Remitly Global, Inc. Files 2023 Annual Report (10-K)

Ticker: RELY · Form: 10-K · Filed: Feb 23, 2024 · CIK: 1782170

Sentiment: neutral

Topics: Remitly Global, 10-K, Financial Report, Annual Filing, Remittance Services

TL;DR

<b>Remitly Global, Inc. has filed its 2023 10-K annual report detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Remitly Global, Inc. (RELY) filed a Annual Report (10-K) with the SEC on February 23, 2024. Remitly Global, Inc. filed its 2023 10-K report on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 1111 3rd Ave., 21st Floor, Seattle, WA 98101. Remitly Global, Inc. is incorporated in Delaware. The filing includes financial data for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking Remitly Global, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Remitly's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and risk factors disclosed in the 10-K are essential for investors and analysts to understand the company's revenue streams, expenses, profitability, and potential challenges in the remittance and digital financial services market.

Risk Assessment

Risk Level: medium — Remitly Global, Inc. shows moderate risk based on this filing. The company operates in the financial services sector, which is subject to significant regulatory oversight and competitive pressures, as indicated by the nature of its business and the industry context.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Remitly's performance and outlook in the competitive remittance market.

Key Numbers

Key Players & Entities

FAQ

When did Remitly Global, Inc. file this 10-K?

Remitly Global, Inc. filed this Annual Report (10-K) with the SEC on February 23, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Remitly Global, Inc. (RELY).

Where can I read the original 10-K filing from Remitly Global, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Remitly Global, Inc..

What are the key takeaways from Remitly Global, Inc.'s 10-K?

Remitly Global, Inc. filed this 10-K on February 23, 2024. Key takeaways: Remitly Global, Inc. filed its 2023 10-K report on February 23, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company's principal executive offices are located at 1111 3rd Ave., 21st Floor, Seattle, WA 98101..

Is Remitly Global, Inc. a risky investment based on this filing?

Based on this 10-K, Remitly Global, Inc. presents a moderate-risk profile. The company operates in the financial services sector, which is subject to significant regulatory oversight and competitive pressures, as indicated by the nature of its business and the industry context.

What should investors do after reading Remitly Global, Inc.'s 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to understand Remitly's performance and outlook in the competitive remittance market. The overall sentiment from this filing is neutral.

Key Dates

Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-02-23 16:12:18

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersec urity 39 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41

Reserved

Item 6. Reserved Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 56 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 58 Report of Independent Registered Public Accounting Firm 59 Consolidated Balance Sheets 61 Consolidated Statement s of Operations 62 Consolidated Statement s of Comprehensive Loss 63 Consolidated Statements of Stockholders' Equity (Deficit) and Redeemable Convertible Preferred Stock 64 Consolidated Statemen t s of Cash Flows 66

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 93 Item 9A.

Controls and Procedures

Controls and Procedures 93 Item 9B. Other Information 93 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 94 PART III Item 10. Directors, Executive Officers and Corporate Governance 95 Item 11.

Executive Compensation

Executive Compensation 95 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 95 Item 13. Certain Relationships and Related Transactions, and Director Independence 95 Item 14. Principal Accounting Fees and Services 95 PART IV Item 15. Exhibits and Financial Statement Schedules 96 Exhibit Index 97 Item 16. Form 10-K Summary 98

Signatures

Signatures 99 i Table of Content s SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding future events or our future results of operations, financial condition, business, strategies, financial needs, and the plans and objectives of management, are forward-looking statements. In some cases you can identify forward-looking statements because they contain words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "likely," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would," or similar expressions and the negatives of those terms. These forward-looking statements include, but are not limited to, statements concerning the following: our expectations regarding our revenue, expenses, and other operating results; our ability to acquire new customers and successfully retain existing customers; our ability to develop new products and services and bring them to market in a timely manner; our ability to achieve or sustain our profitability; our ability to maintain and expand our strategic relationships with third parties; our business plan and our ability to effectively manage our growth; our market opportunity, including our total addressable market; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate; our ability to attract and retain qualified employees; uncertainties regarding the impact of general economic and market conditions, including as a result of currency fluctuations, inflation, or regional and global conflicts or related government sanctions; our ability to maintain the security and availability of our solutions; our ability to maintain our money transmission license

Business

Item 1. Business Overview Remitly was founded in 2011 with a vision to transform the lives of immigrants and their families by providing the most trusted financial services on the planet. As our business has grown over the last decade - so must our vision. In order to continue to serve our existing customers as well as serve other global citizens with cross-border financial needs we have expanded our vision to transforming lives with trusted financial services that transcend borders. The inspiration behind Remitly came when Matt, our co-founder and Chief Executive Officer, was living and working in Kenya. Living abroad, he experienced firsthand how painful it could be to send money across borders, and witnessed how far that money could go once it made it home. In Matt's own words, remittances are all about trust, and he's committed to making Remitly the most trusted financial service provider in the world. Today, Remitly is a leading digital financial services provider for immigrants, their families, and other global citizens in over 170 countries around the world. The long-term, trusted relationships we foster with our customers have enabled us to expand our core cross-border remittance product to over 5,000 corridors worldwide, and we are working to offer complementary new products to our 5.9 million quarterly active users. Our customers are at the heart of everything we do. We believe that when we can provide more people with access to trusted financial services that transcend the barriers of borders, they can change the future. Our customers do this by transforming the local economies where they live and work, as well as the communities where they share access to trusted financial services. Remitly's culture is key to our success, and our cultural values act as a blueprint for how we accomplish everything we do. We regularly refresh our values to align with our strategy. The one constant, and single most important of these values is customer centricity , w

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