Remitly Global Inc (RELY) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Remitly's second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Remitly 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Luv Sodha, Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係部門的 Luv Sodha。請繼續。

Thank you. Good afternoon, and thank you for joining us for Remitly second-quarter 2025 earnings call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, Chief Financial Officer. Results and additional management commentary are available in the earnings release and presentation slides, which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website.

謝謝。下午好，感謝您參加 Remitly 2025 年第二季財報電話會議。今天與我一起參加電話會議的還有 Remitly 聯合創始人兼執行長 Matt Oppenheimer 和財務長 Vikas Mehta。業績報告及更多管理層評論可在 ir.remitly.com 的收益報告和簡報中找到。請注意，本次電話會議將在投資者關係網站上同步進行網路直播。

Before we start, I would like to remind you that we will be making forward-looking statements within the meaning of federal securities laws, including, but not limited to, statements regarding Remitly's future financial results and management's expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statements.

在我們開始之前，我想提醒您，我們將根據聯邦證券法做出前瞻性陳述，包括但不限於有關 Remitly 未來財務業績以及管理層的期望和計劃的陳述。這些聲明既不是承諾也不是保證，並且涉及風險和不確定性，可能導致實際結果與此處所述的結果有重大差異。您不應過度依賴任何前瞻性陳述。

Please refer to the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today and Remitly assumes no obligation to update or revise them, whether as a result of new developments or otherwise, except as required by law.

有關可能影響結果的風險因素的更多信息，請參閱收益報告和 SEC 文件。本次電話會議中所做的任何前瞻性陳述（包括對您的問題的答覆）均基於截至今天的當前預期，Remitly 不承擔更新或修改這些陳述的義務，無論是否由於新的發展或其他原因，除非法律另有規定。

The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, our Pledge 1% contribution, integration, restructuring, and other costs and other income and expense. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP metrics, please see the earnings press release and the appendix to the earnings presentation, which are available on the IR section of our website.

以下介紹包含非公認會計準則財務指標。我們將在本次電話會議中參考非公認會計準則營運費用和調整後的 EBITDA。這些指標不包括股票薪酬、與股票薪酬相關的工資稅、我們承諾的 1% 貢獻、整合、重組和其他成本以及其他收入和支出等項目。有關非 GAAP 財務指標與最直接可比較的 GAAP 指標的對照表，請參閱收益新聞稿和收益報告附錄，這些可在我們網站的 IR 部分找到。

Now I will turn the call over to Matt to begin.

現在我將把電話交給馬特開始。

Thank you, Luv, and thank you to everyone for joining us for our second-quarter earnings call. Q2 was a defining quarter for Remitly. Not only did we deliver exceptional financial performance, but we also achieved breakthrough product innovation. Vikas will cover Remitly's exceptional financial performance in detail. So I will use my time today to focus on the new products, services, and experiences that we have introduced into the market in the first half of the year. These innovations are changing customers' lives, expanding our TAM, and further fortifying our business model, positioning us to shape the future of global financial services.

謝謝你，Luv，也謝謝大家參加我們第二季的財報電話會議。第二季對 Remitly 來說是一個決定性的季度。我們不僅取得了卓越的財務業績，而且還實現了突破性的產品創新。Vikas 將詳細介紹 Remitly 的卓越財務表現。因此，我今天的時間將重點放在我們上半年向市場推出的新產品、新服務和新體驗。這些創新正在改變客戶的生活，擴大我們的TAM，並進一步強化我們的商業模式，使我們能夠塑造全球金融服務的未來。

Our vision continues to be clear, to transform lives with trusted financial services that transcend borders, with over 8.5 million customers, we are no longer simply enabling cross-border peer-to-peer payments. We are becoming the modern financial platform for globally connected people and businesses. Today, I am excited to share the momentum behind our product innovation engine and why Q2 represents an inflection point for Remitly across multiple dimensions. I will highlight four core focus areas of product innovation in 2025, shown on slide 5.

我們的願景始終很明確，透過跨越國界的可信賴金融服務改變生活，我們擁有超過 850 萬客戶，不再僅僅實現跨境點對點支付。我們正在成為全球互聯的個人和企業的現代金融平台。今天，我很高興與大家分享我們產品創新引擎背後的動力，以及為何第二季代表 Remitly 在多個維度上的轉捩點。我將重點放在 2025 年產品創新的四個核心重點領域，如投影片 5 所示。

First, I'll start with our product momentum on Remitly Business. Second, I am excited to introduce Remitly One, a first-of-its-kind membership for customers with cross-border needs. Third, I will share our innovative stablecoins initiatives. And fourth, I'll showcase our approach to Agentic AI to create a more personalized, frictionless experience. In all these areas, we are building on our existing strength as well as leveraging new technology innovations to further strengthen our lead.

首先，我將從 Remitly Business 的產品動能開始。其次，我很高興推出 Remitly One，這是第一個針對有跨國需求的客戶提供會員服務。第三，我將分享我們創新的穩定幣舉措。第四，我將展示我們對 Agentic AI 的方法，以創造更個人化、無摩擦的體驗。在所有這些領域，我們都在鞏固現有優勢的同時，利用新技術創新進一步鞏固領先地位。

Let's dive deeper into each one, starting with Remitly Business. With Remitly Business, we expanded our TAM more than tenfold from approximately $2 trillion to over $22 trillion, as we aim to serve the 1.5 billion freelancers and millions of small businesses increasingly paying international contractors, vendors, and employees. We are starting with small businesses and freelancers in this category who primarily need reliable, fast, and affordable service, something that Remitly does uniquely well.

讓我們深入了解每一個，從 Remitly Business 開始。借助 Remitly Business，我們將 TAM 擴大了十倍以上，從約 2 兆美元增加到 22 兆美元以上，我們的目標是為 15 億自由工作者和數百萬小型企業提供服務，他們越來越多地向國際承包商、供應商和員工支付報酬。我們從這個類別中的小型企業和自由工作者開始，他們主要需要可靠、快速且價格合理的服務，而 Remitly 在這方面做得非常出色。

Formally launched in the US in Q2, Remitly Business is already emerging as an engine of growth. Built on our proven differentiated money movement infrastructure, it delivers the same intuitive click-and-send experience our consumer customers love, now tailored for the trust control and compliance standards small business require.

Remitly Business 於第二季在美國正式推出，並已成為成長引擎。它建立在我們經過驗證的差異化資金流動基礎設施之上，提供我們消費者客戶喜愛的相同的直觀點擊和發送體驗，現在可根據小型企業所需的信任控制和合規標準進行客製化。

We are excited about upcoming launches in the UK, Canada, Australia, and the EU alongside vertical-specific onboarding flows, which will further accelerate our growth and broaden our global reach. With fast onboarding, automated EKYB, and instant reach to over 100 countries, businesses can go live in minutes. Our transparent competitive pricing is differentiated, while built in fraud detection and real-time attestation help ensure transactions are secure.

我們對即將在英國、加拿大、澳洲和歐盟推出的產品以及垂直特定的入職流程感到興奮，這將進一步加速我們的成長並擴大我們的全球影響力。透過快速入職、自動化 EKYB 以及即時覆蓋 100 多個國家/地區，企業可以在幾分鐘內上線。我們透明的競爭性定價具有差異化，同時內建的詐欺偵測和即時證明功能有助於確保交易安全。

We're also rolling out additional features like bulk and recurrent payouts, payment requests and streamlined reconciliation to simplify operations and support growth at scale. We are seeing strong early momentum and have onboarded thousands of businesses in Q2. Average transaction sizes are nearly twice as large as those of our core consumers.

我們還推出了其他功能，如批量和定期付款、付款請求和簡化對賬，以簡化操作並支援規模增長。我們看到了強勁的早期發展勢頭，並已在第二季度吸收了數千家企業。平均交易規模幾乎是我們核心消費者的兩倍。

Thus far, retention signals are also tracking ahead of our expectations, leading to business customer lifetime value, roughly 6 times higher than consumer centers. We are confident that Remitly Business, anchored by an unrivaled customer experience and best-in-class pricing, will be a contributor to sustainable revenue growth, margin expansion, and long-term shareholder value. Looking ahead, Remitly is becoming the platform of choice not only for individuals, but for the millions of businesses powering the borderless economy.

到目前為止，保留訊號也超出了我們的預期，導致企業客戶終身價值比消費者中心高出約 6 倍。我們相信，憑藉無與倫比的客戶體驗和一流的定價，Remitly Business 將成為可持續收入成長、利潤率擴大和長期股東價值的貢獻者。展望未來，Remitly 不僅將成為個人的首選平台，也將成為推動無邊界經濟發展的數百萬企業的首選平台。

Moving to the second area. I am thrilled to give you a preview of Remitly's One. A new membership program uniquely targeting cross-border needs. Remitly One will launch in September. With Remitly One, we are announcing not just another set of features. We are launching a bold new relationship. For the first time, customers can become members of a platform customized to address their cross-border financial needs.

移至第二個區域。我很高興向大家介紹 Remitly 的 One 會員計畫。這是一個專門針對跨境需求的全新會員計畫。Remitly One 將於 9 月推出。透過 Remitly One，我們發布的不僅僅是另一組功能。我們正在建立一種大膽的新關係。客戶首次可以成為專為滿足其跨境金融需求而量身定制的平台的會員。

Remitly One is our first-ever membership program, designed not around transactions, but around customer relationships. It's a single, seamless membership that brings together cross-border payments with financial products to store, spend, grow your funds, get liquidity, and other value-added services, all through a consistent and optimized experience.

Remitly One 是我們首個會員計劃，其設計並非圍繞交易，而是圍繞客戶關係。它是一種單一、無縫的會員資格，將跨境支付與金融產品結合在一起，以儲存、消費、增加資金、獲得流動性和其他增值服務，所有這些都透過一致且優化的體驗進行。

Remitly One will be anchored at launch with two initial products: Remitly Wallet and Remitly Flex. Wallet and Flex are available stand-alone to customers today, but Remitly One members will get unique benefits with their membership. Let me double-click into Remitly wallet and Remitly Flex.

Remitly One 將在發佈時推出兩款初始產品：Remitly Wallet 和 Remitly Flex。目前，Wallet 和 Flex 可供客戶獨立使用，但 Remitly One 會員將獲得其會員資格的獨特優勢。讓我雙擊進入 Remitly 錢包和 Remitly Flex。

Remitly Wallet will serve as a secure multicurrency store value for both fiat and stablecoins designed to meet the needs of our customers. Fully integrated into our platform, the wallet will allow customers to manage balances, plan payments, and engage with their finances in a centralized, trusted environment. It will provide access to both fiat currencies and stablecoins, offering a safe flexible way to hold and use funds across borders.

Remitly Wallet 將作為法定貨幣和穩定幣的安全多幣種儲存價值，旨在滿足客戶的需求。該錢包完全整合到我們的平台中，讓客戶在集中、可信賴的環境中管理餘額、規劃付款並處理財務。它將提供法定貨幣和穩定幣的訪問權限，提供一種安全靈活的跨境持有和使用資金的方式。

Early customer feedback in the US shows strong promise with the Remitly's Wallet potential as a daily financial companion. Remitly One members will get access to special benefits that are like interest such as tax rewards on balances as well as other benefits like cash back on transactions and dollar credits for using their wallet.

美國早期的客戶回饋表明，Remitly 錢包作為日常金融伴侶具有巨大的潛力。Remitly One 會員將獲得特殊福利，例如利息（例如餘額的稅收獎勵）以及其他福利，例如交易現金回饋和使用錢包的美元信用額度。

Remitly Flex is our flexible funding solution, offering short-term liquidity, allowing eligible customers to send now, pay later. This structure provides an essential safety net for time-sensitive payments like medical emergencies or tissues without any interest or late fees associated with traditional lending. Importantly, Flex is powered by our proprietary transaction and other customer data, giving us a unique real-time view into customer behavior, cross-border payment history, and financial patterns. This allows us to consider risk responsibly and without friction in customer categories where others cannot.

Remitly Flex 是我們靈活的融資解決方案，提供短期流動性，讓符合資格的客戶先匯款，然後再付款。這種結構為醫療緊急情況或組織等時間敏感的付款提供了必要的安全網，而無需支付傳統貸款相關的利息或滯納金。重要的是，Flex 由我們的專有交易和其他客戶資料提供支持，使我們能夠以獨特的即時視角了解客戶行為、跨境支付歷史和財務模式。這使我們能夠負責任地考慮風險，並且不會在其他人無法做到的客戶類別中產生摩擦。

Remitly One members will get access to special benefits like flexible repayment schedules, free instant funding, and more. We have seen strong early demand and good repayment history for Flex, as well as powerful upsell to membership or the additional expenses. Remitly One, its benefits and the underlying offerings like Wallet and Flex will be integrated into the Remitly experience, accessible from the same app our millions of customers already trust. It will be a unified experience that will scale with their needs, no learning curve, just more value every day. And this is just the beginning.

Remitly One 會員將享有特殊福利，如靈活的還款計畫、免費即時資金等。我們看到 Flex 早期需求強勁、還款記錄良好，會員費或額外費用的追加銷售也十分強勁。Remitly One、其優勢以及 Wallet 和 Flex 等底層產品將融入 Remitly 體驗，並可透過我們數百萬客戶已經信賴的同一款應用程式存取。這將是一種統一的體驗，可以根據他們的需求進行擴展，沒有學習曲線，每天都有更多價值。而這只是個開始。

Remitly One is the foundation of a new ecosystem, one where membership drive daily engagement, emotional loyalty, and long-term financial growth. We will continue to add an expanding set of benefits, all designed for their lives when they meet them most. We look forward to showcasing Remitly One, including customer use cases and demos as well as what comes next at our upcoming product launch event on September 9. Our first of a signature series, we are starting called Remitly Reimagined.

Remitly One 是一個新生態系統的基礎，在這個生態系統中，會員可以推動日常參與、情感忠誠度和長期財務成長。我們將繼續增加一系列福利，這些福利都是為他們在最需要的時候的生活而設計的。我們期待在 9 月 9 日即將舉行的產品發表會上展示 Remitly One，包括客戶使用案例和演示以及後續產品。這是我們簽名系列中的第一款產品，名為「Remitly Reimagined」。

Now moving on to the third area, Stablecoins. The toughest challenge for stablecoins users is ensuring secure on- and off-ramp to fiat currency. Our global money movement network, regulatory licenses, and deep compliance expertise uniquely position us to integrate stablecoins capabilities at scale. Our stablecoins initiatives position us to lead the next wave of modernization in cross-border financial infrastructure through three specific initiatives.

現在轉到第三個領域，穩定幣。對於穩定幣用戶來說，最嚴峻的挑戰是確保法定貨幣的安全進出。我們的全球資金流動網絡、監管許可證和深厚的合規專業知識使我們能夠大規模整合穩定幣功能。我們的穩定幣計畫使我們能夠透過三個具體舉措引領跨國金融基礎設施的下一波現代化浪潮。

First, customers will have the option to store and manage stablecoin balances along with traditional fiat in their Remitly Wallet. This will especially be beneficial for customers in inflationary economies with high currency fluctuations. We are in beta testing and plan to launch this in September, working with Circle, a financial technology company that is accelerating stablecoin adoption.

首先，客戶可以選擇在 Remitly 錢包中儲存和管理穩定幣餘額以及傳統法定貨幣。這對於貨幣波動較大的通膨經濟體的顧客尤其有利。我們目前處於 Beta 測試階段，計劃於 9 月推出，並與加速穩定幣採用的金融科技公司 Circle 合作。

Second, customers will be able to receive cross-border payments in stablecoin compatible wallets, seamlessly routed from our established fiat infrastructure. One of Remitly's core differentiators is our highly scaled fiat network, which enables instant cross-border transfers across 170 countries. We are excited to extend this network by integrating blockchain rails starting with stablecoin disbursement. This innovation enhances both our payout flexibility and global reach. The rollout is also in beta and plan to launch in September in partnership with Bridge, a Stripe company.

其次，客戶將能夠透過與穩定幣相容的錢包接收跨境支付，並與我們現有的法定基礎設施無縫銜接。Remitly 的核心優勢之一是我們高度擴展的法定貨幣網絡，可實現 170 個國家的即時跨境轉帳。我們很高興透過整合區塊鏈軌道來擴展這個網絡，從穩定幣支付開始。這項創新增強了我們的支付彈性和全球影響力。該產品目前仍處於測試階段，計劃於 9 月與 Stripe 旗下的 Bridge 合作推出。

Third, for internal efficiencies, we've integrated tokenized US dollar stablecoins like USDC, into internal treasury operations to fund liquidity across global markets. This allows near instant settlement across time zones and weekends, which will enable quicker transaction processing, greater reliability, and lower costs when customers send money with us. Together, these stablecoin initiatives enable us to modernize cross-border money movement, firmly positioning us at the forefront of stablecoin innovation and cross-border payments.

第三，為了提高內部效率，我們將 USDC 等代幣化美元穩定幣整合到內部資金營運中，為全球市場提供流動性資金。這使得跨時區和週末的結算幾乎可以即時完成，從而實現客戶透過我們匯款時更快的交易處理速度、更高的可靠性和更低的成本。這些穩定幣措施共同使我們能夠實現跨境資金流動的現代化，使我們牢牢佔據穩定幣創新和跨境支付的前沿。

Following the Stablecoin update, the fourth area that I am excited to showcase is our approach to Agentic AI. At Remitly, we believe the next frontier of digital financial services will be intelligent, conversational, and personalized. That's why we are building an Agentic AI platform for this future. purpose-built for customers who use cross-border financial services. Today, our Agentic AI-enabled support experience handles nearly 2 million real-time interactions with customers resolving issues, predicting intent, and adapting contextually all while reducing cost to serve and increasing satisfaction.

繼穩定幣更新之後，我很高興展示的第四個領域是我們對 Agentic AI 的方法。在 Remitly，我們相信數位金融服務的下一個前沿將是智慧化、對話式和個人化。這就是我們為未來建立 Agentic AI 平台的原因，專為使用跨境金融服務的客戶所打造。如今，我們由 Agentic AI 提供支援的支援體驗可處理與客戶的近 200 萬次即時互動，解決問題、預測意圖並根據實際情況進行調整，同時降低服務成本並提高滿意度。

We do not view AI merely as an efficiency unlock. We believe AI helps us generate revenue and bring new customers into our platform. As an example, based on industry data, a significant portion of cross-border transactions in the US to Latin America markets are still conducted offline. Our Agentic AI innovations, including Remitly on WhatsApp, will enable us to drive this secular off-line to online shift. This Agentic AI platform is embedded directly into WhatsApp, the most popular messaging happen in the world with nearly 3 billion customers, and enhances customer acquisition and onboarding.

我們並不認為人工智慧只是一種效率解鎖。我們相信人工智慧可以幫助我們創造收入並為我們的平台帶來新客戶。例如，根據產業數據，美國至拉丁美洲市場的跨國交易仍有相當一部分是線下進行的。我們的 Agentic AI 創新（包括 WhatsApp 上的 Remitly）將使我們能夠推動這種長期的線下向線上的轉變。此 Agentic AI 平台直接嵌入 WhatsApp，這是世界上最受歡迎的訊息傳遞方式，擁有近 30 億客戶，可增強客戶獲取和入職體驗。

With Remitly on WhatsApp, we've reimagined the cross-border payment experience as a simple conversational flow, spend money, check exchange rates, get help all via WhatsApp. Our vision is to make Remitly trusted, embedded, and intelligent wherever customers are, and it's working. Conversion rates for Remitly on WhatsApp are highest among customers who were previously transacting off-line, proving that conversational AI can be a powerful on-ramp to digital inclusion. Remitly on WhatsApp is already available to our US and Spanish customers sending to 11 countries, including Mexico and India.

透過 WhatsApp 上的 Remitly，我們將跨境支付體驗重新構想為一個簡單的對話流程，花錢、查看匯率、獲得幫助，所有這些都可以透過 WhatsApp 完成。我們的願景是讓 Remitly 無論客戶身在何處都值得信賴、嵌入且智能，並且能夠正常運作。Remitly 在 WhatsApp 上的轉換率在先前進行線下交易的客戶中最高，這證明對話式 AI 可以成為實現數位包容的強大入口。WhatsApp 上的 Remitly 已可供我們的美國和西班牙客戶向墨西哥和印度等 11 個國家匯款。

Our platform innovation goes beyond WhatsApp The same Agentic AI-powered experience can be scaled across any conversational interface where our customers live and communicate, whether that's Meta's Messenger, which is launching soon, conversational platforms that are emerging, or platforms that haven't even emerged yet. In a world where financial institutions are still adapting the basic automation, we are not only constantly looking for ways to stay ahead of the curve, we are helping to find it. With Agentic AI, Remitly is building not just a better airspace, but a smarter relationship. One that makes cross-border finance feel as seamless as chatting with a brand, and we are getting started.

我們的平台創新超越了 WhatsApp 同樣的 Agentic AI 驅動體驗可以擴展到我們客戶生活和交流的任何對話介面，無論是即將推出的 Meta Messenger、新興的對話平台，還是尚未出現的平台。在金融機構仍在適應基本自動化的世界中，我們不僅不斷尋找保持領先的方法，而且還在幫助找到它。借助 Agentic AI，Remitly 不僅建構了更好的空域，還建立了更聰明的關係。讓跨國金融感覺像與品牌聊天一樣無縫，而我們正在開始。

In closing, our vision at Remitly remains bold and unwavering to transform lives with trusted financial services that transcend borders. With over 8.5 million customers and a platform built for both individuals and businesses, we are a global fintech platform, purpose built for the digital age, meeting the full financial needs of global citizens and businesses who have long been underserved by legacy systems. We are doing this, leveraging the latest technology, innovating with AI and stablecoins to deliver intuitive, agentic, and trusted financial experiences.

最後，Remitly 的願景仍然堅定不移，那就是透過跨越國界的可信賴金融服務改變生活。我們擁有超過 850 萬名客戶，並擁有一個為個人和企業打造的平台，是一個專為數位時代打造的全球金融科技平台，可滿足長期以來傳統系統服務不足的全球公民和企業的全部金融需求。我們正在利用最新技術，透過人工智慧和穩定幣進行創新，提供直覺、代理和值得信賴的金融體驗。

From enabling Agentic AI for cross-border payments, to the launch of Remitly One, Wallet, Flex, and our business products, we are not just expanding our platform, we are creating entirely new categories of digital financial engagement. The thing that's most exciting is that we can uniquely do this given our scale. We've talked about our flywheel in the past and our flywheel is working.

從啟用 Agentic AI 進行跨境支付，到推出 Remitly One、Wallet、Flex 和我們的商業產品，我們不僅在擴展我們的平台，還在創建全新的數位金融參與類別。最令人興奮的是，我們能夠以獨特的規模做到這一點。我們過去曾討論過我們的飛輪，我們的飛輪正在運轉。

We are delivering on our commitment to profitable growth, investing in high ROI opportunities that expand our TAM, and extend our advantage. And we are doing so while accelerating innovation, expanding into new customer categories, and unlocking massive TAM. We are proud of what we have built. We are energized about what lies ahead. And we are just getting started.

我們正在履行獲利成長的承諾，投資於高投資報酬率的機會，以擴大我們的 TAM，並增強我們的優勢。我們在實現這一目標的同時，也加速創新，拓展新的客戶類別，並釋放龐大的潛在市場。我們對自己所建造的一切感到自豪。我們對未來充滿信心。我們才剛開始。

Now I'll hand it over to Vikas to walk through our financial and operational highlights from the quarter.

現在我將交給 Vikas 來介紹本季的財務和營運亮點。

Thank you, Matt, and good afternoon, everyone. We delivered another strong quarter of growth, expanded profitability margins while also investing in innovation. As shown on slide 12, second-quarter revenue was $411.9 million, up 34% year over year. and adjusted EBITDA was $64 million, representing a 16% margin. Results exceeded expectations with revenue $28 million above and adjusted EBITDA, $18 million above the midpoint of our Q2 guidance. We again delivered GAAP profitability, an important milestone that we expect to sustain going forward.

謝謝你，馬特，大家下午好。我們又實現了一個強勁的成長季度，擴大了獲利空間，同時也投資於創新。如投影片 12 所示，第二季營收為 4.119 億美元，年增 34%。調整後的 EBITDA 為 6,400 萬美元，利潤率為 16%。業績超出預期，營收比第二季指引中位數高出 2,800 萬美元，調整後的 EBITDA 比中位數高出 1,800 萬美元。我們再次實現了 GAAP 盈利，這是一個重要的里程碑，我們希望未來能夠繼續保持。

Before I dive into our quarterly results and outlook, let me address the macro topic that has been top of mind for investors, remittance tax. The One Big Beautiful Bill, which applies a 1% tax to cash and other physical instruments, exempts digital cross-border transfers funded via bank accounts, credit, and debit cards. All of our transactions are digitally funded and typically passed through both bank KYC standards at the payment instrument level as well as incremental KYC standards on Remitly platform, which gives us a structural advantage against legacy cash-based providers.

在深入探討我們的季度業績和展望之前，讓我先來談談投資者最關心的宏觀主題—匯款稅。《一攬子美麗法案》對現金和其他實體工具徵收 1% 的稅，但對透過銀行帳戶、信用卡和金融卡資助的數位跨境轉帳免稅。我們的所有交易都是以數位方式融資的，並且通常透過支付工具層級的銀行 KYC 標準以及 Remitly 平台上的增量 KYC 標準，這使我們相對於傳統的現金提供者俱有結構性優勢。

We expect this tax to further accelerate the shift from off-line to online benefiting Remitly when it's implemented on January 1, 2026. In short, this legislation is a tailwind for our business. And as Matt highlighted earlier, our product innovation around Agentic AI will further accelerate the shift from off-line to online.

我們預計，該稅將於 2026 年 1 月 1 日實施，將進一步加速從線下到線上的轉變，從而使 Remitly 受益。簡而言之，這項立法對我們的業務來說是順風。正如 Matt 之前所強調的那樣，我們圍繞 Agentic AI 的產品創新將進一步加速從線下到線上的轉變。

Now I will begin with an overview of our second-quarter results and then share our outlook for the full-year and third-quarter 2025. Let me unpack the revenue growth drivers. Send volume grew 40% to $18.5 billion, driving the strong volume growth. Send volume per active customer increased a record 12% year over year. This was driven by strong growth, both in transactions for active customers and average transaction size as we continue to win share and gain traction with high-amount senders and micro-business customers.

現在，我將首先概述我們的第二季業績，然後分享我們對 2025 年全年和第三季的展望。讓我來解析一下收入成長的動力。發送量成長 40%，達到 185 億美元，推動了強勁的交易量成長。每位活躍客戶的發送量年增了創紀錄的 12%。這是由強勁成長推動的，無論是活躍客戶的交易量還是平均交易規模，因為我們繼續贏得份額並獲得大額發送者和微型企業客戶的青睞。

Quarterly active customers increased 24% year over year to over 8.5 million in line with our expectations, driven by continued retention and strength in new customers acquired in the quarter. Take rate was 2.23%, in line with our expectations.

季度活躍客戶數量年增 24%，達到 850 多萬，符合我們的預期，這得益於本季度新客戶的持續保留和強勁增長。接受率為 2.23%，符合我們的預期。

Now let me dive deeper into our revenue outperformance from a geographic and customer category perspective. A key dimension of our scale is geographic diversification. From a send perspective, US revenue grew 35%, in line with last quarter, driven by continued share gains. Rest of the world grew 40% year over year, ahead of our overall revenue growth.

現在，讓我從地理和客戶類別的角度更深入地探討我們的收入表現。我們規模的一個關鍵維度是地理多樣化。從發送角度來看，受持續的市場份額增長的推動，美國收入增長了 35%，與上一季持平。世界其他地區年增 40%，高於我們的整體收入成長。

On the receive side, the revenue from regions outside of India, the Philippines, and Mexico, grew 41% year over year. Despite the overall remittance market to Mexico remaining soft in Q2, our Mexican receive business revenue growth outpaced our overall revenue growth. This outperformance is a clear indication that we are continuing to gain share in the Mexican market, growing meaningfully faster than the broader industry.

接收方面，來自印度、菲律賓、墨西哥以外地區的營收年增41%。儘管第二季墨西哥匯款市場整體依然疲軟，但我們墨西哥收款業務收入的成長速度超過了我們的整體營收成長。這一優異表現清楚地表明，我們在墨西哥市場的份額正在不斷擴大，成長速度明顯快於整個產業。

Besides geographic diversification, we are also seeing success in diversifying our customer categories. As we noted last quarter, high-amount senders is a key area of strategic focus for us. Using AI, we are able to reduce friction and enable higher send amounts without compromising compliance, combined with our deep partner integrations, we have raised transaction limits significantly and streamline the experience end-to-end. This has led to a record year-over-year send volume growth of over 45% for customers sending more than $1,000 and the volume mix from these customers increased by 300 basis points year over year.

除了地域多樣化之外，我們在客戶類別多樣化方面也取得了成功。正如我們上個季度所指出的，高額發送者是我們策略重點的領域。利用人工智慧，我們能夠減少摩擦並實現更高的發送量，而不會影響合規性，結合我們與合作夥伴的深度整合，我們顯著提高了交易限額並簡化了端到端的體驗。這使得匯款金額超過 1,000 美元的客戶的匯款量同比增長超過 45%，創下歷史新高，這些客戶的匯款量組合同比增長了 300 個基點。

We introduced two new features send to self and multi-corridor sending designed specifically to reduce operational friction and unlock new use cases for expat, international professionals, and globally mobile families. Given that high amount senders is a new category for us, we are also making deliberate strategic investments in competitive pricing to attract and retain this valuable cohort and to accelerate adoption in H2, we have launched targeted marketing push tailored specifically to the needs and motivations of high amount senders.

我們推出了兩項新功能“發送給自己”和“多走廊發送”，專門用於減少操作摩擦並為外籍人士、國際專業人士和全球流動家庭開闢新的用例。鑑於大量發送者對我們來說是一個新類別，我們還在有競爭力的價格方面進行了刻意的戰略投資，以吸引和留住這個寶貴的群體，並加速下半年的採用，我們推出了專門針對大量發送者的需求和動機的有針對性的營銷活動。

Turning to our focus on driving profitable growth on slide 13. Transaction expenses this quarter were $143.8 million and as a percentage of revenue was 34.9%. Excluding provision for transaction losses, other transaction expenses were $115.7 million, improving 175 basis points year over year as a percentage of revenue. The mix of digital receive transactions increased year over year by more than 300 basis points, continuing a trend that has been positive for our business and customers.

在第 13 張投影片上，我們將重點放在推動獲利成長。本季交易費用為 1.438 億美元，佔營收百分比為 34.9%。不包括交易損失準備金，其他交易費用為 1.157 億美元，佔收入的百分比年增 175 個基點。數位接收交易組合年增超過 300 個基點，延續了對我們的業務和客戶有利的趨勢。

Provision for transaction losses was $28 million or 15.2 basis points as a percentage of send volume. This came in above our expectations due to a sophisticated fraud incident in May. We responded swiftly closing off are vectors and bolstering our already robust fraud detection systems. This was an isolated event and led to a discrete nonrecurring loss of $3.8 million. Excluding this onetime item, provision for transaction losses would have been $24.2 million or 13.1 basis points, consistent with our expectations.

交易損失準備金為 2,800 萬美元，佔發送量的 15.2 個基點。由於五月發生了一起複雜的詐欺事件，這一數字超出了我們的預期。我們迅速做出反應，切斷了攻擊途徑，並加強了我們已經很強大的詐欺偵測系統。這是一個孤立事件，並導致了 380 萬美元的非經常性損失。不包括這筆一次性項目，交易損失準備金將達到 2,420 萬美元或 13.1 個基點，這與我們的預期一致。

Looking ahead, we'll continue to enhance our AI-driven risk models to proactively adapt to evolving fraud patterns without compromising the seamless customer experience that defines Remitly. As I've shared in prior quarters, RLTE expansion is an indicator of the long-term business model success. RLTE dollars grew 35% to $268.1 million, reflecting strong new and existing customer activity and economies of scale. RLTE as a percentage of revenue this quarter was 65.1%, modestly better than the percentages we saw last year.

展望未來，我們將繼續增強我們的人工智慧驅動風險模型，以主動適應不斷變化的詐騙模式，同時同時影響 Remitly 的無縫客戶體驗。正如我在前幾季所分享的，RLTE 擴張是長期商業模式成功的指標。RLTE 營收成長 35% 至 2.681 億美元，反映出新舊客戶活動強勁以及規模經濟。本季 RLTE 佔營收的百分比為 65.1%，略高於去年的百分比。

As you will note, while there is a mix impact of high amount senders on take rates in the short term, over the long term, these customers help us drive incremental RLTE dollar growth. We are focused on long-term RLTE dollar growth as we continue to attract new customers, innovate with new use cases and scale.

正如您所注意到的，雖然大量發送者在短期內對收取率有各種影響，但從長期來看，這些客戶幫助我們推動了 RLTE 美元的增量成長。我們專注於長期 RLTE 美元成長，同時繼續吸引新客戶，透過新的用例和規模進行創新。

With that, let me walk you through the specific non-GAAP expense categories on slide 14. Marketing spend was $79.8 million, up 10.4% year over year. As a percentage of revenue, it declined 422 basis points to 19.4%, reflecting improved efficiency. This performance was driven by gains in both digital and brand marketing as well as continued strength from word of mouth. In Q2, we also deepened our brand relevance with key audiences through high-impact sports partnerships, notable ones include a multiyear sponsorship of England and Wales Credit Board, our partnership with Concacaf Gold Cup, a soccer tournament that reached record-breaking viewership this year, and our ongoing support of major league cricket in the United States.

接下來，讓我向您介紹投影片 14 上的特定非 GAAP 費用類別。行銷支出為 7,980 萬美元，年增 10.4%。佔收入的百分比下降了 422 個基點，至 19.4%，反映出效率的提高。這一業績得益於數位行銷和品牌行銷的成長以及口碑的持續強勁。在第二季度，我們也透過高影響力的運動合作關係加深了我們與主要受眾的品牌關聯性，其中值得注意的是對英格蘭和威爾斯信用委員會的多年贊助、與今年創下收視率紀錄的足球錦標賽 Concacaf Gold Cup 的合作，以及我們對美國職業板球大聯盟的持續支持。

These campaigns are designed to connect authentically with our core customer base of global citizens, celebrating cultural connection and driving awareness in high-density corridors. Marketing spend for quarterly active customer was $9.38 in Q2, 11% year-over-year decline, underscoring our focus on returns from marginal investments.

這些活動旨在與我們的核心客戶群——全球公民建立真實的聯繫，慶祝文化聯繫並提高對高密度走廊的意識。第二季每季活躍客戶的行銷支出為 9.38 美元，年減 11%，突顯了我們對邊際投資回報的關注。

Customer support and operations expense was $24.6 million, and as a percentage of revenue was 6%, improving 46 basis points year over year, continuing a trend that we have seen over the last couple of years. Our AI-based virtual assistant and product improvements have enabled lower agent contact rates and strong customer satisfaction ratings. Technology and development expense was $53.4 million and as a percentage of revenue improved by 225 basis points year over year. Technology and development expenses grew 15% year over year as we become more efficient in managing our spend while delivering breakthrough product innovation.

客戶支援和營運費用為 2,460 萬美元，佔收入的百分比為 6%，年增 46 個基點，延續了過去幾年的趨勢。我們基於人工智慧的虛擬助理和產品改進降低了代理聯繫率並提高了客戶滿意度評級。技術和開發費用為 5,340 萬美元，佔收入的百分比年增了 225 個基點。由於我們在實現突破性產品創新的同時更有效率地管理支出，技術和開發費用較去年同期成長了 15%。

We are delivering on the metrics that matter most. In Q2, over 93% of transactions were disbursed in under an hour. More than 97% were completed without customer support contact, and our platform delivered 99.99% uptime. These are not just operational steps. They are proof points of the trust we are earning at scale.

我們正在實現最重要的指標。在第二季度，超過 93% 的交易在一小時內完成付款。超過 97% 的任務是在沒有聯繫客戶支援的情況下完成的，我們的平台實現了 99.99% 的正常運行時間。這些不僅僅是操作步驟。它們是我們不斷贏得廣泛信任的證明。

G&A expense was $46.3 million and was modestly higher as a percentage of revenue. We saw modestly higher provisions related to collectability of amounts due from certain processing partners with unique risk indicators in the quarter. We proactively assess the collectibility of balances with various partners and prudently reserve when appropriate.

一般及行政費用為 4,630 萬美元，佔收入的百分比略高。我們發現本季與某些具有獨特風險指標的加工合作夥伴應收款項相關的撥備略有增加。我們主動評估與各個合作夥伴收回餘額的可收回性，並在適當的時候謹慎地進行儲備。

We are also investing in AI across the organization from writing code to writing documents to reimagining our internal operations and processes. For investors, that means we are building a smarter, more agile remedy, one that scales faster, serves customers better, and delivers long-term shareholder value. Overall, we continue to maintain rigorous discipline on hiring and non-headcount spend, while investing in compliance, geographic expansion, and AI tools.

我們也在整個組織內投資人工智慧，從編寫程式碼到編寫文檔，再到重新構想我們的內部營運和流程。對於投資者來說，這意味著我們正在建立一個更聰明、更靈活的解決方案，可以更快地擴展、更好地服務客戶並為股東帶來長期價值。總體而言，我們將繼續嚴格控制招聘和非員工支出，同時投資合規、地理擴展和人工智慧工具。

Strong revenue growth, combined with efficiency and discipline led to adjusted EBITDA of $64 million. We delivered our second-consecutive-positive GAAP net income quarter with $6.5 million GAAP net income, a significant improvement compared to a $12.1 million net loss in the second quarter of 2024. Stock-based compensation was $38.1 million, and as a percentage of revenue was 9.2%, approximately 288 basis points lower than the second quarter of 2024.

強勁的收入成長，加上高效和紀律，使得調整後的 EBITDA 達到 6,400 萬美元。我們連續第二季實現了 GAAP 淨收入正值，GAAP 淨收入為 650 萬美元，與 2024 年第二季的 1,210 萬美元淨虧損相比有了顯著改善。股票薪資為 3,810 萬美元，佔營收的百分比為 9.2%，比 2024 年第二季低約 288 個基點。

Now moving on to our outlook on slide 15. Given that we are seven months into the year, we have a stronger line of sight into performance and underlying trends, which gives us greater confidence in our updated outlook. This guidance reflects a more realistic and grounded view of where we expect to land for the full year.

現在轉到第 15 張投影片上的展望。鑑於今年已過去七個月，我們對業績和潛在趨勢有了更清晰的了解，這使我們對更新後的展望更有信心。該指引反映了我們對全年業績預期更加現實和紮實的看法。

For the third quarter of 2025, we expect revenue of $411 million to $413 million or 22% to 23% growth. As you will note, the third quarter faces the toughest revenue comp of the year. The majority of our revenue in 2025 comes from prior-year cohorts giving us greater visibility into the durability of our revenue growth. If we unpack the revenue growth expectations further, we expect revenue to our group quarterly active customers due to continued strength in high amount senders and micro business customers. Growth in send volume for quarterly active customer is expected to increase mid-single digits primarily by higher frequency of transactions and continued trend in higher amount centers and micro businesses.

對於 2025 年第三季度，我們預計營收為 4.11 億美元至 4.13 億美元，成長 22% 至 23%。正如您所注意到的，第三季面臨今年最嚴峻的收入競爭。我們 2025 年的大部分收入來自前一年的收入，這讓我們更了解收入成長的持久性。如果我們進一步分析營收成長預期，我們預計由於高額發送者和微型企業客戶的持續強勁成長，我們集團季度活躍客戶的營收將會增加。預計季度活躍客戶的發送量將成長中等個位數，這主要得益於交易頻率的提高以及大額中心和微型企業的持續趨勢。

Consistent with recent trends, we also expect send volume growth to outpace revenue growth for both Q3 and FY 2025. Higher transaction sizes lead to higher send volume growth. driving RLTE dollars higher, even with moderating take rates. Given our traction with high amount senders and micro-business customers, we believe volume growth is a stronger indicator of our future growth potential in addition to quarterly active customers.

與最近的趨勢一致，我們也預期第三季和 2025 財年的發送量成長將超過營收成長。交易規模越大，發送量成長就越快，即使收取率下降，也推動 RLTE 美元走高。鑑於我們對大量發送者和微型企業客戶的吸引力，我們認為，除了季度活躍客戶之外，交易量成長是我們未來成長潛力的更有力指標。

For the full year, we expect revenue between $1.61 billion and $1.62 billion, reflecting a growth rate of 27% to 28%. This outlook reflects our performance in the first half of 2025. The confidence we have in durable customer behavior and strong returns from our marketing investments. Note, we will be lapping tougher comps in the second half of 2025 due to the outperformance in the back half of 2024.

我們預計全年營收在 16.1 億美元至 16.2 億美元之間，成長率為 27% 至 28%。這項展望反映了我們 2025 年上半年的表現。我們對持久的客戶行為和行銷投資的豐厚回報充滿信心。請注意，由於 2024 年下半年的出色表現，我們將在 2025 年下半年面臨更嚴峻的競爭。

Shifting to our adjusted EBITDA outlook. We expect Q3 adjusted EBITDA to be between $53 million and $55 million, translating to 13% margins. Starting with transaction expense. We expect Q3 transaction expense as a percentage of revenue to be in line with full-year 2024. Please note, in FY 2025, we are lapping the benefits from key payment processing partnership that we realized in 2024.

轉向我們調整後的 EBITDA 前景。我們預計第三季調整後的 EBITDA 將在 5,300 萬美元至 5,500 萬美元之間，相當於 13% 的利潤率。從交易費用開始。我們預計第三季交易費用佔營收的百分比將與 2024 年全年持平。請注意，在 2025 財年，我們將享有 2024 年實現的關鍵支付處理夥伴關係帶來的效益。

We are aware of recent developments where some partner banks are introducing fees for API access, which may increase costs for fintechs that rely heavily on ACH. However, the vast majority of our funding comes through debit cards and credit cards. As we have shared before, transaction losses may vary from quarter to quarter, and we remain disciplined in optimizing customer lifetime value and rigorously managing risk.

我們注意到最近一些合作銀行正在對 API 存取收取費用，這可能會增加嚴重依賴 ACH 的金融科技公司的成本。然而，我們的絕大部分資金來自金融卡和信用卡。正如我們之前所分享的，交易損失可能每個季度都有所不同，我們將繼續嚴格優化客戶終身價值並嚴格管理風險。

Shifting to marketing. We expect our marketing investments in Q3 will continue to deliver strong ROI. We'll increase our marketing investments over the next 6 to 12 months to support initiatives around high amount senders, micro businesses, and membership. We will meet these investments while prioritizing efficiency. Our LTV to CAC was about 6x in Q2, while our payback period remained under 12 months.

轉向行銷。我們預計第三季的行銷投資將繼續帶來強勁的投資報酬率。我們將在未來 6 到 12 個月內增加行銷投資，以支援針對大量發送者、微型企業和會員的計畫。我們將在優先考慮效率的同時滿足這些投資。我們第二季的 LTV 與 CAC 比率約為 6 倍，而我們的投資回收期仍保持在 12 個月以下。

As a reminder, our marketing investments drive returns for many years beyond our initial investments, given repeat behavior. Recall, we began delivering the meaningful marketing for QAU efficiencies in the second half of 2024. So as we lap those improvements in the second half of 2025, you would expect marketing per QAU to grow by mid-single digits as we support product innovation.

提醒一下，如果重複行為，我們的行銷投資將帶來遠超過最初投資多年的回報。回想一下，我們在 2024 年下半年開始為 QAU 效率進行有意義的行銷。因此，當我們在 2025 年下半年實現這些改進時，隨著我們支持產品創新，您可以預期每個 QAU 的行銷收入將以中等個位數成長。

For the full year, we expect adjusted EBITDA to be between $225 million and $230 million, representing an adjusted EBITDA margin of 14%. We expect to generate modest positive GAAP net income in the third quarter of 2025 as we plan to make growth enhancing investments, improve adjusted EBITDA, as well as manage dilution, net burn rate, and stock compensation expense effectively.

我們預計全年調整後的 EBITDA 將在 2.25 億美元至 2.3 億美元之間，調整後的 EBITDA 利潤率為 14%。我們預計 2025 年第三季將產生適度的正 GAAP 淨收入，因為我們計劃進行促進成長的投資，提高調整後的 EBITDA，以及有效管理稀釋、淨消耗率和股票薪酬費用。

Overall, we expect to deliver positive GAAP net income for the full year. This outlook provides us with the flexibility to make key growth investments, while at the same time, deliver efficiencies across our operating expense base.

總體而言，我們預計全年 GAAP 淨收入將為正值。這種前景為我們提供了進行關鍵成長投資的靈活性，同時提高了整個營運費用基礎的效率。

As part of this balanced approach to investing for growth while maintaining financial discipline, we are also taking thoughtful steps to strengthen our capital position. In late June 2025, we closed on an upsized $550 million secured revolving credit facility, replacing the $325 million agreement from 2021. As our business continues to scale, this increased facility provides additional liquidity required to prefund rising customer transaction volumes, especially around peak periods like holiday weekend when transaction volumes are significantly higher. This ensures we can continue to deliver seamless real-time money movement across global corridors.

作為在保持財務紀律的同時實現成長投資的平衡方法的一部分，我們還採取了周到的措施來加強我們的資本狀況。2025 年 6 月下旬，我們達成了一項金額增加至 5.5 億美元的擔保循環信貸協議，以取代 2021 年達成的 3.25 億美元協議。隨著我們業務的不斷擴大，這一增加的便利性提供了額外的流動性，以預先為不斷增加的客戶交易量提供資金，特別是在交易量顯著增加的假日週末等高峰期。這確保我們能夠繼續實現全球範圍內的無縫即時資金流動。

GAAP profitability, strong free cash flow generation, and optimism in our future give us the confidence to authorize a $200 million share repurchase program. While we continue to invest organically in our business, opportunistically investing in a share buyback program to manage dilution is also important to our capital deployment strategy. We do not have a specific time table for repurchases and will act judiciously consistent with our disciplined capital allocation approach. The share repurchase program reflects confidence in our ability to deliver for our customers. while also building long-term value for our shareholders.

GAAP 獲利能力、強勁的自由現金流產生以及對未來的樂觀態度使我們有信心批准 2 億美元的股票回購計劃。在我們繼續對業務進行有機投資的同時，適時投資股票回購計畫來控制稀釋對我們的資本配置策略也很重要。我們沒有具體的回購時間表，並將根據我們嚴謹的資本配置方法採取明智的行動。股票回購計畫反映了我們對為客戶提供服務的能力的信心，同時也為我們的股東創造了長期價值。

To summarize, we delivered Rule of 50 for the second consecutive quarter with 34% revenue growth and 16% adjusted EBITDA margin while also investing in innovation. This momentum reflects Remitly's diverse durable revenue growth along with profitability and we remain committed to relentless innovation.

總而言之，我們連續第二季實現了 50 法則，營收成長 34%，調整後 EBITDA 利潤率達到 16%，同時也投資於創新。這一勢頭反映了 Remitly 多樣化、持久的收入成長和獲利能力，並且我們將繼續致力於不懈的創新。

With that, Matt and I will open up the call for your questions. Operator?

接下來，馬特和我將開始回答大家的提問。操作員？

(Operator Instructions)

（操作員指示）

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Great. Matt, I appreciate your enthusiasm here around all these fund initiatives. I'll ask on that, if you don't mind, just anything else you can share on the expected time line? And in the geographic phasing for the rollout of these products like Business and Remitly One, Wallet, of course, a stablecoin remittances. And I'm curious if you can comment on if you expect these initiatives to be -- there's a lot to do here to promote these initiatives properly to your user base? Is that going to alter your profit commitments in any way?

偉大的。馬特，我很欣賞你對所有這些基金計畫的熱情。我會問一下，如果您不介意的話，您還可以分享有關預計時間表的其他資訊嗎？在推出這些產品（如 Business 和 Remitly One、Wallet，當然還有穩定幣匯款）的地理階段中。我很好奇，您是否可以評論一下您是否期望這些舉措——這裡有很多工作要做，以便向您的用戶群正確地推廣這些舉措？這會以任何方式改變您的利潤承諾嗎？

Yeah, I'll start and then I can let Vikas add on some of the latter part of your question. Yes, Tien-Tsin. I appreciate the question. We are incredibly excited about both expanding to new customer segments like Remitly Business, which we mentioned we launched in Q1 continued to grow really nicely in Q2. And then excited about Remitly One, which is our membership product that includes two products that are already live. Remitly Flex, which is our send now, pay later solution and Remitly Wallet, which is the ability to store both fiat and over time, stablecoins as well.

是的，我先開始，然後我可以請 Vikas 補充你問題的後半部分。是的，Tien-Tsin。我很感謝你提出這個問題。我們對擴展到新的客戶群（例如 Remitly Business）感到非常興奮，我們提到我們在第一季推出的 Remitly Business 在第二季繼續保持良好的成長動能。然後我對 Remitly One 感到興奮，這是我們的會員產品，其中包括兩種已經上線的產品。Remitly Flex 是我們的「立即發送，稍後付款」解決方案，而 Remitly Wallet 則能夠儲存法定貨幣以及長期穩定幣。

So incredibly excited about the foundation that gives us to continue to innovate, serve new customers, serve our existing customers with additional services. And I don't expect it to impact marketing line items, areas like that, I think that we have clear plans to be able to continue to grow those products.

我們對這個基礎感到非常興奮，它使我們能夠繼續創新，服務新客戶，為現有客戶提供附加服務。我並不認為它會影響行銷項目等領域，我認為我們有明確的計劃來繼續發展這些產品。

Yeah. Let me just add a few quick points. So first of all, we have given a detailed guide for Q3 and the full year. So that covers everything that we have discussed in all the new products. A few double clicks to that may be helpful over here.

是的。我只想補充幾點。首先，我們給出了第三季和全年的詳細指南。這涵蓋了我們在所有新產品中討論的所有內容。雙擊幾次可能會有幫助。

The first is, as we highlighted, we are seeing strong success -- early success with SME where the transaction sizes are larger, the retention profile is better. So clearly, that has its own dynamics with regards to stand send per QAU as well as take rates. Beyond that, if you look at the P&L line items, thus far, we have not specifically invested in marketing in new areas, but now starting second half, we will be focusing with targeted campaigns on newer areas. So definitely, that's already built in to our guide, but just highlighting that, which will, of course, drive additional marketing investments. But again, all within the envelope of what we have shared.

首先，正如我們所強調的，我們看到了巨大的成功——中小企業早期的成功，交易規模較大，保留情況較好。因此顯然，這在每個 QAU 的站位發送量以及接收率方面有其自己的動態。除此之外，如果你看一下損益表項目，到目前為止，我們還沒有專門投資於新領域的行銷，但從下半年開始，我們將專注於新領域的有針對性的活動。所以，這肯定已經融入我們的指南中了，但只是強調這一點，這當然會推動額外的行銷投資。但同樣，這一切都在我們所分享的內容範圍內。

In addition to that, tech and dev, will also be an important area of investment, especially as we innovate. Overall, as I shared earlier, it's all part and parcel of our guide that we have given, so no specific changes and very excited about the innovation that's coming ahead of us.

除此之外，技術和開發也將成為重要的投資領域，尤其是在我們創新的時候。總的來說，正如我之前分享的，這都是我們提供的指南的一部分，因此沒有具體的變化，並且對即將到來的創新感到非常興奮。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

And would echo Tien-Tsin's comments on the new products. It's great to see some of the momentum and some of the investments you've been making paying off. I wanted to talk maybe on the -- I'll just kind of pick on Remitly Wallet for a second. Maybe you can talk a little bit in more detail about the customer profile that you'd be going after, how you think about kind of cross-sell to the existing customer base versus maybe unlocking a different type of customer? And just how you think about newer economics in that space and pricing and just how it may alter the complexion of the business as that products sails.

並同意 Tien-Tsin 對新產品的評論。我很高興看到你們所取得的進展和所做的投資得到了回報。我想談談——我只想暫時選 Remitly Wallet。也許您可以更詳細地談談您想要追求的客戶概況，您如何考慮向現有客戶群進行交叉銷售，或者可能解鎖不同類型的客戶？您如何看待該領域的新經濟和定價，以及隨著產品的推出，它將如何改變業務面貌。

Yes, absolutely. Happy to, Will. And I'm glad you can sense the excitement it's definitely a defining quarter four Remitly. When it comes to the Wallet, we are excited about giving our customers the ability to store both fiat and stablecoins. And I think in terms of the types of customers that we can serve, I think there's opportunities across the board.

是的，絕對是。很高興，威爾。我很高興您能感受到這種興奮，這絕對是 Remitly 的決定性季度。說到錢包，我們很高興能讓我們的客戶同時儲存法定貨幣和穩定幣。我認為，就我們能夠服務的客戶類型而言，我們擁有全方位的機會。

I think that starting with our existing customer base, we have 8.5 million quarterly active users that, I think, have a need to store multi-currencies across the globe. And then over time, I think that oftentimes a place that we can capture demand is when customers move to a new country, there's a broad financial services set of needs that they have, getting money back to their families is where we put it on historically. And I think also getting that initial bank account set up is an area where there's a pain point. So I think that lots of opportunities there and really excited about what's to come.

我認為，從我們現有的客戶群開始，我們有 850 萬季度活躍用戶，我認為他們需要儲存全球多種貨幣。然後隨著時間的推移，我認為我們經常能夠捕捉到需求的地方是當客戶搬到一個新的國家時，他們對金融服務有廣泛的需求，從歷史上看，我們將重點放在將錢還給他們的家人。而且我認為設立初始銀行帳戶也是一個痛點。所以我認為那裡有很多機會，我對未來感到非常興奮。

Ramsey El-Assal, Barclays.

巴克萊銀行的拉姆齊‧埃爾-阿薩勒 (Ramsey El-Assal)。

And great results tonight. I wanted to ask you, guys, what you're actually seeing in the marketplace when it comes to stablecoin demand from your customers. There's obviously a kind of emerging market use case already sort of an inflation hedging use case. Are your customers -- are you getting signals that they're looking for you to provide these capabilities? Or is this more sort of like you're laying in these solutions just to be prepared as the market evolves? Does that make sense?

今晚的成績非常好。我想問一下你們，當談到客戶對穩定幣的需求時，你們在市場上實際上看到了什麼。顯然，新興市場已經存在一種通膨對沖用例。您的客戶—您是否收到他們希望您提供這些功能的訊號？或者這更像是您制定這些解決方案只是為了在市場發展時做好準備？這樣有道理嗎？

Yeah. Thanks, Ramsey. Whenever I look at new technologies, whether it's AI or stablecoin, I look at what is the problem that can be solved for customers. And I think that the first problem that can be solved is exactly what you said. There is a demand in a lot of countries for customers to hold a less-volatile currency. And I think stablecoins are a potential solution for that.

是的。謝謝，拉姆齊。每當我審視新技術時，無論是人工智慧還是穩定幣，我都會思考它能為客戶解決什麼問題。而我認為，第一個可以解決的問題正是你所說的。許多國家都希望客戶持有波動性較小的貨幣。我認為穩定幣是一個潛在的解決方案。

The solution that we're offering when it comes to how to leverage stablecoins is, one, the ability to hold stablecoins as part of their Remitly Wallet. And then the second is we are incredibly good at getting funds to customers the way that they want to receive them. And we can do that via 4 billion bank accounts and mobile wallets. We can do that via over 400,000 cash pickup locations. We can even do door-to-door delivery in some markets where it's popular in the Dominican Republic.

關於如何利用穩定幣，我們提供的解決方案是，第一，將穩定幣作為 Remitly 錢包的一部分。第二，我們非常擅長以客戶希望的方式提供資金給他們。我們可以透過 40 億個銀行帳戶和行動錢包來實現這一點。我們可以透過超過 40 萬個現金提取點來實現這一目標。我們甚至可以在多明尼加共和國的一些流行市場提供送貨上門服務。

What we're excited about today is announcing that we'll be giving our customers the ability to send money to stablecoin wallets across the globe. -- to give them another option of a way to send money back home to their families. And we'll be doing that in partnership with Bridge, which is obviously a Stripe company. And so I see those two solving the first pain point is customers in emerging markets wanting to hold a stable currency.

今天，我們很高興地宣布，我們將為客戶提供向全球穩定幣錢包匯款的功能——為他們提供另一種向家人匯款的方式。我們將與 Bridge 合作實現這一目標，Bridge 顯然是 Stripe 旗下的公司。因此，我認為這兩者解決了第一個痛點，即新興市場的客戶希望持有穩定的貨幣。

And then the second is we could be the potential customer. And we have already launched within our treasury team, the ability to leverage stablecoins to improve our FX, treasury and cash management. Now to your point, Ramsey, that's the future. That's where the world is headed. Modest usage now because sometimes technology takes time to adopt a specialty in financial services. But I think we're investing in the future. We're ahead of the curve and we're excited about what's to come.

第二，我們可能是潛在客戶。我們的財務團隊已開始利用穩定幣來改善我們的外匯、財務和現金管理。現在回到你的觀點，拉姆齊，這就是未來。這就是世界的發展方向。目前使用率不高，因為有時科技需要時間來適應金融服務的專業化。但我認為我們正在投資未來。我們走在時代的前沿，並對未來充滿期待。

Chris Kennedy, William Blair.

克里斯甘迺迪、威廉布萊爾。

Can you just talk a little bit more about your Wallet initiative, kind of how you're thinking that your customers would utilize and spend those balances and kind of talk about the float opportunity for Remitly?

您能否再多談一下您的錢包計劃，例如您認為您的客戶將如何使用和消費這些餘額，以及談一談 Remitly 的浮動會議？

Yeah, absolutely, Chris. And I'll build on a little bit more to what I answered with Will. So I think that there is, as I mentioned, the desire to hold multi-currencies, whether the fiat or stablecoins. And the exciting thing is we're putting it in the overall context of a membership solution. And so that's where Remitly One comes into play.

是的，絕對是，克里斯。我將在回答威爾的問題的基礎上再做一些補充。因此我認為，正如我所提到的，人們希望持有多種貨幣，無論是法定貨幣還是穩定幣。令人興奮的是，我們將其置於會員解決方案的整體背景中。這就是 Remitly One 發揮作用的地方。

Customers will be able to hold balances without a Remitly One membership. But then by becoming a Remitly One member they'll be able to earn interest like rewards to be able to actually increase those cash balances, and there'll be more seamless integrations with things like being able to spend money. So we will talk more about the wallet, about Flex, and about Remitly One, the membership that gives customers additional benefits of those two products and others at the product launch met Remitly Reimagined, I mentioned will be happening in September. So excited to share even more then.

客戶無需成為 Remitly One 會員即可持有餘額。但是透過成為 Remitly One 會員，他們將能夠賺取利息，例如獎勵，從而能夠真正增加現金餘額，並且可以與諸如花錢之類的事情實現更無縫的整合。因此，我們將在 9 月舉行的 Remitly Reimagined 產品發布會上更多地討論錢包、Flex 和 Remitly One，會員資格可讓客戶享受這兩款產品和其他產品的額外好處。非常高興能夠分享更多。

David Scharf, Citizens Capital Markets.

大衛‧沙夫 (David Scharf)，公民資本市場。

I wanted to just follow up on the stablecoin discussion. Given that FX markup is a significant the fee structure of any send, can you discuss how holding a stablecoin sort of impacts the unit economics, I mean, are we -- should we be thinking about a different revenue model for stablecoin-type transactions either on the send or receive side?

我只是想跟進穩定幣的討論。鑑於外匯加價是任何發送費用結構中的重要部分，您能否討論一下持有穩定幣對單位經濟有何影響，我的意思是，我們是否應該考慮在發送方或接收方為穩定幣類型的交易採用不同的收入模式？

Yes. Thanks, David. I think the quick answer is I expect the revenue model to be similar. I think that what we are fundamentally good at and what will remain is the fact that we are good at getting one currency to another, and that could be at fiat stablecoin, stablecoin fiat. It could be via cash pickup. It could be via a lot of the options that I mentioned.

是的。謝謝，大衛。我認為快速的回答是，我預計收入模式會相似。我認為，我們最擅長的、並且將繼續擅長的是我們擅長將一種貨幣兌換成另一種貨幣，這可能是法定穩定幣，穩定幣法定幣。可以透過現金提取。可以透過我提到的許多選項來實現。

But doing that requires an enormous amount of infrastructure, an enormous amount of regulatory expertise, an enormous amount of risk systems that do it quickly and also at a low cost. And so I would say that the model will remain similar, and we're -- we feel really well positioned in terms of our ability to drive stablecoins adoption given that we have always been and will continue to be in the business of currency conversion and we're very well positioned to do with that with stablecoin as we've been with fiat.

但要做到這一點，需要大量的基礎設施、大量的監管專業知識、大量的風險系統，並且要快速且低成本地完成。因此我想說的是，該模型將保持相似，並且我們 - 我們在推動穩定幣採用的能力方面感到非常有利，因為我們一直並將繼續從事貨幣兌換業務，並且我們在穩定幣方面處於非常有利的地位，就像我們在法定貨幣方面一樣。

Alex Markgraff, KBCM.

亞歷克斯·馬克格拉夫（Alex Markgraff），KBCM。

I appreciate the question. Matt, could you talk about Remitly Business a little bit? I mean, I think from a TAM standpoint, pretty compelling. You showed some unit economics. But maybe just some thoughts on competition and the pricing dynamic in B2B versus P2P remittances. And then just anything you'd flag on sort of first party versus partnership-type opportunities with Remitly Business?

我很感謝你提出這個問題。馬特，您能簡單談談 Remitly Business 嗎？我的意思是，我認為從 TAM 的角度來看，這是非常引人注目的。您展示了一些單位經濟學。但也許只是對 B2B 與 P2P 匯款之間的競爭和定價動態的一些想法。那麼，您會對 Remitly Business 的第一方與合作類型的機會提出什麼看法？

Yes. Thanks, Alex. I would love to talk about Remitly Business. So Remitly Business was born out of the fact that we had a lot of customers coming to our platform, trying to use it. And it was not previously optimized in terms of a streamlined automated KYB, meaning know your customer flow and a lot of other features that I mentioned in my opening remarks that small and micro-businesses need.

是的。謝謝，亞歷克斯。我很樂意談論 Remitly Business。Remitly Business 的誕生源自於許多客戶造訪我們的平台並嘗試使用它。而且它之前並沒有在精簡的自動化 KYB 方面進行優化，這意味著了解您的客戶流程以及我在開場白中提到的小型和微型企業需要的許多其他功能。

So the question is why were customers coming to our platform to use it in the first place, despite the fact that there was friction in the early days. And it's because that segment of customers, we're talking about folks who are sending money to freelancers who might be on the lower end of the overall business or SMB segment in terms of average transaction size, that segment, we believe, is not well served. And the reason it ties a bit to your cost point is because -- they do not need a lot of the additional features, but what they do need is a reliable, fast and affordable product. And what we've done in the consumer space is we have really optimize the unit economics for exactly that and really optimize the experience for exactly that.

所以問題是，儘管早期有摩擦，但客戶為什麼一開始就選擇使用我們的平台？這是因為，我們談論的這部分客戶是那些向自由工作者匯款的人，而這些自由工作者在平均交易規模方面可能處於整體業務或中小企業領域的低端，因此，我們認為，這部分客戶沒有得到很好的服務。它與您的成本點有點關聯的原因是——他們不需要很多附加功能，但他們需要的是可靠、快速且價格合理的產品。我們在消費者領域所做的就是真正優化單位經濟效益並真正優化體驗。

And so we're really excited now that we've actually optimized our product for small businesses. We believe we can continue to kind of move up market over time, I think that we can add the features that initially micro and small businesses require. And then over the medium to long term, I think that we can continue to serve a wide range of businesses because, as I mentioned, it's 10 times the overall TAM, increasing our TAM to $22 billion. And we always say we're just getting started. We are very much just getting started with Remitly Business.

因此，我們現在真的很高興，因為我們實際上已經針對小型企業優化了我們的產品。我們相信，隨著時間的推移，我們可以繼續向高端市場邁進，我認為我們可以添加微型和小型企業最初需要的功能。從中長期來看，我認為我們可以繼續為廣泛的企業提供服務，因為正如我所提到的，它是整體 TAM 的 10 倍，將我們的 TAM 提高到 220 億美元。我們總是說我們才剛開始。我們才剛開始使用 Remitly Business。

Gus Gala, Monness, Crespi, Hardt & Company.

格斯·加拉 (Gus Gala)、蒙內斯 (Monness)、克雷斯皮 (Crespi)、哈特 (Hardt) 及公司。

I wanted to ask about the CAC per quarterly active moderation in the back half. Is it kind of -- I mean, you're talking about performance marketing to drive business, but is there under or beyond that, maybe for the core business, are we putting in more in top funnel in the back half? Just help us think about that. And one clarification I can squeeze it in.

我想問一下後半年每季的CAC活躍度調節情況。這是否有點——我的意思是，您正在談論透過績效行銷來推動業務，但除此之外，對於核心業務，我們是否在後半部分的頂部漏斗中投入更多資金？只是幫助我們思考一下。我可以補充一點澄清。

The guide you clearly raised by more than the mean how much of that. Is any of that coming from new innovations? Clearly, the business part is some of it because it's been in market since Q2, but just help us on being you need that.

你這個導遊明明提出來比平均值多多少啊。這些是否源自於新的創新？顯然，業務部分是其中的一部分，因為它自第二季以來就已經進入市場，但只要您需要，請幫助我們。

Thanks, Gus. I'll take this one. Let me answer the second part of your question. If you look at the guide and the beat, I'd say given that a lot of the new initiatives are early. In addition to that, as Matt clarified, Remitly One launches in September. So clearly early days. So a lot of the upside you are seeing is from the core business.

謝謝，格斯。我要這個。讓我回答你問題的第二部分。如果你看一下指南和節奏，我會說很多新舉措都還處於早期階段。除此之外，正如馬特所澄清的那樣，Remitly One 將於 9 月推出。顯然還處於早期階段。因此，您看到的許多好處都來自核心業務。

Now moving to your question around marketing. Let me clarify a few things. I think the first is we have seen a very efficient marketing engine with continue 6x plus CAC to LTV, LTV to CAC as well as payback period is less than 12 months. So that continues to remain a strength for us. As we look at second half of the year, just comps are very, very tough. Last year, in the second half, we had a lot of efficiencies. The marketing per QAU, really went up and in terms of just efficiency. And as we comp, some of those tough last year numbers, it's just more of law of numbers there.

現在來談談您關於行銷的問題。讓我澄清一些事情。我認為首先我們已經看到了一個非常高效的行銷引擎，其 CAC 與 LTV 的比率持續達到 6 倍以上，LTV 與 CAC 的比率持續達到 6 倍以上，而且投資回收期少於 12 個月。所以這對我們來說仍然是一個優勢。當我們展望下半年時，我們發現同店銷售成長非常非常困難。去年下半年，我們的效率提高了不少。從效率和品質保證單元 (QAU) 的行銷效果來看，確實有所提升。當我們比較去年的一些艱難數字時，它更多的是數字定律。

In addition to that, as we innovate and launch new products, we want to have a targeted focus supporting those newer initiatives. So I think a mix of those two is what you're seeing here in terms of the outlook of marketing what we have said. But overall, marketing continues to be a very important level for us in attracting new customers and building for our future.

除此之外，隨著我們創新和推出新產品，我們希望有針對性地支持這些新措施。因此，我認為，就我們所說的行銷前景而言，您在這裡看到的就是這兩者之間的混合。但總體而言，行銷對於我們吸引新客戶和建立未來仍然是一個非常重要的層面。

Zachary Gunn, FT Partners.

FT Partners 的 Zachary Gunn。

I also wanted to just follow up on the stablecoin dynamics. So today, if we break down your transaction expenses, pay in and pay out cost to each about 30 basis points of overall volume. So for transactions where customers want to receive cross-border payments in stablecoins, how do those relative economics compare, especially when you might have a party like Bridge involved who would want to share in those economics?

我還想關注穩定幣的動態。因此，今天，如果我們分解您的交易費用，則存入和支出成本分別佔總交易量的約 30 個基點。那麼，對於客戶希望以穩定幣接收跨國支付的交易，這些相對經濟性如何比較，特別是當你可能有像 Bridge 這樣想要分享這些經濟性的一方參與時？

Yes. I think -- great question. And I think overall, I think that it's comparable when you look at it as a disbursement option effectively. And then I think there's upside for us as we think about the Remitly Wallet product, where we're actually storing stable point value, whether that's earning net interest income in areas like that or whether it's earning other benefits. I think that there's lots of opportunity as we think about stablecoins adoption for the economics to work very well for us.

是的。我認為──這個問題問得好。我認為總體而言，當你將其視為一種有效的支付方式時，它們是可比的。然後，我認為當我們考慮 Remitly Wallet 產品時，我們會發現它對我們是有利的，我們實際上儲存了穩定的點值，無論是在這樣的領域賺取淨利息收入，還是賺取其他收益。我認為，當我們考慮採用穩定幣時，會有很多機會讓經濟為我們帶來良好的效益。

I'm showing no further questions at this time. I'd like to turn it back to Matt Oppenheimer for closing remarks.

我目前沒有其他問題。我想請 Matt Oppenheimer 作最後發言。

Great. Thank you so much, and thank you, everyone, for the incredibly thoughtful questions. As always, I will end with a customer story. This one is from a Remitly Business customer named Tony. And Tony shared with us the first transaction was flawless, and it was convenient and it was fast. So I have been hooked ever since. We thank Tony for his loyalty and for trusting Remitly to get money to his business reliably and seamlessly.

偉大的。非常感謝，也感謝大家提出這些非常有見地的問題。像往常一樣，我將以一個客戶故事作為結束。這是來自 Remitly Business 客戶的 Tony 的郵件。Tony 告訴我們，第一次交易非常順利，而且很方便、快速。所以從那時起我就迷上了它。我們感謝 Tony 的忠誠以及信任 Remitly 能夠可靠、無縫地將資金轉入他的企業。

Thank you, everybody, for joining us. We appreciate your support. We are excited about the opportunities ahead and we look forward to sharing our progress as we continue to execute on our vision of transforming lives with trusted financial services that transcend borders.

謝謝大家加入我們。感謝您的支持。我們對未來的機會感到興奮，並期待分享我們的進展，繼續實現我們的願景，透過超越國界的值得信賴的金融服務改變生活。

This concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。