Remitly Earns $2.09 per $100 Sent, Down From $2.37 in 2023

Remitly earned US$2.09 in revenue for every US$100 its customers sent in the third quarter of 2026, by HaiPay's calculation from its earnings releases, down from US$2.15 a year earlier and US$2.37 in the third quarter of 2023. Send volume rose 25% from a year earlier to US$24.4 billion, faster than revenue, which rose 22% to US$509.8 million.

Its costs fell faster in percentage terms. Transaction expenses, which cover fees to payout partners and payment processors, transaction losses, fraud and compliance tools, were 67 cents per US$100 sent, down 21% from 84 cents three years earlier, against a 12% fall in revenue per US$100. What Remitly kept after those costs fell less, from US$1.53 to US$1.42 per US$100, and edged up from US$1.40 a year earlier.

Volume grew faster than revenue

Send volume has grown 2.4 times in three years, from US$10.2 billion in the third quarter of 2023, while revenue has grown 2.1 times, from US$241.6 million. Active customers rose 17% from a year earlier to 10.3 million.

Remitly's investor presentation puts it plainly: "The lowest cost to serve wins." It attributes lower transaction expenses to improved network economics and fewer transaction losses as a share of send volume. Its transaction margin, revenue minus transaction expenses as a share of revenue, was 68.1%, against 65.0% a year earlier.

Profit and outlook

Net income was US$67.6 million, against US$8.8 million a year earlier, and adjusted EBITDA nearly doubled to US$120.8 million. Remitly raised its 2026 revenue outlook to US$1.989 billion to US$1.991 billion, growth of 22%, and expects fourth-quarter revenue of US$531 million to US$533 million.

The company said it has more than 30,000 business customers, signed Etsy as its first platform partner and launched a Remitly Global Card in the quarter. It does not break out revenue from these newer products.

What this does not show

Remitly does not publish prices or revenue by corridor, so the decline in revenue per US$100 cannot be split between price cuts and changes in mix, such as larger transfers, which it says grew 25% in volume. Send volume is rounded in the releases, so each ratio is accurate to about half a per cent. Figures are unaudited. HaiPay did not contact Remitly.

What to watch

Whether revenue per US$100 sent holds near US$2.10 in the fourth quarter, after rising in the second quarter.

Whether transaction expenses keep falling faster than revenue per transfer.

And how much revenue business payments and the card add once Remitly reports them separately.

About HaiPay's mass payouts

HaiPay, which publishes this news section, offers mass payouts to local bank accounts and e-wallets through a single API, with bulk uploads, automatic currency conversion and built-in AML and KYC checks. Its route list includes Brazil's Pix, Mexico, Indonesia, the Philippines, India, Nigeria and Kenya. Funding arrangements, limits and fees are confirmed for each route with its team. Learn more about HaiPay's mass payouts.