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Summary

Remitly Global is rated 'buy' due to rapid business customer growth and strong adoption of Remitly Business, targeting high-value SMB senders.

RELY posted Q1 ’26 revenue of $453M (25% YoY growth), beating both company and analyst estimates, with active customers reaching 9.634 million.

High-value sender growth (73% in Q1 ’26) and improved margins (adj. EBITDA margin 22%) underpin RELY’s shift to profitability and robust forward outlook.

Despite a potential Q2 ’26 growth deceleration, RELY’s valuation (P/S 2.99x, forward P/E 46.67) and projected EPS suggest up to 108.5% price upside by end-2026.

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My Thesis Statement

After Remitly Global, Inc. ( RELY ) launched Remitly Business , the payment option has rapidly gained business customers, reaching over 20,000 as of fiscal Q1’26, up from 15,000 in Q4’25.…