Remitly Global, Inc. - Common stock (RELY)

Competitors to Remitly Global, Inc. - Common stock (RELY)

PayPal 

PayPal competes with Remitly by offering international money transfers through its platform, leveraging its existing user base and brand reputation to provide users with a familiar interface. While Remitly focuses on remittances from migrant workers to their families, PayPal appeals to a broader audience, including e-commerce transactions. PayPal’s comprehensive digital payment ecosystem and strong brand recognition give it a competitive advantage over more specialized incumbents such as Remitly.

Revolut

Revolut competes with Remitly by providing an all-in-one financial platform that allows users to send and receive money internationally, along with cryptocurrency trading and banking services. By being a multi-functional financial app, Revolut attracts a tech-savvy younger demographic looking for more than just money transfer services. This diversified product offering provides Revolut with a competitive advantage, as it caters to users seeking a more integrated financial experience compared to Remitly's focused remittance capabilities.

TransferWise (Wise)

Wise directly competes with Remitly by offering low-cost international money transfers using real exchange rates. Wise's transparent fee structure and focus on remittances have attracted customers who prioritize affordability and clarity over convenience. While Remitly emphasizes speed in transactions, Wise emphasizes cost-effectiveness and transparency, giving it a strong competitive advantage in consumer segments that prioritize savings on remittance costs.

Western Union 

Western Union has a long-standing presence in the money transfer market and offers both online and offline services with a wide global network of physical locations. Unlike Remitly, which primarily focuses on digital remittances, Western Union provides more traditional options, appealing to customers who may prefer cash-based transactions or require immediate funds availability. Their extensive network gives them a competitive edge, especially in regions where digital payment adoption is slower.

Xoom (a PayPal service)

Xoom, as a subsidiary of PayPal, focuses specifically on fast international money transfers, competing directly with Remitly’s core remittance offerings. Xoom leverages PayPal's infrastructure for speed and reliability in money transfers. The brand recognition and trust associated with PayPal provide Xoom with a significant competitive advantage, as many users feel secure using a well-known service for their international transactions.