Remitly outperformed expectations in Q2 2026 and saw active customers surpass 10 million for the first time. We spoke to CEO Sebastian Gunningham about the money transmitter’s Q2 growth and plans around stablecoins and AI as it broadens its offering beyond remittances.
Digital money transfer provider Remitly saw another strong quarter in Q2 2026, with revenue rising 20% to $495m YoY and send volume up 27% to $24bn, while the number of active customers surpassed 10 million for the first time.
Beyond strong customer acquisition and send volume growth, Remitly continues to ramp up profitability, with the company’s adjusted EBITDA rising by 79% to $115m, driving a margin of 23%, up from 16% last year.
As it continues to build out a wider network and scale up customers, Remitly is using AI and “cost discipline” to drive efficiency gains as it expands its revenue margin against transaction expenses while still supporting its investment in growth.
Under a new business model implemented by recently appointed CEO Sebastian Gunningham, the company is increasingly broadening its reach beyond remittances. Introduced in Q1, the company’s customer framework focuses on four specific customer types – the core senders it has built its business on, alongside high-value senders, business senders and receivers.
Reflecting this, the company recently launched Remitly Global Card, a card offering connected to an account that enables users to spend, save and receive money. Overall, Remitly said that its ‘growth accelerators’ – including customers outside of its core send base – are on track to comprise around 5% of total revenue in 2026 and exceed 10% of total revenue by 2028.
We sat down with Sebastian to find out what continues to drive Remitly’s strong growth relative to the rest of the remittances industry, and highlight where the biggest opportunities are for the company’s growth in the future as it expands its network.
You can watch our full interview with Sebastian or read the transcribed Q&A below.
What were Remitly’s key revenue growth drivers in Q2 2026?
Daniel Webber:
Sebastian, a pleasure to be with you, a great set of results. What’s been driving Remitly’s growth in Q2?
Sebastian Gunningham:
Yes, an excellent quarter. When you take the snapshot of a quarter, you celebrate the immediate numbers, but the truth is that a lot of these results were decisions made months ago or years ago. We’ve accumulated a lot of wins across the company, and I think a lot of it came together this quarter. Of course, we hope that it’s going to continue for many quarters ahead.
In the end, our customer cares about sharp prices, moving their money fast and a great service. You can have your ebb and flows, but we’re a very diversified business all over the world, we operate across a lot of corridors. Our pricing is getting sharper, we’re moving money faster, our network is getting better and we continue to provide an excellent service every day.
I’m continuing focusing on those three things as I did the last day of the last quarter, so that’s the way I view the set of results and I think the team’s very happy. We put a lot of work into this and hopefully we can continue it.
How Remitly’s quarterly revenue has grown over time
Remitly saw revenue rise by 20% to $495.2m in Q2 2026, slower than the 34% YoY growth seen in Q2 2025 but still marking the 22nd consecutive quarter of double-digit revenue growth for the company. This drove adjusted EBITDA to rise by 79% to $114.7m, giving a margin of 23%.
Chart data
| Quarter | Revenue | Adjusted EBITDA margin |
|---|---|---|
| Q3 22 | $169m | -2.2% |
| Q4 22 | $191m | 3.9% |
| Q1 23 | $204m | 2.6% |
| Q2 23 | $234m | 8.7% |
| Q3 23 | $242m | 4.3% |
| Q4 23 | $265m | 3.1% |
| Q1 24 | $269m | 7.2% |
| Q2 24 | $306m | 8.2% |
| Q3 24 | $337m | 13.9% |
| Q4 24 | $352m | 12.4% |
| Q1 25 | $362m | 16.1% |
| Q2 25 | $412m | 15.5% |
| Q3 25 | $420m | 14.6% |
| Q4 25 | $442m | 20.0% |
| Q1 26 | $453m | 22.4% |
| Q2 26 | $495m | 23.2% |
| Q3 26E (projection) | $506m | 18.4% |
For Q3 2026, Remitly expects revenue to grow by around 20-21% to $505m-507m, with adjusted EBITDA rising to between $92m and $94m (equating to 50-54% growth).
The impact of the US’s shift towards digital
Daniel Webber:
There’s been a shift to digital in the US, and it looks like you have been a net beneficiary from that. How do you feel about the direction of this? Is it a one-time thing or will it sustain?
Sebastian Gunningham:
You and I can agree that the general trend is more digital, less cash. Country by country in the world, there’s different speeds. The US has its own speed of this transition from digital to cash, and every now and then you get these external impacts, like this tax on cash remittances.
Overall, around the world, we are a very digital-native company. We focus a lot on the experience and the low friction and the self-service nature of being able to send money from our app or through a very digital process.
That’s a general tailwind for the business. If you’re not on that bandwagon, it’s probably not going to end well for you. I don’t know if it’s one year or 100 years, but it seems to me, unless I’m missing something, that cash is fighting for survival at some point in the future.
What’s driving customer growth for Remitly?
Remitly’s customer growth drove send volumes to rise by 27% to $23.5bn. The company said that it continues to acquire customers due to the “strength and durability of its business model”, and it has also noted a benefit from its ‘Skip the Line’ campaign aimed specifically at customers looking to use alternatives to cash for money transfers.
Chart data
| Quarter | Send volume | Active customers |
|---|---|---|
| Q1 22 | $6.1m | 3.0 million |
| Q2 22 | $7.0m | 3.4 million |
| Q3 22 | $7.5m | 3.8 million |
| Q4 22 | $8.1m | 4.2 million |
| Q1 23 | $8.5m | 4.6 million |
| Q2 23 | $9.6m | 5.0 million |
| Q3 23 | $10.2m | 5.4 million |
| Q4 23 | $11.1m | 5.9 million |
| Q1 24 | $11.5m | 6.2 million |
| Q2 24 | $13.2m | 6.9 million |
| Q3 24 | $14.5m | 7.3 million |
| Q4 24 | $15.4m | 7.8 million |
| Q1 25 | $16.2m | 8.0 million |
| Q2 25 | $18.5m | 8.5 million |
| Q3 25 | $19.5m | 8.9 million |
| Q4 25 | $20.8m | 9.3 million |
| Q1 26 | $22.1m | 9.6 million |
| Q2 26 | $23.5m | 10.2 million |
Aside from gaining more customers, Remitly is also seeing customers sending more on average, with send volume per active customer growing 6% to approximately $2,300. This is being driven by existing core customers sending more with the company and growing numbers of high-value senders and business customers.
How is Remitly’s new customer framework supporting the company’s goals?
Daniel Webber:
You’re rolling out a four-by-four customer framework, as we talked about before. What are some of the highlights you are seeing from this?
Sebastian Gunningham:
At the core is a very healthy low-value remittance business, which continues to grow in customers. We have a very sophisticated and complete network around the world. Standing on the shoulders of that core, we’ve expanded the customers that we’ve begun to target.
Moving money is moving money. [When you’re] moving a dollar to a small town in Nicaragua, once you can move $1, you can move $1m. We’ve moved into these adjacent markets where we’ve seen customers that are sending larger amounts of funds, and we call those high-value customers.
This quarter, we had a customer that sent $1m using Remitly, so we want many more of those. It gives you an indication that that’s a new journey and customer set for us, and it’s different. The app has to behave a bit differently and the service is a little bit higher end, we have a white-glove service.
Then you have all these small businesses who have a lot of needs and are very underserved in paying their different bills from around the world or their different freelancers. We have a fast-growing business in that model. Again, we have to make sure that the app and the experience serves that particular customer. They have things like bulk payments and invoicing.
We have about 10 million customers that send money across the world and on the receiving end, there’s about 30 to 40 million ‘customers’ who receive the money that is sent to them. We know who they are, we know what countries they’re in and we’ve started to launch some offers to make that process easier.
We launched in Argentina, Pakistan and a few other countries. You can send money to a Remitly card in the country, you can receive the money in the card, you can then start to use the card. So that network is new to us [and it’s] very early days, but we see some interesting signals.
Those are the three customer sets that we have started to uncover, and we see some really good growth signals across all the products. Traversing all those different segments, we’ve launched this fantastic Remitly Global Card, where we basically brought together a lot of businesses that the company had been testing for some years.
This is a card very targeted at our customer base. It has enormous features and value to it. It will make remittances cheaper, faster. We’re offering a credit line with a membership version, we’re offering eSIM cards and data and we’re also offering loyalty.
This is the card of all cards for people that are moving money, that live in one country, but they move money across different countries based on where they came from, where their families are or where their daily lives take them. So we’re very excited about the Remitly Global Card. A lot of interest, a lot of attention. The net on the objective of that: I want every Remitly customer on the planet to have a Remitly Global Card.
It’s on the send side and on the receive side, and there’s a lot of countries to roll out. We’ve launched the receive app in 130 countries, but we’ve got to get to all the countries. The US is already launched of course, and we’re opening up state by state. But ultimately, we’re going to roll this out as a complete global card in every single country where we’re present.
Remitly’s key wins across its customer framework
Introduced in Q1, Remitly has begun splitting out its customers into core senders, high-value senders, businesses and receivers. It is driving to expand into new countries and real-time rails on the core sending side, while at the same time building out its Business arm, having launched in 23 new countries in Q2.
Remitly’s key customer types and key successes in Q2 2026
| Key customer targets | Key wins from Q2 2026 |
|---|---|
| Core Senders (sending <$5,000 in a single transaction) | • Added New Zealand, Niger, Mali, Angola and Botswana as receive countries • Real-time rails (FedNow and US) improve pay-in funding speeds • New international licences in UAE and UK, extended EU payments institution licence |
| High Value Senders (sending >$5,000 in a single transaction) | • High Value Sender volume grew 37% YoY • First $300,000+ transfers made and first customer to spend $1m in a single quarter • Raised send limits in Latin America, doubled high-value send in US-Mexico corridor |
| Business | • Launched in 23 new countries • Remitly Business ends Q2 with 25,000+ significant business users • 80% customers added in Q2 were new to Remitly |
| Receivers | • Receivers product expanded to 130 countries • Launched stablecoin card and wallet in select LatAm markets • Estimates around 30-40 million potential receive customers globally |
Source: FXC Intelligence analysis, company financials.
Remitly Business ended Q2 with more than 25,000 significant business users and while not breaking out revenue figures specifically, the company noted a sequential acceleration in QoQ growth for these users for both volume and revenue.
Why is Remitly increasingly targeting receivers?
Daniel Webber:
The receive side is really still the great untapped part of the remittance market. What comes out of this receive relationship?
Sebastian Gunningham:
We get a lot of exposure to the behaviours of receivers. We have a lot of great partners around the world who really work with those receivers – the banks and the wallets where we send money into. My first reaction is, this is not a one-size-fits-all. The world is a big place and there are many, many use cases. But I’ll give you a few anecdotes of what we are seeing.
People find it useful to receive money in USDC and then have a card in USDC, which they can then very easily use in that country. So that’s use case number one. In many places, access to these financial instruments is not as easy, and so that’s use case number one.
We’re also seeing that there are many use cases where people who receive money also want to send money. This flywheel gets created. You send across the world and then for whatever reason, whether it be to pay people or even the needs that different families have to send money that they receive to other countries, we see this flywheel where receivers now are initiating a send also, so now they’ve become a Remitly send customer.
We’ve seen some cases where they’re sending back to the US to people that are not Remitly customers. There’s just many different types of use cases, moments in people’s lives, needs that they have, one-time needs or regular needs.
So we’re very excited. This is very early days. The numbers honestly are still small, but we think there’s an opportunity to provide services that they’re not getting today in addition to all the relationships they have in their local country. We think we can come up with some pretty good ideas once we match the sender and the receiver.
Remitly’s outlook for FY 2026
Remitly once again raised its full-year 2026 guidance, and now expects 21-22% YoY growth to $1.978bn-$1.988bn. This would drive an adjusted EBITDA of $410m-$415m, giving it a margin of around 21%, a significant rise from 17% for FY 2025.
Chart data
| Year | Revenue | Adjusted EBITDA margin |
|---|---|---|
| 2020 | $0.26m | -7.7% |
| 2021 | $0.46m | -2.3% |
| 2022 | $0.65m | -2.1% |
| 2023 | $0.94m | 4.7% |
| 2024 | $1.26m | 10.7% |
| 2025 | $1.64m | 16.6% |
| 2026E (projection) | $1.98m | 20.8% |
The adjusted EBITDA projection is a significant rise from the range Remitly proffered in Q1 2026 ($370m-385m), which the company said reflected its more favourable revenue outlook, as well as its commitment to cost discipline, leveraging AI and investing in growth.
Stablecoins’ place in Remitly’s strategy
Daniel Webber:
On the consumer side, we’ve seen stablecoins are approaching 1% of the total cross-border market. Where else do you see stablecoins coming into the business at the moment and really having traction?
Sebastian Gunningham:
We joined the Open USD consortium, we’re one of the founding members. There’s two use cases for us right now. One is this card case where there are places in the world, at least where you’re permitted to do this, where you can send money into a USDC wallet and then that money gets stored in this dollar-denominated digital currency and then people can use it.
We do use it also in our treasury functions. In places where we have liquidity, we have to forward deploy money to make sure that we’re up 24/7, in every country in the world, delivering money. In many places where we forward deploy money, the USDC is another mechanism to do that where, if we have enough liquidity, we don’t actually have to send the money, but we can settle immediately over the crypto rails.
Those are the two broader use cases that we’re seeing right now. There is a third [case] on the speed of the pay-in into the Remitly wallet. If we start to use stablecoins, [there] could be a speed benefit there. On the cost side, we run 5,000-plus corridors where we move money. We’re very efficient, we’re very low-cost already. In some places where stablecoins can help us, we’ll use it, but that’s still small numbers and a small use case for us.
How is AI driving efficiency for Remitly?
Daniel Webber:
Where are you really seeing traction from AI and where is it driving efficiency?
Sebastian Gunningham:
We are on an aggressive AI journey at Remitly. I am pushing very hard to move the company to an AI-native format. I don’t think a week goes by without some kind of “wow” moment, either in the operation or in the task or in the engineering side or on the knowledge side, that we don’t see a new opportunity emerge as to where we can use AI and where we can get efficiencies.
In general, we’re moving very fast. The efficiencies for now are coming on speed and on people. I believe Remitly could keep this growth rate without adding more people into the future, and that alone creates a lot of leverage. I’m going to hold to that for now. I’m seeing that there are productivity gains everywhere and you don’t need to keep growing. We have a 20% growth rate, we can flatline our people investment for the foreseeable future, and I think we’ll be fine.
So, the next big question is: where is AI turning up on the revenue side? All of us in the world are having a pretty easy time to explain the cost savings. The harder question is to explain how your revenue growth is going to be affected by AI. We’re seeing some of the early signs of that, and of course, the killer app is on the engineering side, which is this ability to be able to produce and build products and test them and launch them much faster.
The Remitly Global Card is one example of that. We moved very fast, and in 60 days with a very small team, we launched a card from scratch, and that’s pretty impressive. You could not do that a year or two ago. Can I measure the revenue on that? Not yet, these are early days.
The question you need to keep asking us CEOs over the next year is: “Okay, fine, I got the AI savings. Where are all the AI revenues?” I see the opportunities, I see how more faster products generate more revenue. I think we’re on the right journey, stay tuned.
Remitly drives profitability as it scales
A big theme for Remitly’s Q2 2026 earnings call was efficiency, and how the company is continuing to drive profit while minimising costs where possible.
Chart data
| Quarter | Revenue | Net income/loss |
|---|---|---|
| Q1 23 | $203.9m | -$28.3m |
| Q2 23 | $234.0m | -$18.9m |
| Q3 23 | $241.6m | -$35.7m |
| Q4 23 | $264.8m | -$35.0m |
| Q1 24 | $269.1m | -$21.1m |
| Q2 24 | $306.4m | -$12.1m |
| Q3 24 | $336.5m | $1.9m |
| Q4 24 | $351.9m | $5.7m |
| Q1 25 | $361.6m | $11.4m |
| Q2 25 | $411.9m | $6.5m |
| Q3 25 | $419.5m | $8.8m |
| Q4 25 | $442.2m | $41.2m |
| Q1 26 | $452.8m | $49.1m |
| Q2 26 | $495.2m | $65.3m |
The company’s net income for Q2 2026 was $205.9m, though this included a one-off $140.6m discrete tax benefit from a release of tax valuation allowance. Excluding this, Remitly’s net income would have been approximately $65m, up from $6.5m in Q2 2025.
Remitly has renamed revenue less transaction expenses – its metric showing the profit generated from payments before operating expenses – to transaction margin dollars in Q2 2026. Transaction margin dollars rose by 25% to $334m in Q2, equating to 67% of its revenue, against transaction expenses, which accounted for 33% of its revenue (down from 35% in Q2 2025).
Transaction expenses rose by 12% during the quarter, below 20% revenue growth. This shows how Remitly is continuing to benefit from its network economics and retaining a greater share of each dollar passing through the business as revenue.
Daniel Webber:
Anything else you’d like to share?
Sebastian Gunningham:
It was an excellent quarter. It’s the sum of many parts. I can’t call out any particular area of the business that carried this quarter. It was the sum of many pieces coming together. We seem to be executing on most cylinders and plan to take this into the future quarters and keep the company growing.
Daniel Webber:
Sebastian, thank you very much.
Sebastian Gunningham:
Thank you.
