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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses color-coding (green/red) to indicate improvement or worsening of YoY metrics.",
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      "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.",
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      "text": "Source: RELY SEC filings and Spruce Point analysis",
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