Remitly Global, Inc. (RELY) Earnings Call Transcript & Summary

All right. Sorry we touch late. My name is Tien-Tsin Huang. I follow the payments sector at JPMorgan. Of course, happy to have Remitly back with us. Matt Oppenheimer, the Co-Founder and CEO of Remitly is kind enough to join us again. Welcome back. Matt, thank you for being here. I know you came a long way to be here.

Thanks for having me. I wouldn't miss it, and good to see you all.

No, of course. We'll try and be efficient with your time. I took a lot of questions from investors. Let's try and get through it. And if you want to rip on something else, feel free to, Matt. But again, thanks for being here. So I always like leading with the same question, Matt. I don't want to be redundant, but I always like hearing you talk about, right, co-founding the company back in 2011, what the vision was then, but more importantly, how that's evolved and what it is today.

Yes. Yes. So for those that are newer to the Remitly story and don't know the founding, I've traveled to close to 100 countries, lived and worked on 3 continents. And most poignantly, I was living in Nairobi, Kenya, and I was running mobile and Internet banking for Barclays Bank, Kenya. And I saw how inconvenient, expensive it was to send money internationally. I see some smiles and understanding in folks' eyes as I'm saying that. And it was a lot more important and a lot more inconvenient for a lot of my Kenyan friends who were receiving money from their loved ones across borders. So that's why I started the business 14 years ago now. And our vision now has really expanded to answer your question. It is to transform lives with trusted financial services that transcend borders. And if you break that into 3 parts, transform lives, very impactful, very, very impactful, $2 trillion in remittances are sent every single year. We'll probably weave some customer stories in to make it real. It's huge. Trusted, trust is very hard to build and very important in this segment. And then financial services that transcend borders. That's the biggest part that's expanded beyond payments and remittances, just huge opportunity to add a wide range of value to our customers' lives.

Yes. And you've been laser-focused on the mission, Matt. So thanks for going through that. I guess let's get into the growth figures, and then we'll get into some of the thematic stuff, if that's okay. Just thinking about send volume revenue, you've been one of the top decile growers in our coverage. I know there's always this macro uncertainty that comes up. That's, of course, a conversation in every meeting here. But just detail for us why, Matt, the business is resilient in up or down markets. And including some of the geopolitical stuff that's out there. Why is that? Why do you see it that way?

Yes. Well, first, just like to put some numbers around the growth. You've probably already seen it, but 41% year-on-year volume growth, 34% revenue growth on over $1 billion in revenue and balancing profitability. So we had 16% adjusted EBITDA margins, so surpassing the Rule of 50. So really proud of that. Why is there that growth? I think one is the fact that there's a secular just broad shift to digital remittance players from physical cash players. Sounds obvious, but I was talking with an investor earlier today trying to quantify how much is still sent in cash, it's still pretty large. So that's number one. Number two is the fact that scale really, really matters. And I will tell you as a founder over 14 years, I've learned that the hard way, being subscale in this business is painful. Having scale, there's a whole bunch of -- we shared a flywheel a couple of quarters ago that I encourage you to look at. But with scale, we can drive lower cost, we can drive better prices. We can drive better customer experience via the data and analytics that we have, the amount of product investments we can make. And as a result, what we have is a really sticky product with our existing customer base. 93% of our transactions are delivered in less than an hour. If you look at the continued just retention of our base, it continues to remain strong. And if you look at stats like we have over 2 -- or close to 2 million iOS and Android app reviews with a 4.9 and 4.8 stars, respectively. Think about that for a second. That's almost 2 million app reviews on a quarterly active user base of 8 million quarterly active users. And so customers love our product. It's hard to deliver a fast, seamless experience. And so that's driven that growth. And then the very last thing I'll say that ties to the macro part of your question is there's a resilience in remittances. People are sending money to their parents or their loved ones. And you look back, whether it's the 2008 recession, you look back at COVID, you look back at various economic cycles, the consistency of sending money back to one's loved ones is always there because it's nondiscretionary and because our customers who kind of resilience defines them in a lot of ways. They've moved to new countries, new places, gone through a lot of hardship. They have the resilience to find new work if they need to, saw that during COVID. And then once they have employment, they send money back home on a regular basis, and we've seen that through a lot of economic cycles. So that's why we raised our guide and have a lot of confidence in the business right now.

All right. Good. I'm going to go a little bit different direction, Matt, in terms of the types of questions I'm going to ask you. But I wanted to actually start with FX, if that's okay. On the call, you said you manage foreign exchange right? And that's become a competitive advantage. And you mentioned scale, right, in your growth discussion earlier. And this concept of decoupling funding from FX risk. Can you elaborate on that, right? Because there's so much FX volatility going on. We heard about it from Visa, Mastercard, et cetera. But I felt like that was interesting that you called that out. Why?

Yes. We wanted to highlight the advantages we have when we think about our FX, treasury, cash management. And last year, we sent over $40 billion in volume, our customers sent -- we enabled them to send [ Vera ] platform. And I think that when you're sending that much volume through the system, we have the ability to continue to invest in what we call our finance product to be able to do -- have analytics that give both our treasury and our business management teams the ability to look at things like real-time cash balances, which might sound basic, but when you're dealing with a lot of emerging markets, banks, and we have countless integrations across the globe with banks, telcos, other remittance providers. Doing all of those integrations, having it in a centralized place to have real-time data that shows the exposures and balances we have and then layering on the fact that we have a business management team, which really leads the various regions that we're in across 5,200 corridors, corridor means country A to country B, 5,200 corridors, enables that partnership between that business management and treasury team to very much price and adjust pricing in a way that matches changing foreign exchange rates. So we've always kept the risk low on the foreign exchange side, but I think we're starting to see just ability to optimize and improve our pricing and foreign exchange with our scale. And I think we still have a lot of room to go there.

Okay. Good. That's good to go through. I think just because I ask about FX, right? I know that volatility is always a discussion, and we've seen a lot of that recently. Illiquidity is, of course, a discussion. I know stablecoin has come up a lot. We've heard it in some of the sessions, Matt, just for your benefit here. So it is a hot topic in tech, and it's this whole friend or foe discussion as it relates to remittance. How do you -- same thing, how do you see that? What's your thesis on stablecoin?

Yes. Well, first, I think it's a really exciting space, and I haven't felt that across a lot of areas in crypto. I think stablecoin is an area where I see there being an actual potential use case. I think that, that use case could mean us as a business and helping us from a treasury and liquidity standpoint, especially with longer tail or more exotic currencies. But there also could be our customers in the sense that if customers have the desire to store different currencies or have multicurrency accounts across the globe, maybe a more stable currency like USD as opposed to a local currency that might have inflation or less predictability, I think there is the demand for that across the globe. Now we haven't seen that demand reach material levels. If we do, to answer your question on friend or foe, I view stablecoins as a technology and a tool to solve a customer problem. So I think it's neither. It's a technology that we can leverage to solve those customer problems. And that could mean instead of dispersing into a traditional bank account, we disperse into a stablecoin wallet if we see that being gaining traction. It could be us leveraging it from a treasury standpoint or it could be us leveraging stablecoin to offer a wider suite of services to our customers as we think about our broader vision of financial services that transcend borders.

So how quickly are you running towards that, Matt? And especially on the leveraging treasury, we've heard more -- not to mention peers, but I think it's what's interesting, right, Stripe buying Bridge and [ Lisa ] talked about something exactly like what you're doing today. How far along are you in that?

Yes. I think we're actively exploring, working on it. And we haven't mentioned it in a ton of detail just because it's not material, but we're doing more than looking at it. We're talking with the right partners, integrating and launching in a lean way, ways that we can actually leverage it from a treasury and FX standpoint. And then I think when it comes to consumer standpoint, we haven't done anything there yet, but because we haven't seen the customer demand. But we're well positioned to act on that should we see customer demand happening there. And the biggest question on that front is how much of the problem of somebody who is in country X, let's take the Philippines, if they have the desire to store USD, how much of that is a regulatory problem versus a technology, i.e., stablecoin problem. It would be really interesting to see how it evolves from a regulatory standpoint. And when I say that, I'm talking more about the globe than I am the U.S. because I think it will vary depending on the country in terms of how much regulators allow stablecoins to be used more broadly.

Yes. And it feels like you're on the front line of that. You're going to get where your customers go. So I don't worry about that side of it. But I think the treasury fund side is, it is interesting. And I know the developers have said it's easy to work with you guys. And when the crypto craze first happened, you were right there as a partner, which is why I wanted to make sure I ask you. So thank you for that. So thinking -- building off of stablecoin, maybe quickly on alternative payment methods, especially wallets, new rails, you rolled out Interact, Right, Payback Bank with Plaid. I think Visa at the lunch session talked about Remitly leveraging Visa Direct. What does all of that mean for you from a transaction cost standpoint, from a servicing standpoint or engagement? What does it mean? Is it -- are you seeing some of the benefit? Is there more benefit to come?

Yes. Well, I think it's another part of our flywheel. So when we were tiny, we'd have to work with global aggregators. We pay a bunch of different costs associated with collecting or disbursing funds. And that's one of our largest variable costs, collecting funds or disbursing funds. As we've got more scale, we've been able to do everything from Launch Interact, as you mentioned, to pay to -- so [ Ford Deal. ] You could go through so many different countries. What that enables us to do is offer a faster, lower cost way to fund a remittance transaction than using like a card. And so we're excited about those launches. And where we're especially excited that I talked about in our last earnings call is the way that card transactions work oftentimes is the higher -- it's a percentage based in terms of the variable cost, things like interchange. And so the higher amount sent, the more variable costs and i.e., the more cost the customer is paying, where with some of these alternative payment methods, when you're launching them, it tends to be -- not always, but oftentimes tends to be a fixed fee, which means that we can serve higher dollar transactions or higher dollar senders more seamlessly, more affordably, more quickly. And so it's been a key strategic priority for us to launch alternative payment methods like the ones I mentioned and oftentimes go directly to the rails within a country when that exists. And so this is more on the payout side. But like in Brazil, we have a direct integration with Pix, which is the local payment rails there. It's exciting to see the way that payments are evolving. And given that we're operating in 170 countries, we can strategically look at how they're evolving in each market and then do direct integrations in the right way in each of those countries.

Got you. So it's lower cost, so it should benefit transaction expense. It's helping consumers because they can then choose to pay the way they want to pay like ideal, right? And then the last point is that it opens up the chance to do more high cost or higher ticket transactions or higher average value ticket. So let's talk about that. I think that was -- that's been a trend, shifting more towards higher transaction sizes. I wrote down and my eyes could be failing me. 30,000 principal value, up 45%, right? So you've got a lot of high growth there. So this traction you have with high transaction amount senders, that would include SMB users, right? So what is the opportunity here? Is this something you want to lean into more? I know there's more risk associated with it. Just what's your vision on how this evolves?

Yes. Yes. First off, I'm impressed with your ability to quote those stats and to keep all of the fireside chats that you have done today. This is like -- yes, exactly. I was going to say. This has to be like your 35th. So -- but kudos to you and your team for prepping so well. One other side bar, and then we get back to you. I was talking to a team member of years right before this, and he was saying how he left and came back to JPMorgan because of how much he's enjoyed working with you. So kudos to you and the team.

Thank you for that.

All right. So high dollar senders. So high dollar senders, I think is -- it's what I would call a high ROI way of expanding the types of customers that we can serve. And so we've done a few things to help with that segment. One is we have adjusted how we think about our tier limits or high dollar senders in terms of we used to, and I think it was an industry standard to have in P2P remittances pretty like blunt force tiers. So if you send $10,000 within 30 days or $30,000 within 90 days, there were specific things that were collected at those certain limits. What we've done with the track record we have from a compliance standpoint with the data and analytics and with our regulators, we updated our compliance policies and worked with them to say, there's actually a better way of doing this that's risk-based, right? So there may be a customer that's sending only $500, where we actually need a lot more information from that customer. But on the inverse side, there may be a customer who's sending above $10,000 that we can make it more seamless. And so that's number one. And I think that customers are able to send more and a risk-based approach as opposed to that blend instrument is also lower risk. And so our regulators have liked that. Two has been expanding into new segments like micro SMB. And when I say micro SMB, these are customers like there's a customer that I've talked about a few quarters ago named Mary, who moved from the Philippines 25 years ago. Mary is an outsourced bookkeeper. She provides bookkeeping services to other companies in the U.S. In order to do that, she's moved to Philippines. She has 10 contract employees in the Philippines, she needed to pay them. And she already had come to our platform. But because our platform was designed to do KYC, know your customer, as opposed to KYB, know your business, she had to contact our customer support, and it just wasn't easy. So we're not going after small micro businesses in a huge way. We just updated our flow, so that there's a KYB process for customers like Mary that want to use it. But that means customers like Mary is sending more. So high -- so that's why you're seeing volume grow faster than revenue. And the last I'll mention is high dollar senders exist in every market. They exist in U.S., Mexico, they exist in U.S., India, they exist, you name it. But we've also turned on other corridors that were really high ROI to turn on like Canada, U.S. or U.S., Europe or intra-Europe. And that has been great for us because it was relatively low effort, if my team would say, super easy, nothing is easy, but it was really relatively easier, I think they would say. And two, we're already advertising in areas like take Heathrow Airport as an example, where customers from a broad range of countries are seeing those advertisements. And so you get a higher return on the marketing investments and dollars that we're actually spending. So that's why you're seeing high dollar sender segment grow, and we're excited about the opportunity. It's just leveraging a platform for broader use cases that we can, I think, uniquely do.

Yes. I mean that begs the question, why not pursue things like SMBs, not just micro, but SMB or pursue business bill payments. If you can do higher ticket transactions, you can do all the alternative payment methods. It feels like a natural extension. And cross-border is hard, right? We've seen value -- I mean, Mastercard is investing in Corpay's cross-border business, which is also high ticket. So there's a lot of evidence of that. And -- is that a consideration? Is that a priority for you, Matt, to lean harder into that?

Yes. I think, quite frankly, I think there are other companies that do that well. And for us, when I think about -- I said this a couple -- I said this 2, 3 quarters ago, but it stuck with me. It's really important to stick with all investors. We are a growth company with no shortage of growth opportunities. So while we might be able to go upmarket on things like SMB, when you look at the fact that we're less than 3% of $2 trillion in P2P remittances, there's a huge amount of room to grow there. There's a huge amount of room to grow in adding that last part of our vision, financial services, that transcend borders. And then there's a huge market, I believe, in that micro SMB segment that we can serve for the foreseeable future. So listen, we have a bold vision, but we, I think, have been successful by combining that with intense short-term focus, and that's how you get to the metrics like the Rule of 50 that we've shared.

Yes. And look, I respect the focus, Matt. I'm not trying to push you to do something right? You're way smarter about this than I am, but it just feels like you've built a lot of those elements from the scale and the platform and the network. But again, I respect the focus. On the -- let's go back to the focus of quarterly actives. I think 8 million-ish users and you're close to 30% growth there. Any change in the type of user that's coming into the system as you've observed it?

No material like short-term changes. There are shifts in the sense that you can see in our financials, we have U.S., Canada and Rest of World. Rest of World has continued to grow faster. On the receive side, we continue to diversify away from our top 3 receive corridors, which are India, Philippines and Mexico. But that's all a continuation that's been happening in the past several quarters and years. I'd say continued geographic diversification is one. And I'd say the second is just the continued trend of shifting digital that I already mentioned, so I won't repeat.

How about the cost to acquire them?

Cost to acquire has been trending favorably. And I think that the -- and you saw that in some of the leverage that we had in the first quarter. And I think that, that is largely because of the fact that, one, we have an amazing marketing team that's continuing to optimize it. But two, I think that the word of mouth, which is not due to marketing, word of mouth is due to the app ratings that I mentioned due to ultimately, my definition of brand is a promise when delivered creates preference. And I think we have a product that really very much delivers on promises and gets better every day. And because of that and because our business is based on trust, so many new customers now find out about us because a friend in their community said, why are you still going to that branch? Like why don't you try out Remitly? It's immediate, it's affordable. It gets there as promised. They protect your identity. So I think that word of mouth has helped our overall marketing costs come down. That being said, we've made sure that we're investing enough in marketing in the quarters to come, and that's included in our guidance. such that we can drive the kind of growth for quarters and years to come in the future.

Okay. Good. How about all this immigration stuff? I know there's a lot of geopolitical around immigration and policy shifts. So your sensitivity there, is there anything you see that's concerning?

Yes. Yes, it's definitely top of mind for a lot of investors, including myself. I think that when you think about our business, there's a few things that give me comfort and why we had a lot of confidence in our guide this year. One is diversification. I mentioned we're in 30 origination countries, 170 countries overall. Rest of world is growing faster. The second is that if you look at our customer base, our customers are linking a bank account or a debit card in order for us to collect funds. So what that means is they've already gone through a KYC process at a financial institution. And so if you look at -- that signals a more established presence in the country. And so when we think about deportation elements like that, I think it's not squarely our customer base. It might be for other segments of remittance companies, but we feel well positioned there. And the third, it's a huge market. So even if immigration slows or changes, there are 250 million immigrants that live and work outside the country, they're born. As you mentioned, 8 million quarterly active users last quarter. If you look at it from a volume standpoint, we're less than 3% of the $2 trillion that send every year. So certainly watching all of that closely, but feel well positioned and very grateful that we don't have things like tariffs or other things like that directly impact our business. But actually, one last thing, too, is when we think about it from a risk of recession standpoint, that nondiscretionary point, huge, huge. It's one of the, I think, benefits of being in a business that matters a lot to people. But having gone through COVID, having gone -- seen the 2008 cycle and the World Bank and others did studies during that remittances are just predictable, resilient flow through economic cycles, which gives me a lot of, honestly, gratitude for our customers, but also comfort as CEO of the business.

Yes. The World Bank data supports that, right? I mean migration trends have generally been pretty stable and even through the cycle. So I think there's a lot of history and data behind that. So you mentioned 5,200 corridors, Matt. I think Western Union has 20,000. So the opportunity to expand corridors is still in front of you. Is this an area where you can -- we'll see step function change or you'll ease into growing? Or is there a choice here that you're making to stay selective with corridors?

Yes. I think the first premise that's important to understand is so much room to grow in the existing markets we're in, so much room to grow. That's point number one. Point number two is so much room to grow in those corridors for quarters and years to come, but we're also in this for the incredibly long term. And so we will continue to add corridors, but it's from an offensive standpoint and thinking years ahead, not quarters ahead. And the third point is focus has been the name and game of our company, like for context in the audience, we're in 5,200 corridors now. We've been around 14 years. The first 2 years, one corridor, U.S. Philippines. First 3 years, we just added one, which was India, then Mexico. So we're 4 years into the journey. We're in 3 corridors. And we didn't have any like -- we didn't be like, oh my God, we got to add more corridors then because we're running out of growth opportunities, but we methodologically continue to add corridors. And I think over time, we'll get to the 20,000. We're also in no hurry to get there because I think focus from here to there will help us execute in the right way.

Good. So competitively, I have to ask you about competition and if you're seeing any change there and always the pricing question, we do our best to track that. And curious to see if you've observed any changes in pricing and how you benchmark it?

Yes. The macro shifts continue that I've already mentioned, but shift to digital, really important, though, to understand. I mean that is a big part of the thesis. And that shift to digital is both on the send and the receive side. So last quarter, there was an additional 300 basis points of growth in our disbursement to digital bank account and mobile wallet. That's great, brings down the variable costs, increases reliability. So those shifts are occurring. Not a lot within quarter in terms of competitive shifts. And when it comes to pricing, because we don't deal with physical cash in and because it is shifting to more digital disbursement, you're seeing a new industry take rate. But once you're within that new kind of take rate range for the same average transaction size, we see a lot more stability because again, the business comes down to trust. You got to have a fair transparent price, but customers are providing us with a lot of their sensitive personal information and a big percentage of their funds. And so providing a fair price, which we can do uniquely with our scale is important. But beyond that, it is about building a trusted, reliable product. And that is the brand positioning we have with our customers. It's not the best price, but it's fairly priced, and we're going to give you peace of mind when you send that transaction back home to your family.

Okay. Good. And now it's a little bit going backwards on the corridor front and pricing is always important. But is that something you consider, Matt, when you're thinking about entering a new country or adding new country pairs, just what's on the ground competitively, what are the pricing dynamics? Is that a consideration as you think about expansion?

It is as it ladders up to the size of the market. So there's the volume and then you have to obviously multiply that by the take rate or revenue per transaction in those markets or total revenue in those markets. So in that respect, yes. And that might lead us to lower volume markets that have a higher take rate.

Right, exactly.

But beyond that, we've proven that we can compete in some of the largest, most competitive markets, and we've done that for 10 years. And so if anything, as we get down the list of countries that we can launch, it becomes a little less competitive.

Is there a temptation then to solve for some of those gaps potentially through acquisition? We've been a bit since you've done something what Rewire was the last one you did in size. I'm just curious if that's something on the radar.

Yes. And Rewire was helping us expand to a new product suite as we think about financial services that transcend borders. We have a pretty high bar for acquisitions. I think our default has been organic. Really, the only sizable acquisition we've done is the Rewire acquisition, and even that was small, relatively speaking. So yes, our default is organic. We're obviously constantly looking at the market. But I think that unless there's a lot of conviction on the strategy as well as the culture, default often -- default of organic expansion often has the lowest risk and best ROI.

Yes. Because I know some of the traditional players are sometimes in the mode of buying their agents and getting more integrated or vertically integrated as a solution. But for you, I mean, is it going to be more product-driven versus adding scale or geography, can you solve more easily organically on the geography side versus product? That's my question.

Yes. Yes. I think that -- and the question is like, is it easier to do that organically and that being both geographic as well as like value-added services or product expansion.

Yes, exactly.

And I think it's lower risk to do it organic. There's got to be a lot of conviction to do acquisitions. It doesn't mean they shouldn't happen. Hence we acquired Rewire. But our default position is always going to be, can we do this organically.

Right. Because you've done that in a disciplined way with margin expansion. You mentioned it upfront and Rule of 50 plus now, but it doesn't feel like you're constrained and investing in some of these other Horizon 2, Horizon 3 opportunities and delivering on profits. Is that fair, Matt?

That's what I'm most proud of the team for, honestly, is to deliver in Q1, 34% growth with 16% adjusted EBITDA margin. So no small feat. And what that also means is from a balance sheet standpoint, our balance sheet continues to get stronger. And we just have a lot of optionality as a business. And again, we're a growth company with no shortage of growth opportunities. So then it's for us just about prioritizing those as opposed to searching for growth because our existing areas are running out of growth. It's all about how do we fuel to your Horizon 1, 2, 3, how do we fuel investments in those areas in a high ROI way. And that means both growing -- or not both, but all growing in existing markets, adding new geographies, adding new customer segments and then adding new value-added services. and complementary products to our existing customers, like it's a lot of opportunity. And that's why I'm excited not only about this year, but the team is thinking about '26, '27 and beyond.

Sure. So I have to ask you now about Gen AI and sort of you're sitting in the CEO seat, is that a priority to automate more of what you do or even externalize some of that with agents so you can interface better with consumers? What are your thoughts on that?

Yes. Yes. I think oftentimes, Gen AI, especially investor conferences and all of that can be talked about more from a cost savings standpoint. And I think it will save us. But oh my gosh, I'm so excited about it. I think that there's opportunities for engineering teams to just deliver more product faster. I was told recently that 50% of our code delivered or engineers are leveraging some tools that we've given them to be able to write code more efficiently and effectively. I think that there's ways of leveraging it from a customer support standpoint. We've had a virtual AI assistant, and that's great. Like our customer support costs have come down. But what I'm really excited about is leveraging that to then say, well, how do we expand it to interact more directly with customers. So we integrated it into WhatsApp. And the reason we can uniquely do that is we have a virtual AI agent that has spectacular customer satisfaction scores. Now it's embedded into WhatsApp, which is an easier way, an easier front door, especially for maybe offline senders that want to kind of interact and get to know Remitly without having to download an app. So I think there's big opportunities to embed our virtual agent into other experiences like WhatsApp. And I could go on and on, but the last one I'll mention is I think our marketing team is thinking pretty innovatively because you've got to have marketing that rolls out across 5,200 -- not 5,200 corridors, it's a little too specific, but we're in 170 countries. Each country has a different language, different creatives, different merchandising that needs to be there. And the ability to create faster, more nimble and culturally relevant marketing materials, I think, is another example. So lots of opportunity. And I'm not one to -- I'm actually sometimes skeptical of new technology because I think technology has got to solve a customer pain point. Gen AI incredibly excited about.

Okay. Good. We'll keep asking you about it as things develop. And we're almost out of time. I have to ask Horizon 3 stuff, Matt. I know the answer is you're focused on a lot of growth ahead and what you're doing. But the theme of embedded finance and embedded banking and sort of banking your base is still out there. We've been hearing it throughout the conference. And I know you have circle and some whatnot, but there's so much trust that you have with your user base. What's the latest thinking on pushing into that?

Yes. If you look at that last part of our vision, financial services that transcend borders. So we're not going to go and try to disrupt a local financial services institution. But I think we can all agree that for the 250 million folks that live and work outside the country, they're born, when they move to that new country, everything -- I experienced this when I moved to London, like I worked for Barclays Bank, I was trying to get a consumer bank account set up, it was not easy, if you work for Barclays Bank consumer bank. So you think about our customer base, that's an even bigger pain point. And where I think there's opportunities is to continue to expand the services that we offer beyond the transaction to think about other -- what I would describe as value-added services, being able to store value, being able to bridge credit access and creditworthiness and help with liquidity needs, lots of opportunity there. So what I'm excited about the team's approach on that front is being able to invest in multiple different areas in parallel, given that we've re-architected our technical platform to what we call our North Star architecture, increases the velocity of being able to innovate in multiple areas. Not all of them will work. Some of them, I'm more confident than ever will. And I'm excited about talking more about some of those areas in the not-too-distant future.

All right. We can then do you have a customer testimony you want to share, Matt? You usually have one, but put you on the spot. Who was that on that?

Yes. There was a customer named a Jai, that I'll talk about who sent money back to his -- I think it was his aunt, his grandparents back to India. And he was a higher dollar sender. And I just think about examples like that, like it's I'm going to have the privilege of being able to get to see my family this weekend. And a lot of our customers are thousands of miles away from their family members and remittances are this way to connect to support to make the sacrifices that they have from being away from home worth it. And when I read that customer story during our last earnings call, the part that stuck with me was like his very close relatives are thousands of miles away. And just how inspiring that is and all of the emotion and complexity that comes with that. But at the heart of it, a big part of what he can do to connect with him is send that money back home, and that's what we're honored to be able to do. And as we often say, we're just getting started.

Great. Matt, thank you for the update.

Thanks, everybody.