Remitly Global, Inc.

For example, it can make a... reservation at a restaurant it could help you i use this example when we talked with drew cohen the other day you can actually use it you know for buying a ticket i use it for a train say i have to take a train trip from one city to another and instead of saying no here's the steps to do it it actually will go and do it for you as long as you give it you know there's privacy issues and things like that you have to give it your payment information But the whole theory here, and I guess what a lot of stocks are getting rocked this week, I saw honestly a couple of stocks in my own portfolio get rocked by this.

I'm looking at Remitly, maybe even Adyen, although I don't really see why that would be a loser because of this.

There's a lot of stocks that have sold off.

Basically, I know there's tons of different ideas out there of what this could disrupt or not or what have you.

But this is essentially trying to step on Wise's toes.

Remitly, yes, but a little bit less because there's a cash payout.

It's less of a global digital account.

And it seems what they're trying to pitch here is, and I'm very, very curious of what the actual, you know, like you send this amount of dollars and how many pesos ends up into the receiver's account ends up because they're saying no markups free of charge.

But you look at Remitland Wise, I don't think that kills their existing business.

That's a small sliver of their operations.

Yeah, you look at the biggest corridor there for Remitly, it's US to Mexico among those three, US to Colombia, US to Brazil, or US to Mexico.

US to Mexico is the largest.

Is your card blocked? He said, oh, sometimes because we're a European bank, he said, you might have to.

And he said, so he got me to download an app called Remitly.

And it's basically where people can send you money.

It's like a, you know, a PayPal type thing for the Europe.

Today on the Give First podcast, I've got Matt Oppenheimer, a friend, an amazing founder of a company called Remitly that went from the Southcenter Mall talking to customers to a five billion dollar public company.

He transitioned recently into a chair role.

We're gonna learn about that transition.

We're gonna learn about the origin story of Remitly and some really valuable lessons, uh, during scaling it, uh, relating to the team and values and just focus and some lessons that relate to my new book, Chasing Unicorns.

So let's come up right now on the Give First podcast.

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Certain of Techstars funds own or may own in the future securities in some of the companies discussed in this podcast.

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And as you know, if you listen to our Biggest Winners episode, outperforming our margin estimates by a wide margin is a common denominator with all of our biggest winners.

So I literally used Uber as an example, I think, when I talked about Remitly's margin expansion and profit inflection.

So this is a company that shows, as well as few others do, how you can quickly become a way more profitable company.

Well, as you know, I love to talk about Uber's swing in operating margins over the last five years.

And in many cases, that is for good reason, because they're right about anticipating future growth decelerations or decline in the business in light of maybe current success.

But that is where we see things differently than the market with Uber, and ultimately, to outperform the market, you do need to have some strongly held contrarian opinions, so this is maybe our most strongly held contrarian opinion.

I think the only other option is to perhaps be early to the party, and that's, you know, part of why I like companies like Remitly or Delocal that we've also covered on the show, because I think you don't need a highly contrarian opinion on those companies.

Of course, the market had its doubts.

And as you know, if you listen to our biggest winners episode, outperforming our margin estimates by a wide margin, is a common denominator with all of our biggest winners.

So I literally used Uber as an example when I talked about Remitly's margin expansion and profit inflection.

So this is a company that shows, as well as few others do, how you can quickly become a way more profitable company.

Well, as you know, I love to talk about Uber's swing in operating margins over the last five years.

So this is maybe our most strongly held contrarian opinion.

I think the only other option is to perhaps be early to the party.

And that's part of why I like companies like Remitly or Delocal that we've also covered on the show, because I think you don't need a highly contrarian opinion on those companies.

Of course, the market had its doubts.

They've been doing remittances.

And when you think about, okay, who are you comping this against? You have Remitly and-

Remitly is their main competitor.

They're very, it's them versus Remitly.

Yeah.

And Remitly is a $12, $15 billion business, I think.

No, it's a $2 billion business.

$2 billion? Yeah, I believe it's two right now.