Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Remitly is a high-growth, digital-first remittance company capitalizing on the secular shift from physical to digital cross-border money transfers.</li>
 <li>The company has demonstrated a strong track record of revenue growth, expanding its customer base and send volumes, and is showing a clear path to sustained profitability based on recent quarterly results.</li>
 <li>Despite its strong market position, Remitly operates in a highly competitive landscape, facing pressure from established players like Western Union and digital peers such as Wise, which necessitates continuous innovation and marketing investment.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Remitly is a high-growth, digital-first remittance company capitalizing on the secular shift from physical to digital cross-border money transfers.
  The company has demonstrated a strong track record of revenue growth, expanding its customer base and send volumes, and is showing a clear path to sustained profitability based on recent quarterly results.
  Despite its strong market position, Remitly operates in a highly competitive landscape, facing pressure from established players like Western Union and digital peers such as Wise, which necessitates continuous innovation and marketing investment.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Remitly Global (RELY US) - Jan 2026

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Remitly went public on Nasdaq under the ticker RELY on September 23, 2021, pricing its IPO at $43 per share and raising $523 million.</li><li>Remitly operates a B2C cross-border payments platform monetized through transaction fees and FX spread on every transfer.</li><li>As of early 2026, Remitly's public market capitalization ranged between roughly $2.9 billion and $3.7 billion, below its IPO-day valuation.</li></ul>

Remitly went public on Nasdaq under the ticker RELY on September 23, 2021, pricing its IPO at $43 per share and raising $523 million.Remitly operates a B2C cross-border payments platform monetized through transaction fees and FX spread on every transfer.As of early 2026, Remitly's public market capitalization ranged between roughly $2.9 billion and $3.7 billion, below its IPO-day valuation.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans</li>
<li>Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I</li>
<li>Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data</li>
</ul>


There is strong and accelerating growth visible in HFD for US banks, even in the very core bucket of C&amp;I loans
Most recent full month shows 10.1% growth YoY for C&amp;I but Other Loans are up 27.3% Yoy in the same month, which is partly C&amp;I
Deposit distribution is improving, toward CASA, US banks can see better NIM, and net interest income, while economy appears from weekly bank data


US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ally-financial-inc" target="_blank" data-smartkarma-citation="entities:9683:1" rel="noopener">Ally Financial (ALLY US)</a> gave a poor view of now and the immediate future for credit costs within its primary loan book, used cars for subprime borrowers</li>
<li>There is often good read-through for mainstream banks and overall credit metrics, we saw this in Thailand before 1997 and in the US with Indymac, Countrywide, Household</li>
<li>If the Fed has a better view on granular data than one single finance company, we believe they will use this data when considering rate cut magnitude, next week
</li>
</ul>



Ally Financial (ALLY US) gave a poor view of now and the immediate future for credit costs within its primary loan book, used cars for subprime borrowers
There is often good read-through for mainstream banks and overall credit metrics, we saw this in Thailand before 1997 and in the US with Indymac, Countrywide, Household
If the Fed has a better view on granular data than one single finance company, we believe they will use this data when considering rate cut magnitude, next week



Ally Financial - Suggests Large Fed Cut, Credit Cost Guidance Worsening, Fringe Finco View Can Lead

<ul>
<li>Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. </li>
<li>Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. </li>
<li>Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.</li>
</ul>


Weekly balance sheets give a view of underlying credit conditions in the US and they are not positive. Lending growth continues to decelerate and could reach negative growth soon. 
Cash balances are rising and this suggests that US large banks are not comfortable with risk and also seeing less opportunities. Cash/loans ratio rising fastest in most recent week. 
Large time deposits cost the most, and their growth rate is now 109% YoY in the most recent week, rising more than loans in each of the past 3 weeks.


US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

United States

Remitly Global Inc provides financial services. The Company offers online money transer and payment solutions. Remitly Global serves customers worldwide.

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Remitly Global (RELY US)

Primer: Remitly Global (RELY US) - Jan 2026

Remitly is a high-growth, digital-first remittance company capitalizing on the secular shift from physical to digital cross-border money...

αSK

Primer: Remitly - 09 Mar 2026

Digital international money transfer platform and cross-border financial services provider

Sacra

US Banks - C&I Loans +10.1% YoY in Apr From -2.9% in Jan, Strong Read-Through, Banks & Economy

HFD for US banks, shows very strong acceleration in C&I loans, and also other loans, which will also include C&I. Data suggests good economic...

Daniel Tabbush

Ally Financial - Suggests Large Fed Cut, Credit Cost Guidance Worsening, Fringe Finco View Can Lead

New disclosure, comments, guidance from Ally Financial show a major deterioration in credit metrics now, in coming months, which can mean a larger...

Daniel Tabbush

US Large Banks - Weekly Balance Sheets: Decelerating Loans, Rising Cash, Big Time Deposits +109% YoY

US large banks are seeing loan growth decelerating, cash rising, large time deposits up 109% YoY in most recent week. Weekly B/S data suggests net...

Daniel Tabbush

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