "x": 0.67,
        "y": 0.33
      },
      "kind": "image",
      "text": "Apple App Store search results",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3b02013c-5466-4536-b327-fed5583d8e53",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "24e7a932-fb67-4e08-a5fa-9beb782936b4",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7aea4cc-fd0e-4d50-836e-2dd35d353485",
      "frameworkName": null,
      "frameworkSlug": 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,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4f04d364-00cf-4e58-89c7-27b090209657",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3cedc3d7-21b5-469b-847e-3940e1a00532",
      "evidence": "Exposing competitive disadvantage in marketing spend/search dominance",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}