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  "documentTitle": "Remitly Global, Inc. (RELY)",
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      "text": "On a per active customer basis, Wise has 3x the amount of customer support staff then Remitly.",
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      "text": "Spruce Point believes that Remitly is vastly understaffed in customer support relative to its growing competitor Wise. At IPO, Remitly said that 50% of customer service questions are handled via self-help and automation and now says 95% of customer transactions proceed without support. While this may be effective for certain industries, we believe it is not best suited for handling sensitive payment issues among immigrant clients. By comparison, we find that 40% of Wise's headcount is dedicated to customer support. On a per active customer basis, Wise has 3x the amount of customer support staff then Remitly.",
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      "text": "And after thorough testing, we are using AI to efficiently serve even more customers by translating and responding to contacts in real time. These efforts have been key drivers of more than 95% of customer transactions proceeding without a customer support contact.",
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      "text": "And after thorough testing, we are using AI to efficiently serve even more customers by translating and responding to contacts in real time. These efforts have been key drivers of more than 95% of customer transactions proceeding without a customer support contact. — Remitly Q4'23 Earnings Call (Feb 21, 2024)",
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      "text": "1) Estimated based on LinkedIn employee classification data. Source: Remitly IPO prospectus and Wise 2024 Annual Report",
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