Who are Remitly's main competitors?
Remitly's FY2025 10-K sorts its rivals into five groups without naming them: incumbents with a scaled network of agent locations, traditional banks, digital-first cross-border providers, emerging players such as neobanks, wallets and stablecoin providers, and informal person-to-person channels. Its rivals' filings supply the names. Intermex's 10-K lists Western Union, MoneyGram, Remitly and Euronet as the larger companies it competes with, and Wise's FY26 20-F names Remitly, with MoneyGram and Western Union, among its competitors. Western Union remains the largest incumbent: it reported revenue of $1 billion in the second quarter of 2026, down 1%, and has agreed to buy Intermex for about $500 million, a deal still awaiting regulatory approval in October 2026 as Intermex loses share to digital challengers. Euronet, which runs Ria Money Transfer, calls Western Union its leading competitor. Wise is the largest digital-first rival, having moved $243.5 billion across borders for 18.9 million people and businesses in the year to March 2026; BIS research reported in October 2026 found that fintechs such as Wise and Remitly have substantially cut costs relative to bank wires. The widest threat is the general payment app: an American Banker survey published in October 2026 found 46% of US consumers who send money abroad default to P2P apps, PayPal first among them, against 6% using specialized remittance providers. Remitly itself had 10.2 million active customers and $23.5 billion of send volume in Q2 2026. On AI, Remitly says its virtual assistant cut time with support by 75%, while Western Union's 10-K describes a growing reliance on AI for transaction monitoring, fraud detection and identity verification.[1][2][3][4][5][6][7][8][9][10][11]
Data as of Nov 2, 2026 · Remitly profile updated Oct 15, 2026 · 19 sources cited on this page · 56 fintechs profiled on this site · Markdown
What does Remitly's 10-K say about its competition?
"We operate in a highly competitive global cross-border payments and financial services landscape," the FY2025 10-K says, with competitors that "vary in scale, geographic reach, regulatory coverage, technology capabilities, and the extent to which their products are designed specifically for cross-border use cases." It lists the factors that decide the contest as trust and reliability, network depth and payout optionality, customer experience, pricing, regulatory compliance and efficiency at scale.[1]
The five categories are incumbent providers with brick-and-mortar agent networks, which "typically have been slow to adopt digital solutions"; traditional banks, with "limited disbursement options" and burdensome KYC; digital-first cross-border providers, some regional or without cash payout; emerging players including digital-only banks, wallets, neobanks and stablecoin providers; and informal channels such as carrying cash home. Remitly says it views stablecoins as an emerging payment rail that may complement traditional infrastructure.[1]
Which companies compete with Remitly, and where?
One row per competitor, with the latest dated figure published for it in the sources cited. Figures are each company's own measures for the period named.
| Competitor | Where they compete | Dated scale figure | How they compare on AI | Sources |
|---|---|---|---|---|
| Western Union | Consumer money transfer through agent locations in more than 200 countries and territories and Branded Digital channels; named by Intermex as a larger competitor alongside Remitly | Revenue of $1 billion in Q2 2026, down 1%; agreed in August 2025 to buy Intermex for about $500 million, still awaiting approvals in October 2026 | Its 10-K describes a "growing reliance on artificial intelligence for transaction monitoring, fraud detection, and identity verification" and plans a dollar stablecoin, USDPT, on Solana | Western Union 10-K; Intermex 10-K; American Banker[11][2][4][5] |
| Wise | Digital cross-border transfers; its FY26 20-F names Remitly among the remittance players it competes with | $243.5 billion moved across borders for 18.9 million people and businesses in the year to March 31, 2026 | 99% of compliance checks completed in under one second using machine learning; large language model copilots for Financial Crime and Customer Support teams | Wise 20-F[3] |
| MoneyGram | Consumer money transfer to bank accounts, cards, wallets and retail locations; named by Intermex and Wise as a competitor | Not in the sources cited | Its October 2026 app relaunch adds stablecoin-powered capabilities and dollar balances in select markets; no AI products described | Intermex 10-K; Wise 20-F; Finextra[2][3][12] |
| Intermex (International Money Express) | Omnichannel money transfer focused on the US to Latin America and Caribbean corridors, through agent retail locations, its own stores, an app and websites; its 10-K names Remitly among its larger competitors | Q2 2026 revenue of $131.2 million, down 18%; a Citizens analyst says it is losing "significant share" to digital remittance challengers | Not described in the sources cited | Intermex 10-K; Western Union 10-K; American Banker[2][11][4] |
| Euronet (Ria Money Transfer) | Money transfer in retail stores, apps and websites through Ria, Xe and the Dandelion network; named by Intermex as a competitor | Money Transfer segment was about 42% of Euronet's 2025 revenue; Western Union's revenue is about twice that segment's | Not described in the sources cited | Euronet 10-K; Intermex 10-K[6][2] |
| PayPal | International transfers through a general payment app: the favorite of 38% of US international senders in American Banker's survey | Total payment volume of $486.4 billion in Q2 2026, up 10% | Expects agentic payments and digital identity to matter more from 2028; is embedding AI in software delivery (July 2026) | American Banker; PayPal 8-K; PYMNTS[8][13][14] |
| Banks | Wires and international transfers; BIS research finds money transfer operators substantially cheaper than retail bank wires, which carry FX markups of about 2% to 4.7% | Direct bank transfers, wires and bank international transfer features each drew under 20% usage in American Banker's 2026 consumer survey | Not described in the sources cited | Remitly 10-K; Finextra; American Banker[1][7][8] |
What companies are similar to Remitly?
Close alternatives for sending money abroad, with why each is comparable.
| Company | Why it is similar | Sources |
|---|---|---|
| Wise | A digital-first cross-border transfer company that BIS research groups with Remitly as having substantially cut costs relative to bank wires. | Finextra; Wise 20-F[7][3] |
| Western Union | The incumbent with agent locations in more than 200 countries and territories plus digital channels, building a stablecoin network. | Western Union 10-K[11] |
| MoneyGram | Sends to bank accounts, cards, wallets and cash pickup, and since October 2026 offers dollar balances in some markets. | Finextra[12] |
| Ria Money Transfer (Euronet) | One of the largest consumer remittance companies, with real-time international transfers focused on emerging markets. | Euronet 10-K[6] |
| PayPal | The P2P app most preferred by US international senders in American Banker's 2026 survey. | American Banker[8] |
What does the Remitly profile record on this topic?
The rows below are the entries of the Remitly AI strategy profile that bear on this page, as of Oct 15, 2026; the profile holds the full record of 10 dated moves, 8 use cases and 11 sources.
| Use case | What the record shows | Status | Source |
|---|---|---|---|
| AI virtual support assistant | Handles cancellations, amendments and transfer tracking; four times faster resolution, 75% less time in support, satisfaction on par with agents, 3% of customers escalate to a human. | In production | [10] |
| ML fraud scoring and the 2025 AI fraud model | Models evaluating tens of thousands of transactions an hour since 2017; an upgraded platform-wide AI model deployed late 2025 drove record-low transaction losses of 7.3 basis points of send volume. | In production | [15][16][1] |
| Electronic KYC and real-time payment authentication | The 10-K describes unified risk systems, including electronic KYC, ML fraud scoring and real-time authentication, deployed across all products and jurisdictions. | In production | [1] |
| AI-driven real-time corridor pricing | Near-term goal set in May 2026: automated real-time pricing across more than 5,000 corridors so regional leaders can capture incremental demand. | Rolling out | [17] |
| Date | Move | Detail | Source |
|---|---|---|---|
| Aug 5, 2026 | Record Q2 2026: 10 million active customers | Revenue $495.2 million (up 20%), send volume $23.5 billion (up 27%), adjusted EBITDA $114.7 million (up 79%); Gunningham said 'AI-driven operating efficiencies' were creating additional capacity and full-year guidance was raised. | [9] |
| Feb 18, 2026 | Q4 2025 call: AI fraud model drives record-low losses | Oppenheimer said an upgraded fraud model using AI and integrated platform data drove record-low transaction losses (7.3 basis points of send volume) and about $10 million of incremental RLTE, that agent-automated workflows were cutting developer time, and that agentic AI would expand company-wide in 2026. | [16] |
| Feb 18, 2026 | Sebastian Gunningham named CEO; 10-K filed | The former Amazon SVP and S-Team member succeeds Oppenheimer, who becomes chairman. The 10-K filed the same day lists ML fraud scoring and AI models among the platform's shared services and an AI-powered marketing engine. | [18][1] |
| Sep 9, 2025 | Remitly One membership launches | Remitly Flex (send now, pay later up to $250), Remitly Wallet with multi-currency and USDC holdings, and a US line of credit planned for spring 2026; Oppenheimer called it the evolution 'from a remittance provider to a trusted financial partner'. | [19] |
| Dec 6, 2024 | Remitly describes its ML fraud programme | Machine-learning models, used since 2017, evaluate tens of thousands of transactions an hour to catch identity theft and card fraud, with a stated goal of reducing interventions on legitimate customers. | [15] |
| Nov 22, 2024 | AI virtual support assistant results published | Remitly's product and engineering leads report the assistant resolves issues four times faster, cuts support time by 75%, matches human satisfaction scores, and that only 3% of customers opt for a human; first-contact resolution passed 74%. | [10] |
Who are Remitly's biggest competitors?
Western Union, MoneyGram, Euronet's Ria and Intermex, which Intermex's 10-K lists with Remitly as the large remittance providers, plus Wise, whose 20-F names Remitly as a competitor. General payment apps are the widest rival: PayPal is the favorite of 38% of US international senders in a 2026 American Banker survey.
What companies are similar to Remitly?
Wise is the closest digital-first alternative; BIS research groups the two as fintechs that substantially cut cross-border costs. Western Union, MoneyGram and Euronet's Ria Money Transfer offer the same service with large cash networks, and PayPal is a general payment app many people use to send money abroad.
Remitly vs Western Union: how do they compare?
Western Union is larger, with agent locations in more than 200 countries and territories and $1 billion of revenue in Q2 2026, down 1%. Remitly is digital-only and growing: $495.2 million of revenue in Q2 2026, up 20%, and $23.5 billion of send volume. Western Union is also buying Intermex for about $500 million.
Is Wise a competitor of Remitly?
Yes. Wise's FY26 Form 20-F lists remittance players such as Remitly, with MoneyGram and Western Union, among its primary competitors. Wise moved $243.5 billion across borders for 18.9 million people and businesses in the year to March 31, 2026,.
How does Remitly compare with its rivals on AI?
Remitly says its AI virtual assistant resolves issues four times faster and cut time with support by 75%, and that an upgraded AI fraud model helped push Q4 2025 transaction losses to a record low. Wise completes 99% of compliance checks in under one second with machine learning, and Western Union relies increasingly on AI for monitoring and fraud.
- Remitly Global, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- International Money Express, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Wise Group plc Annual Report on Form 20-F for the fiscal year ended March 31, 2026
- Western Union's LatAm strategy faces fintech pressure
- Western Union Intermex deal hits yet another roadblock
- Euronet Worldwide, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Fintechs top banks and stablecoins for cheap cross-border payment - BIS research
- How banks can reclaim cross-border payments
- Remitly Reports Record Second Quarter Results and Raises Full Year 2026 Outlook
- Remitly's AI-Powered Support Slashes Response Times by 75%
- The Western Union Company Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- MoneyGram revamps app
- PayPal Reports Second Quarter 2026 Results (Form 8-K, Exhibit 99.1)
- PayPal Shifts Its Comeback From Checkout to the Wallet
- How Remitly Is Tackling Fraud and Reducing Interventions with Machine Learning
- Remitly (RELY) Q4 2025 Earnings Call Transcript
- Remitly (RELY) Q1 2026 Earnings Call Transcript
- Remitly Appoints Sebastian J. Gunningham as Chief Executive Officer
- Remitly Announces Remitly One, A New All-in-One Financial Membership for Global Life
When Remitly moves on AI, you'll read it here first.
when a bank, fintech or regulator moves on AI, it is in the next morning's brief · six sourced stories · 7 am PT · free
plus every regulation, bank and agent page update, the morning after · leave any morning