Remitly Global, Inc. (RELY): A Bull Case Theory

We came across a bullish thesis on Remitly Global, Inc. on Paris Analyst’s Substack. In this article, we will summarize the bulls’ thesis on RELY. Remitly Global, Inc. 's share was trading at $19.68 as of September 4th. RELY’s trailing P/E was 324.33 according to Yahoo Finance.Is Kaspi.kz (KSPI) the Best Young Stock To Buy and Hold For 10 Years?

Remitly has established itself as the leading digital remittance platform, transforming what was once a cash-heavy business into a high-retention, annuity-like model. By earning customer trust, Remitly ensures repeat usage, with an average customer sending 16 transfers annually and retention stabilizing at 85%-90%. The company is growing revenue at 34% YTD as of Q2 2025 and is on track for 25%+ free cash flow margins, yet trades at less than 8x estimated 2027 unlevered free cash flow, reflecting market concerns around stablecoins and immigration regulation—risks that appear largely overblown.

Remitly’s competitive advantage lies in its scaled marketing engine, efficient customer acquisition, and product-led retention. Its digital-first approach, including debit card pay-ins and one-click repeat sends, provides a superior user experience compared with legacy cash-based networks like Western Union and MoneyGram, which face structural inefficiencies and flat-to-declining app engagement. Digital remittance specialists are taking share from physical agents, and Remitly leads with both reach and retention, demonstrating increasing returns to marketing scale while maintaining a