High-value customer strategy revealed by Remitly CEO during Q2 2024 financial results discourse
Remitly Accelerates Growth and Expansion in Q2 2024
Remitly, a leading cross-border payments platform, has reported impressive growth and strategic advancements in Q2 2024. The company witnessed a 31% increase in active customers and a 33% surge in send volume, building on its growth momentum.
The strategic expansion of Remitly's market reach was a key focus in Q2 2024. The company launched Remitly Business, targeting small and medium-sized enterprises (SMEs), thereby broadening its total addressable market from $2 trillion to $22 trillion. Additionally, Remitly One, a membership service with features like "send now, pay later," is planned for launch, aiming to increase customer stickiness and penetrate more user segments.
Remitly's growth strategy also included a focus on high-amount senders. The company noted a 45% year-over-year growth in this segment, and plans to encourage larger and more frequent transactions through the platform by enabling multi-corridor sending. This puts Remitly in competition with non-remittance consumer money transfer players such as Wise.
Innovation and technology played a significant role in Remitly's Q2 2024 success. The company integrated "agentic AI" technologies to automate and optimize customer service operations, resulting in a 46 basis point reduction in customer support costs. Remitly also incorporated stablecoin technology for near-instant settlements, enhancing the speed and cost-effectiveness of transfers, especially in volatile markets.
Remitly's efforts to enhance transaction speed, reliability, and seamlessness paid off in Q2 2024. The company saw record numbers of customers disbursed within an hour, indicating improved service speed. The company served over 8.5 million customers across 170 countries in Q2 2025, showing robust revenue growth of approximately 34% year-over-year.
The company's Q2 2024 revenue stood at $306m, a 31% year-over-year increase. Adjusted EBITDA for the same period was $25.1m, a 23% increase from the previous year. Remarkably, only one in 20 customers required a customer support agent in Q2 2024, the lowest to-date, suggesting improved efficiency.
Remitly's strategies for Q2 2024 collectively address both market size expansion and customer experience through technological innovation. The company places its share of the $1.8tn total addressable market at around 2.5%, indicating potential for growth. The company's focus on speed, reliability, localized marketing, and deepening customer relationships has positioned it as a strong contender in the competitive cross-border payments market.
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- To bolster its offerings and reach a broader segment of the market, Remitly launched Remitly Business, a service aimed at small and medium-sized enterprises (SMEs), widening its total addressable market from $2 trillion to $22 trillion.
- A key aspect of Remitly's growth strategy in Q2 2024 involved integrating "agentic AI" technologies to enhance and optimize customer service operations, ultimately reducing customer support costs by 46 basis points.
