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  "documentTitle": "Remitly Global, Inc. (RELY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2025-03-11 00:00:00",
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  "notes": "The table compares Remitly against a basket of payment and money transfer companies, highlighting its high EV/FCF multiple compared to peers.",
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      "text": "We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive.",
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      "text": "EV / EBITDA: 18.5x",
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      "text": "We believe that Remitly trades at an unsupported valuation premium to peers on the belief that its high revenue growth rate is sustainable and attractive. We believe Remitly may be chasing lower quality customers by underspending in KYC and pivoting away from its core immigrant customers which may ultimately increase customer acquisition costs. We expect take rates to continue to contract as the shift from physical to digital payments and stablecoin accelerates.",
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      "text": "Source: Company financials, Bloomberg and Spruce Point estimates and adjustments to RELY include 32.1m shares from RSUs, options and ESPP.",
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      "text": "We Believe RELY's Valuation Appears Stretched",
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