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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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  "notes": "The slide uses a table to compare 2023 and 2024 financial metrics related to credit facility usage, with red callout boxes highlighting aggressive growth.",
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      "text": "Increased end of Dec 2023",
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      "kind": "callout",
      "text": "Gross Borrowings And Average Borrowing Balance Grew Much Faster Than Send Volumes",
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      "text": "Gross Borrowings / Send Volume: 2.7%",
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      "text": "While the evidence suggests that Remitly appears to be increasing its exposure to riskier clients by underspending in KYC compliance, it is also utilizing its credit facility more aggressively. Remitly doesn't explain why but it could be related to increased microlending (see next slide). Facility borrowings and average balance size are growing faster than send volumes.",
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      "text": "1) Disclosed at 9% for 2023 and H1 2024. Estimated for other periods based on interest rate decisions. Source: Remitly SEC filings",
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      "text": "Riskier Clients Amidst Increasing Short-Term Credit Dependency",
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