{ "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": 29, "pageCount": 74, "prevPage": 28, "nextPage": 30, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "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" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b99-ab3a8a46c579/29", "deckHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579", "deckJsonHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-ab3a8a46c579#slide-29", "components": [ { "bbox": null, "kind": "callout", "text": "Remitly's core business has not changed much since 2021, but its flywheel depiction has...", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd952-e6e9-749a-ba80-80ff138da384", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.45, "x": 0.02, "y": 0.48 }, "kind": "diagram", "text": "2021 IPO Flywheel", "attrs": null, "subkind": "flywheel", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "20133e92-77b3-484c-8e25-bcfc52ed5e99", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.45, "x": 0.52, "y": 0.48 }, "kind": "diagram", "text": "2025 Flywheel", "attrs": null, "subkind": "flywheel", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c58a58e7-f665-4c84-aee7-025f9da1d8b3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.42, "w": 0.95, "x": 0.02, "y": 0.48 }, "kind": "framework", "text": "Flywheel comparison", "attrs": null, "subkind": "instance", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fa97ae4f-3d55-41e9-8193-1ffbe1a5b4e1", "frameworkName": null, "frameworkSlug": 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, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "baf2e866-4a81-4d6e-be22-0a5d768b0289", "frameworkName": null, "frameworkSlug": 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, "subkind": "pull-quote", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "302e2b89-d55e-42e0-be40-f8e9b4d7db15", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd952-e6e9-749a-ba80-8704e6bda4b1", "frameworkName": null, "frameworkSlug": 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, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9db50005-04ad-49db-aebf-54aa6560d5c7", "frameworkName": null, "frameworkSlug": 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, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "23c70f63-932f-45bc-9062-cadfb8af6acc", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "4559233c-5493-425a-bfac-9b2e2e1046fe", "evidence": "Contrasting 2021 vs 2025 business model claims", "confidence": 0.9 }, { "name": "flywheel", "slug": null, "matchId": "af805c1f-0ac6-4c03-bfbb-a05cdd3e10e3", "evidence": "Visual comparison of two business model flywheels", "confidence": 1 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }