Remitly Soars to New Heights: Record Q3 Earnings Reflect Trust, Innovation, and Expansion
Remitly, a leading global cross-border financial services provider, has reported a record-breaking third quarter in 2026. The company's revenue surged 22% to $510 million, with net income jumping sevenfold to $68 million.
According to Sebastian Gunningham, Chief Executive Officer of Remitly, the results reflect the trust customers place in the company to move money safely, fast, and at the right value. 'Q3 was another record quarter for Remitly, with customers, send volume, and revenue reaching all-time highs,' Gunningham stated during the earnings call.
One of the key drivers behind Remitly's success is its innovative product development. The company's team has been pushing out twice as many updates and new features this quarter compared to last year, and 30% more than the previous quarter. This momentum powers Remitly's 'flywheel,' which enables the company to attract new customers, drive more volume, lower costs, and invest in new products.
Remitly's consumer remittances business has been a major growth area for the company. The company launched sending from Brazil, its first country where customers can both send and receive money in the Remitly app. This move has attracted thousands of new customers with no paid marketing. Remitly also expanded its payout options to 11 million more accounts across several countries.
In terms of speed, nearly 84% of Remitly's transfers now arrive in under a minute, up from last quarter. The company has also reduced U.S. bank deposit times to seconds using real-time rails. Large transfer volume has grown over 50% in the past year as Remitly removes friction and raises send limits.
Remitly has also focused on large transfer customers, launching FX protection and guaranteed instant bank transfers for those who regularly send more than $5,000 at a time. This innovation provides rate certainty and speed, which are highly valued by these customers.
Furthermore, Remitly is broadening its consumer remittance opportunity to include recipients, not just senders. Recipients are a significant untapped market that can be monetized through a two-sided network. Early data suggests engaged recipients can bring in new senders, fueling growth on both sides of the transaction.
In a groundbreaking move, Remitly now allows anyone in the world to request money through its app, and every request can bring a new sender into the network. Send with Text also makes sending and receiving money as easy as sending a text.
