Good afternoon. I'm Matt Oppenheimer, co-founder and CEO of Remitly. Thank you for joining us today in New York and around the world at our first-ever product launch event, Remitly Reimagine. Archbishop Desmond Tutu, one of my personal heroes, once said, "My humanity is bound up in yours, for we can only be human together." That belief is as true in global migration as it is anywhere. Miles may separate us, but our humanity binds us together. For as long as humans have moved, they've carried more than just themselves across borders. They've also carried their families' futures and their obligations to those back home. From the earliest migrations built on the hope of prosperity to modern journeys for work, opportunity, and freedom, people have crossed oceans and continents to build new lives. And with every step, our customers live that truth every day.
They leave behind what is familiar not only to build a better life for themselves, but to support the people they love. In this world of division and angst, it's easy to think we are so different. But what I've found running Remitly is that our core drivers are identical: providing for our families, creating success during our limited time on Earth, and having pride in making your corner of the world better, even for our customers if it means leaving it. Their duty, their courageousness, their generosity remind us that sending money isn't just a transaction. It's an expression of connection, of responsibility, of humanity. That is why Remitly exists: to transform lives with trusted financial services that transcend borders. For the last 14 years, our customers have trusted us with one of the most important financial responsibilities: sending money across borders.
We make global transfers fast, affordable, and convenient so they can support loved ones and participate in the opportunities of a connected world. That trust has fueled us. We have built one of the best global payout networks in the world, connecting billions of bank accounts and mobile wallets, hundreds of thousands of cash pickup locations in more than 170 countries, all supported by world-class regulatory expertise and compliance, and most importantly, the trust of over 8.5 million customers earned one transaction at a time. Here's one story. Earlier this week, I had the privilege to talk with Guadalupe, a Remitly customer who moved to the U.S. from El Salvador a few years ago. Since then, she's sent money back home to support her kids twice a week. For Guadalupe, Remitly isn't just an app. It's how she pays for her kids' food. It's how she keeps them in school.
It's how she ensures their futures. In her own words, "My children are my savings and investments." Guadalupe's story is one I've heard from many of our customers. Around the world, our customers already look to Remitly to move money quickly in urgent moments, to manage their finances across borders, and to grow towards long-term goals for their families. It is a powerful reminder of our vision, but it also challenges us to do even more. On that note, we stand at the precipice of one of the most pivotal moments in financial history. The era of instant payments, digital wallets, and stablecoins makes it possible to radically deliver on our vision: a world where anyone can access the money they need anywhere they are. And now, two innovative technologies are accelerating this future: AI and stablecoins. Let's start with AI.
I believe AI is one of the most transformational technologies in history, and we are already using it to solve real-world customer problems at scale. Last year, we launched our first proprietary AI assistant. It now handles millions of customer questions, freeing up our support team to focus on the toughest issues. This spring, we brought that assistant to WhatsApp, the most popular messaging app in the world. Customers can check exchange rates, ask questions, even initiate transfers in the same app where they talk to their loved ones. Sending money just became as easy as a conversation. But this is just the tip of the iceberg. In an AI-powered world, the most valuable resource isn't models or computers. It's data tokens. Not crypto tokens or payment instruments, but the small pieces of structured information that AI models can read, learn from, and act on.
I believe many tokens that train AI models, like publicly available information on the internet, will become commoditized. Companies with proprietary tokens will have a significant competitive advantage. At Remitly, every token we generate is based on data protected by the same rigorous safeguards that we apply across all of our services. Three types of tokens are especially powerful. First, transactions, which are billions of secure signals from payments across 170 countries that help us understand and predict flows. Second, identity, or how customers prove who they are, which lets us increase speed and trust while reducing fraud. And third, usage patterns around the world, when and where money is moved, which helps us improve security and anticipate customers' needs. These tokens enable us to enhance our AI tools and deliver smarter, more secure customer experiences. We can make creditworthiness assessments more accurate and expand access to credit.
We can speed up transaction times while reducing friction. We can create support experiences that feel familiar and personalized, and we can keep finding and solving problems for our customers at scale. The knowledge we've gained from 14 years of delivering for our customers is the foundation that makes this possible. Tokens plus trust, that's our edge in the AI era. At the same time, stablecoins unlock the ability to hold and move value 24/7, 365 days a year in something stable like the U.S. dollar. This solves a real need in emerging markets where local currencies can lose value overnight. With one of the most capable global payout networks in the world, we can do what others can't: turn stablecoin savings into everyday value. Where others stop at the blockchain, Remitly can deliver school fees in Turkish lira, rent in Argentine pesos, or protected savings in Zimbabwean dollars.
Given the strong foundation we've built and the tremendous opportunity ahead of us to enhance our global platform with AI and stablecoins, we have raised our sights and inspired our teams to do the same. To evolve Remitly from a cross-border payments provider to a trusted financial partner our customers can rely on every day. A partner that helps them move, manage, and grow their money with the same peace of mind they already expect from Remitly, further expanding their ability to share in global opportunity. At the heart of all of this is trust. In consumer financial services, trust is not optional. It is everything. It's earned transaction by transaction, relationship by relationship. And today, we are beginning the next chapter with the launch of Remitly One, a financial membership built for global life.
Remitly One is built on the strength of our global platform, accelerated by AI that powers everything from fraud protection to customer support to personalized experiences, and strengthened by stablecoins, which make value more stable and accessible across borders. Remitly One launches in the U.S. today, laying the foundation for the next decade of Remitly innovation. Just as we began with one remittance corridor when we founded Remitly, U.S. to the Philippines, and grew into a global network spanning over 170 countries, today's launch is the first step towards bringing this membership to our customers worldwide, and to show you what this looks like in practice, the launch of Remitly One here in the United States and the roadmap for what comes next, I will hand it to Remitly's Chief Product and Technology Officer, Ankur Sinha.
Thank you, Matt, and thank you all for being here. For the last 14 years, our customers have trusted us to deliver on some of their most important financial responsibilities. That trust sets a high bar. It gives us both the permission and the responsibility to grow with our customers. We've proven we can deliver in the moments that matter most, but the dreams of our customers extend far beyond a single transaction. They want stability when life is uncertain. They want tools to manage their money across borders. And they want opportunities to grow wealth and secure their family's futures. Today, we honor them with something transformational. We are launching Remitly One, a trusted financial membership for global life. This all-in-one experience brings together a suite of Remitly products in the same app customers already trust and can now use to build a strong financial future.
Remitly One launches today with a set of benefits and three core products designed to meet the financial needs our customers face every day: Flex, Wallet, and Cards. To bring these products to life, you'll be introduced to Sophia, Anika, and Mateo, whose stories are inspired by thousands of conversations our teams have with customers that shape what we built. They illustrate how Remitly One will help people move, manage, and grow their money with the same peace of mind they've always expected from Remitly. The first product, Remitly Flex, is designed to help customers move and manage their money across borders in urgent moments. Moving to a new country often means starting from scratch without a credit history or a financial safety net. When cash is tight, even small emergencies can quickly turn into big ones. Flex was built to change that.
Remitly Flex is our flexible funding solution that lets customers send now, pay later with a no-interest cash advance up to $250 for free, with funds available in three days, but Remitly One members unlock more value: instant access to funds, multiple withdrawals up to their approved limit, and flexible repayment on their own schedule. To show you how Remitly Flex can add more breathing room to our customers' everyday financial lives, meet Sophia, a sales associate in San Diego. Sophia gets an urgent WhatsApp message from her father in Mexico. His car has broken down and needs help paying for repairs. Cash is tight until her next paycheck. In the Remitly app, Sophia sees the option to send now, pay later with Flex. By becoming a Remitly One member, she gets instant access to a no-interest cash advance.
She sends her dad the money he needs immediately, right inside the app she already trusts. No transfer or wait time required. After sending her dad the money he needs, she turns on autopay so she doesn't have to think about it again later. We began testing Flex with customers this year, and early results are strong. Repayment rates are high. Most customers who try Flex come back, and when they do, they also send more with Remitly, deepening their relationship with us. That kind of engagement tells us that we're solving a real problem in a way that earns trust and deepens our relationship with customers. We will continue building on this foundation, exploring ways to use AI to strengthen risk management and underwriting as our offerings expand, always with customers at the center.
The second product we're launching today is Remitly Wallet, built to help customers manage and grow their money. Wallet is our store of value product, offering a secure place to hold funds inside the app our customers already trust to send money. For many, it's the first time they've had a reliable store of value that works seamlessly across borders. Remitly Wallet is free to use. And with Remitly One, it delivers even more value with a 4% annual boost cash reward on USD balances, turning everyday savings into steady progress towards future goals. Later this month, we'll also start to roll out access to multi-currency accounts, including the ability to store funds in USDC stablecoins, offering more options to plan, save, and stay in control. To show you how Remitly Wallet can help our customers' money go further, let me introduce you to Anika.
Anika is a nurse who wants to contribute something special to her sister's wedding in India. She has used Remitly in Canada to send money to her grandparents in India. With eight months until the wedding, she opens Remitly Wallet with a USD balance and joins Remitly One, earning a 4% annual boost on her balance. Because her wallet is connected to Remitly's global payout network, she's able to access her funds whenever she needs to. As we were building the Remitly Wallet, I spoke with Alberto and Diana, a couple whose lives are split between the U.S. and Mexico. They travel often to see each other, and they need a simple way to use their money in both countries. In Diana's own words, "If I can pay by card, I prefer to use the card." Their experience showed us something important: sending and saving money is not enough.
Our customers also need everyday access to it. So we built it. This is the new Remitly Card. We're starting to roll this out to Remitly One members in the U.S. starting today. They will be able to spend directly from their wallet anywhere with a debit card that has no foreign transaction fees. Just add it to Apple Pay or Google Pay and tap at checkout, and while this may sound like a simple convenience to many of us, using a card with value to spend easily, we know that for many of our customers who lead global lives, instant global access to funds can be a hard thing to come by. Imagine Mateo, for example. His permanent address is in the U.S., but he travels often and works from different countries.
He wants to grow his savings, but he needs easy access to multiple currencies, so he keeps extra cash in his Remitly Wallet, steadily growing with annual boost rewards. Now, Mateo would be able to add his Remitly debit card to Apple Pay and tap at the checkout counter in Boston or Bogotá, instantly using the money he's already stored safely in his wallet, with no FX surprises and no waiting, and every time he does, he will earn rewards. If Anika, the nurse we met earlier, wants to pay for lunch in Vancouver or a gift for family in Mumbai, she can tap her Remitly debit card and pay instantly. No transfers, no hidden fees. In addition to Flex, Wallet, and Cards, another way we grow towards a stronger financial future is with rewards that turn everyday actions into steady progress.
Members can earn cash back every month through simple things they're already doing to manage their finances, like adding funds to their wallet or setting up autopay for Flex. Anika and Sophia, two customers navigating very different realities, are both earning a little extra money to use however they choose. Cash back is one of the first rewards we're offering members, but it won't be the last. We're already testing new rewards as well as third-party benefits like identity protection and credit monitoring. These benefits are powerful on their own, but together, they're the start of something much bigger as we establish deeper, more meaningful relationships supporting our customers' ability to achieve their dreams. Here's what's next for Remitly One. For many of our customers, arriving in a new country means becoming credit-invisible. In the U.S. alone, more than 30 million people have little or no credit history.
They may be working hard to earn a living, but the lack of history can be a huge barrier to rent an apartment, finance a car, or even qualify for jobs. We wanted to change that. Starting next spring, Remitly One members in the U.S. will be able to access a line of credit designed to help establish their credit history through simple activities. By reporting everyday financial activities, like sending money home to a U.S. credit bureau, we'll help customers establish the recognized credit profile they need. Starting this month, Remitly One members will also be able to store value in USDC stablecoins in their wallet, and later this year, they'll be able to send it to compatible wallets. We've partnered with Circle and Bridge to harness the power of stablecoins for cross-border payments.
Long-term, this will enable us to move value instantly, reduce friction in liquidity and treasury, and give customers the ability to hold their savings in something stable, like the U.S. dollar. Remitly has spent 14 years building the compliance and regulatory frameworks, FX capabilities, and local partnerships that make stablecoins practical for customers. Holding USDC in a wallet is only valuable if you can easily use those funds in your local economy. Remitly's robust global payout network spans billions of bank accounts and mobile wallets and hundreds and thousands of cash pickup locations worldwide. That last-mile access is what turns stablecoin savings from an abstract idea into something people can rely on in their daily lives.
With Remitly One, we're building on the trust our customers have placed in us, fulfilling that responsibility by giving them borrowing power in urgent moments, savings that grow steadily, everyday spending that works seamlessly across borders, and rewards that add up over time. Remitly One launches at just under $10 per month, and customers can join the waitlist today by going to remitly.com/one. Remitly One will enable us to deliver on our audacious vision to transform lives with trusted financial services that transcend borders by strengthening the most valuable part of our business: the relationship we have with our customers. By offering everyday tools to move, manage, and grow their money with confidence, customers will engage more consistently and stay with us longer. Remitly One will become our highest-value customer offer, bringing current and future services into a single holistic membership and driving deeper customer engagement and retention.
With Remitly One, we've taken the first step in our evolution from a payments provider to a true financial partner, helping customers prosper, build better lives, and share in the opportunities of global innovation. We'll meet customers in the moment they choose us to move money and stay with them. From covering an emergency expense to planning for a child's education, Remitly One will be there. This is how we move from transactional to transformational. This is Remitly One, a financial membership built for global life and a foundation for the next decade of Remitly innovation. Let's watch it come to life.
When tuition is due, when bills come before payday, when your small business needs supplies yesterday, we're here for you. We're Remitly, and this is Remitly One.
Your all-in-one membership experience to send, store, and grow your money right in the app you already trust and is also trusted by millions around the world to deliver money on time. Need to send money on a budget? Access up to $250 instantly and repay later with no interest. Money sitting in your wallet? Let it grow automatically. Turn everyday actions like paying on time into monthly rewards. Translation? More money for you. We're simple, flexible, no switching apps, no surprises, just everything you need in one trusted place. Oh, and soon, we'll be offering a digital debit card and helping you establish your credit one transfer at a time. So, hello. This is the Remitly One membership designed to help you thrive globally, built in the app millions already trust.
Thank you all for.