Remitly Global (RELY) 10-Q1 Nov 232023 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 31, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-40822
Entity Registrant Name	Remitly Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2301143
Entity Address, Address Line One	1111 Third Avenue,
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Seattle,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	888
Local Phone Number	736-4859
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	RELY
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		185,157,741
Entity Central Index Key	0001782170
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 223,273	$ 300,635
Disbursement prefunding	216,232	158,055
Customer funds receivable, net	259,316	191,402
Prepaid expenses and other current assets	30,015	19,327
Total current assets	728,836	669,419
Property and equipment, net	14,713	11,546
Operating lease right-of-use assets	10,299	8,675
Goodwill	54,940	0
Intangible assets, net	17,856	0
Other noncurrent assets, net	6,106	6,313
Total assets	832,750	695,953
Current liabilities
Accounts payable	17,861	6,794
Customer liabilities	143,116	111,075
Short-term debt	2,354	0
Accrued expenses and other current liabilities	131,671	87,752
Operating lease liabilities	5,395	3,521
Total current liabilities	300,397	209,142
Operating lease liabilities, noncurrent	5,749	5,674
Other noncurrent liabilities	812	1,050
Total liabilities	306,958	215,866
Commitments and contingencies (Note 15)
Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of September 30, 2023 and December 31, 2022 both; 185,128,562 and 173,250,865 shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively	19	17
Additional paid-in capital	983,197	854,276
Accumulated other comprehensive loss	(1,142)	(743)
Accumulated deficit	(456,282)	(373,463)
Total stockholders’ equity	525,792	480,087
Total liabilities and stockholders’ equity	$ 832,750	$ 695,953

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	725,000,000	725,000,000
Common stock, issued (in shares)	185,128,562	173,250,865
Common stock, outstanding (in shares)	185,128,562	173,250,865

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue		$ 241,629	$ 169,259	$ 679,527	$ 462,528
Costs and expenses
Marketing	[1]	61,351	43,337	159,074	127,807
Technology and development	[1]	57,014	36,178	160,699	95,836
General and administrative	[1]	49,817	35,504	130,715	96,355
Depreciation and amortization		3,418	1,843	9,634	4,870
Total costs and expenses		278,532	204,876	762,721	560,696
Loss from operations		(36,903)	(35,617)	(83,194)	(98,168)
Interest income		1,808	1,400	5,200	1,875
Interest expense		(585)	(330)	(1,566)	(975)
Other income (expense), net		283	1,765	(2,774)	4,121
Loss before provision for income taxes		(35,397)	(32,782)	(82,334)	(93,147)
Provision for income taxes		258	287	485	1,477
Net loss		$ (35,655)	$ (33,069)	$ (82,819)	$ (94,624)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)		$ (0.20)	$ (0.20)	$ (0.46)	$ (0.57)
Diluted (in dollars per share)		$ (0.20)	$ (0.20)	$ (0.46)	$ (0.57)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic (in shares)		182,598,013	168,604,378	178,956,602	166,517,398
Diluted (in shares)		182,598,013	168,604,378	178,956,602	166,517,398
Transaction expenses
Costs and expenses
Cost of revenue	[1]	$ 85,742	$ 69,872	$ 239,995	$ 186,961
Customer support and operations
Costs and expenses
Cost of revenue	[1]	$ 21,190	$ 18,142	$ 62,604	$ 48,867

[1]Exclusive of depreciation and amortization, shown separately, above.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (35,655)	$ (33,069)	$ (82,819)	$ (94,624)
Other comprehensive loss:
Foreign currency translation adjustments	(992)	(1,375)	(399)	(2,642)
Comprehensive loss	$ (36,647)	$ (34,444)	$ (83,218)	$ (97,266)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Stockholders' Equity
Beginning balance	$ 480,328	$ 16	$ 739,503	$ 253	$ (259,444)
Beginning balance (in shares) at Dec. 31, 2021		164,239,555
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)		202,213
Issuance of common stock in connection with ESPP	1,882		1,882
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		1,696,601
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	2,678	$ 1	2,677
Stock-based compensation expense	9,921		9,921
Other comprehensive loss	4			4
Net loss	(23,310)				(23,310)
Ending balance (in shares) at Mar. 31, 2022		166,138,369
Ending balance at Mar. 31, 2022	471,503	$ 17	753,983	257	(282,754)
Beginning balance (in shares) at Dec. 31, 2021		164,239,555
Stockholders' Equity
Net loss	(94,624)
Ending balance (in shares) at Sep. 30, 2022		170,467,139
Ending balance at Sep. 30, 2022	466,489	$ 17	822,929	(2,389)	(354,068)
Stockholders' Equity
Beginning balance	471,503	$ 17	753,983	257	(282,754)
Beginning balance (in shares) at Mar. 31, 2022		166,138,369
Stockholders' Equity
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		1,653,909
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	2,154		2,154
Taxes paid related to net share settlement of equity awards (in shares)		(2,627)
Taxes paid related to net shares settlement of equity awards	(30)		(30)
Stock-based compensation expense	33,114		33,114
Other comprehensive loss	(1,271)			(1,271)
Net loss	(38,245)				(38,245)
Ending balance (in shares) at Jun. 30, 2022		167,789,651
Ending balance at Jun. 30, 2022	467,225	$ 17	789,221	(1,014)	(320,999)
Stockholders' Equity
Beginning balance	467,225	$ 17	789,221	(1,014)	(320,999)
Issuance of common stock in connection with ESPP (in shares)		177,461
Issuance of common stock in connection with ESPP	1,634		1,634
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		2,320,448
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	3,914		3,914
Taxes paid related to net share settlement of equity awards (in shares)		(2,382)
Taxes paid related to net shares settlement of equity awards	(25)		(25)
Stock-based compensation expense	26,213		26,213
Other comprehensive loss	(1,375)			(1,375)
Net loss	(33,069)				(33,069)
Ending balance (in shares) at Sep. 30, 2022		170,467,139
Ending balance at Sep. 30, 2022	466,489	$ 17	822,929	(2,389)	(354,068)
Stockholders' Equity
Donation of common stock (in shares)		181,961
Stock Issued During Period, Value, Donations	1,972		1,972
Beginning balance	466,489	$ 17	822,929	(2,389)	(354,068)
Beginning balance	480,087	$ 17	854,276	(743)	(373,463)
Beginning balance (in shares) at Dec. 31, 2022		173,250,865
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)		297,095
Issuance of common stock in connection with ESPP	2,729		2,729
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		3,589,965
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	4,993	$ 1	4,992
Issuance of common stock for acquisition consideration (in shares)		590,838
Issuance of common stock for acquisition consideration	6,635		6,635
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition (in shares)		104,080
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581		581
Taxes paid related to net share settlement of equity awards (in shares)		(99,550)
Taxes paid related to net shares settlement of equity awards	(1,413)		(1,413)
Stock-based compensation expense	29,775		29,775
Other comprehensive loss	348			348
Net loss	(28,314)				(28,314)
Ending balance (in shares) at Mar. 31, 2023		177,733,293
Ending balance at Mar. 31, 2023	495,421	$ 18	897,575	(395)	(401,777)
Beginning balance (in shares) at Dec. 31, 2022		173,250,865
Stockholders' Equity
Net loss	(82,819)
Ending balance (in shares) at Sep. 30, 2023		185,128,562
Ending balance at Sep. 30, 2023	525,792	$ 19	983,197	(1,142)	(456,282)
Stockholders' Equity
Beginning balance	495,421	$ 18	897,575	(395)	(401,777)
Beginning balance (in shares) at Mar. 31, 2023		177,733,293
Stockholders' Equity
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		3,468,316
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	3,586		3,586
Taxes paid related to net share settlement of equity awards (in shares)		(39,883)
Taxes paid related to net shares settlement of equity awards	(698)		(698)
Stock-based compensation expense	36,033		36,033
Other comprehensive loss	245			245
Net loss	(18,850)				(18,850)
Ending balance (in shares) at Jun. 30, 2023		181,161,726
Ending balance at Jun. 30, 2023	515,737	$ 18	936,496	(150)	(420,627)
Stockholders' Equity
Beginning balance	515,737	$ 18	936,496	(150)	(420,627)
Issuance of common stock in connection with ESPP (in shares)		328,272
Issuance of common stock in connection with ESPP	3,317		3,317
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		3,561,018
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	3,992	$ 1	3,991
Taxes paid related to net share settlement of equity awards (in shares)		(104,415)
Taxes paid related to net shares settlement of equity awards	(2,600)		(2,600)
Stock-based compensation expense	37,393		37,393
Other comprehensive loss	(992)			(992)
Net loss	(35,655)				(35,655)
Ending balance (in shares) at Sep. 30, 2023		185,128,562
Ending balance at Sep. 30, 2023	525,792	$ 19	983,197	(1,142)	(456,282)
Stockholders' Equity
Donation of common stock (in shares)		181,961
Stock Issued During Period, Value, Donations	4,600		4,600
Beginning balance	$ 525,792	$ 19	$ 983,197	$ (1,142)	$ (456,282)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net loss	$ (82,819)	$ (94,624)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,634	4,870
Stock-based compensation expense, net	101,007	67,880
Donation of common stock	4,600	1,972
Other	4,674	268
Changes in operating assets and liabilities:
Disbursement prefunding	(52,162)	(35,909)
Customer funds receivable	(68,553)	(52,547)
Prepaid expenses and other assets	(9,652)	(3,355)
Operating lease right-of-use assets	3,796	2,743
Accounts payable	10,448	6,863
Customer liabilities	29,211	36,803
Accrued expenses and other liabilities	34,164	40,399
Operating lease liabilities	(3,470)	(3,152)
Net cash used in operating activities	(19,122)	(27,789)
Cash flows from investing activities
Purchases of property and equipment	(2,268)	(2,197)
Capitalized internal-use software costs	(4,249)	(2,444)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash	(40,933)	(375)
Net cash used in investing activities	(47,450)	(5,016)
Cash flows from financing activities
Proceeds from exercise of stock options	12,258	8,245
Proceeds from revolving credit facility borrowings	424,000	0
Repayments of revolving credit facility borrowings	(424,000)	0
Taxes paid related to net share settlement of equity awards	(4,711)	(55)
Repayment of assumed indebtedness	(17,068)	0
Net cash (used in) provided by financing activities	(9,521)	8,190
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(599)	(2,166)
Net decrease in cash, cash equivalents, and restricted cash	(76,692)	(26,781)
Cash, cash equivalents, and restricted cash at beginning of period	300,734	403,313
Cash, cash equivalents, and restricted cash at end of period	224,042	376,532
Supplemental disclosure of cash flow information
Cash paid for interest	1,329	690
Cash paid for income taxes	4,691	1,397
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	5,414	7,441
Vesting of early exercised options	311	554
Noncash issuance of common stock in connection with ESPP	6,046	3,516
Stock-based compensation expense capitalized to internal-use software	2,194	1,368
Issuance of common stock for acquisition consideration	6,635	0
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581	0
Holdback liability to be settled in cash and Company equity	11,899	0
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	2,401	0
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	223,273	376,451
Restricted cash included in prepaid expenses and other current assets	715	0
Restricted cash included in other noncurrent assets, net	54	81
Total cash, cash equivalents, and restricted cash	$ 224,042	$ 376,532

Organization and Description of

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Remitly Global, Inc. (the “Company” or “Remitly”) was incorporated in the State of Delaware in October 2018 and is headquartered in Seattle, Washington, with various other global office locations. Remitly was founded and incorporated in the State of Delaware in 2011 under the name of Remitly, Inc., and is a wholly owned subsidiary of Remitly Global, Inc. Remitly is a leading digital financial services provider for immigrants and their families in over 170 countries, helping customers send money internationally in a quick, reliable, and more cost-effective manner, by leveraging digital channels and supporting cross-border transmissions across the globe. Unless otherwise expressly stated or the context otherwise requires, the terms “Remitly” and the “Company” within these notes to the condensed consolidated financial statements refer to Remitly Global, Inc. and its wholly-owned subsidiaries.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end data within the Condensed Consolidated Balance Sheets was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2022. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any other future annual or interim period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the condensed consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and the recoverability of intangible assets. The key assumptions applied for value of the intangible assets include forecasted revenue and growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the three and nine months ended September 30, 2023 and 2022. For the three and nine months ended September 30, 2023 and 2022, no individual customer represented 10% or more of the Company’s total revenues or the Company’s customer funds receivable. Restricted Cash The Company has relationships with certain payment processors that are responsible for processing the Company’s incoming customer payments. These processors require the Company to maintain certain restricted cash balances as collateral throughout the term of the processor arrangement. In addition, the Company may be required to maintain restricted cash as a result of other contractual arrangements with vendors and partners. Restricted cash is classified within ‘ Prepaid expenses and other current assets ’ and ‘ Other noncurrent assets, net ’ on the Condensed Consolidated Balance Sheets, based on its contractual terms. Prior year amounts have been reclassified on the Condensed Consolidated Balance Sheets to conform to the current year presentation. Goodwill Goodwill represents the excess of the purchase price over the acquisition date fair value of net assets, including the amount assigned to identifiable intangible assets, acquired in a business combination. The Company evaluates goodwill for impairment annually and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. The Company considers factors in performing a qualitative assessment, including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or does not pass the qualitative assessment, a quantitative assessment is performed. The quantitative assessment compares the carrying value to the fair value of goodwill, with the difference representing an impairment loss. Advertising Advertising expenses are charged to operations as incurred and are included as a component of ‘ Marketing expenses ’ within the Condensed Consolidated Statements of Operations. Advertising expenses are used primarily to attract new customers. Advertising expenses totaled $48.3 million and $34.6 million during the three months ended September 30, 2023 and 2022, respectively. Advertising expenses totaled $123.5 million and $105.2 million during the nine months ended September 30, 2023 and 2022, respectively. Intangible Assets Intangible assets with finite lives primarily consist of developed technology, customer relationships, and trade names acquired through business combinations or asset acquisitions. Intangible assets acquired through business combination are recorded at their respective estimated acquisition date fair value and amortized over their estimated useful lives. Other intangible assets acquired through asset acquisitions are recorded at their respective cost. Intangible assets are amortized using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be realized over their estimated useful lives, or straight-lined if not materially different. Long-Lived Assets The Company assesses potential impairments to its long-lived assets when events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If any indicators of impairment are present, the Company tests recoverability. The carrying value of a long-lived asset or asset group is not recoverable if the carrying value exceeds the sum of the estimated undiscounted future cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If the estimated undiscounted future cash flows do not exceed the asset or asset group’s carrying amount, then an impairment loss is recorded, measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its estimated fair value. Severance and Other Related Expenses The Company records severance-related expenses based on the applicable accounting guidance and whether the severance relates to an ongoing benefit arrangement or relates to a one-time involuntary benefit arrangement. Ongoing benefit arrangements, including statutorily-required notice periods, are recorded when both probable of being paid and estimable. One-time involuntary benefit arrangements and other associated costs are generally recognized when a liability is incurred. The Company also evaluates whether these costs are associated with restructuring activities. Severance costs are expensed within the appropriate Costs and expenses component within our Condensed Consolidated Statements of Operations and associated accruals are recorded within ' Accrued expenses and other liabilities .' Out-of-Period Adjustment The condensed consolidated financial statements include an adjustment of $4.4 million to stock-based compensation expense and additional paid-in capital, to correct for an error identified by management during the preparation of the prior period’s financial statements for the three months ended June 30, 2022. This adjustment is to reflect the straight-lining of expense over the full service period for graded-vested stock-based compensation awards under Accounting Standards Codification (“ASC”) 718, Compensation - Stock Compensation , and relates to prior annual fiscal periods. Management has determined that this error was not material to the historical financial statements in any individual period or in the aggregate and did not result in the previously issued financial statements being materially misstated. Additionally, although the impact to the three months ended June 30, 2022 was considered material, the impact to the nine months ended September 30, 2022 and full year 2022 results is not material. As such, management recorded the correction as an out-of-period adjustment in the three months ended June 30, 2022, as disclosed in the Quarterly Report on Form 10-Q for the three months ended June 30, 2022. Substantially all of the cumulative adjustment was related to stock-based compensation for personnel who support the Company’s general and administrative functions and was recorded to ‘ General and administrative expenses ’ within the Condensed Consolidated Statements of Operations. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. There have been no significant changes to these policies during the nine months ended September 30, 2023, except as noted above. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, “Revenue from contracts with customers” (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 for public entities and December 15, 2023 for all other entities, with early adoption permitted. The Company assessed the impact of the guidance to its condensed consolidated financial statements for the three and nine months ended September 30, 2023 and concluded that the standard did not have a material impact on its financial statements. Accounting Pronouncements Not Yet Adopted There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable. The Company does not believe any of these accounting pronouncements have had, or will have, a material impact on the condensed consolidated financial statements or disclosures.

Revenue

Revenue	9 Months Ended
Revenue	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s primary source of revenue is generated from its remittance business. Revenue is earned from transaction fees charged to customers and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company’s currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , which includes the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies a performance obligation. Customers engage the Company to perform one integrated service — collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to the Company’s terms and conditions. Revenue is derived from each transaction and varies based on the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided. The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component. The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘ Transaction expenses ’ within the Condensed Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs. Deferred Revenue The deferred revenue balances from contracts with customers were as follows for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Deferred revenue, beginning of the period $ 626 $ 1,084 $ 1,108 $ 1,212 Deferred revenue, end of the period 889 1,122 889 1,122 Revenue recognized from amounts included in deferred revenue at the beginning of the period $ 296 $ 449 $ 735 $ 602 Deferred revenue represents amounts received from customers for which the performance obligations are not yet fulfilled. Deferred revenue is primarily included within ‘ Accrued expenses and other current liabilities ’ on the Condensed Consolidated Balance Sheets, as the performance obligations are expected to be fulfilled within the next year. Sales Incentives The Company provides sales incentives to customers in a variety of forms, including promotions, discounts, and other sales incentives. Evaluating whether a sales incentive is a payment to a customer requires judgment. Sales incentives determined to be consideration payable to a customer or paid on behalf of a customer are accounted for as reductions to revenue, up to the point where net historical cumulative revenue, at the customer level, is reduced to zero. Those additional incentive costs that would have caused the customer level revenue to be negative are classified as advertising expenses and are included as a component of ‘ Marketing expenses ’ within the Condensed Consolidated Statements of Operations. In addition, referral credits given to a referrer are classified as ‘ Marketing expenses, ’ as these incentives are paid in exchange of a distinct service. The following table presents the Company’s sales incentives for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Reduction to revenue $ 8,528 $ 6,699 $ 24,123 $ 17,525 Marketing expenses 4,765 5,175 13,292 13,803 Total sales incentives $ 13,293 $ 11,874 $ 37,415 $ 31,328 Revenue by Geography The following table presents the Company’s revenue disaggregated by primary geographical location for the three and nine months ended September 30, 2023 and 2022, attributed to the country in which the sending customer is located: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 United States $ 160,729 $ 122,068 $ 458,815 $ 337,986 Canada 29,501 20,624 81,838 56,983 Rest of world 51,399 26,567 138,874 67,559 Total revenue $ 241,629 $ 169,259 $ 679,527 $ 462,528

Property and Equipment

Property and Equipment	9 Months Ended
Property and Equipment	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Capitalized internal-use software $ 20,259 $ 14,072 Computer and office equipment 8,081 6,177 Furniture and fixtures 2,589 2,056 Leasehold improvements 7,986 7,036 Projects in process 4 722 Total gross property and equipment 38,919 30,063 Less: Accumulated depreciation and amortization (24,206) (18,517) Property and equipment, net $ 14,713 $ 11,546 Depreciation and amortization expense related to property and equipment was $2.2 million and $1.8 million for the three months ended September 30, 2023 and 2022, respectively. Depreciation and amortization expense related to property and equipment was $6.0 million and $4.9 million for the nine months ended September 30, 2023 and 2022, respectively. Capitalized Internal-Use Software Costs The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Total capitalized internal-use software costs (1) $ 2,725 $ 1,226 $ 6,443 $ 3,813 Stock-based compensation costs capitalized to internal-use software 820 468 2,194 1,368 Amortization expense (2) 1,193 1,047 3,136 2,478 __________ (1) Amounts are inclusive of stock-based compensation costs capitalized denoted below. (2) Amounts are included within ‘ Depreciation and amortization ’ within the Company’s Condensed Consolidated Statements of Operations. Capitalized Costs of Cloud Computing Arrangements The following table presents the Company’s capitalized costs related to the implementation of cloud computing arrangements, including amortization expense recognized, for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Total capitalized cloud computing arrangement costs $ 859 $ 386 $ 2,732 $ 1,097 Technology and development $ 416 $ 166 $ 1,087 $ 413 General and administrative 59 4 148 19 Total amortization expense $ 475 $ 170 $ 1,235 $ 432 The following table presents the Company’s total capitalized cloud computing arrangement costs, net of accumulated amortization, on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Prepaid expenses and other current assets $ 2,097 $ 1,289 Other noncurrent assets, net 1,875 1,186 Total capitalized cloud computing arrangement costs, net $ 3,972 $ 2,475

Business Combinations

Business Combinations	9 Months Ended
Business Combinations	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations The Company completed its acquisition of Rewire (O.S.G) Research and Development Ltd. (“Rewire”) on January 5, 2023 by acquiring all outstanding equity interests of Rewire in exchange for cash and equity consideration, described below. The acquisition of Rewire allows the Company to accelerate its opportunity to differentiate the remittance experience with complementary products, by bringing together its remittance businesses in new geographies, along with a strong team that is culturally aligned with the Company. The acquisition meets the criteria to be accounted for as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”). This method requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date and that the difference between the fair value of the consideration paid for the acquired entity and the fair value of the net assets acquired be recorded as goodwill, which is not amortized but is tested at least annually for impairment. Consideration Transferred The estimated acquisition date fair value of consideration transferred for the acquisition totaled $77.9 million, as follows: (in thousands) Amount Cash paid to selling shareholders $ 56,398 Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services 7,216 Holdback liability to be settled in cash and Company equity 11,899 Effective settlement of pre-existing net receivable owed to the Company 2,401 Total consideration transferred $ 77,914 The fair value of equity was determined based on the closing price of the Company’s common stock immediately prior to acquisition, and includes 694,918 shares issued in Company common stock, inclusive of 104,080 shares which are subject to service-based vesting conditions over a two-year period. Approximately $0.6 million of these proceeds were accounted for as pre-combination expense, and included within the total consideration transferred noted above, with the remaining $0.9 million to be recognized as post-combination share-based compensation expense over the requisite service period. The equity issued excludes 133,309 shares and restricted stock units held back and not legally issued at acquisition date, as further discussed below. Approximately $11.9 million of the cash and equity proceeds were held back to satisfy any necessary adjustments, including without limitation, indemnification claims related to general representations and warranties, and any net working capital adjustments. The majority of this holdback is expected to be settled in cash, and the remainder in Company common stock and restricted stock units, which approximated 133,309 shares held back and not legally issued at acquisition date. Such amounts will be settled after a 15-month holdback period, net of any amounts necessary to satisfy all unsatisfied or disputed claims for indemnification and net working capital adjustments. As of the acquisition date, this represented approximately $10.4 million in cash and $1.5 million in equity, as discussed above, issuable at the end of the holdback period in Company common stock, subject to the aforementioned adjustments. Included in consideration transferred is the settlement of a pre-existing net receivable owed to the Company by Rewire, which was effectively settled and became intercompany arrangements as of the closing of the transaction. Excluding the impact of the outstanding net receivable owed to the Company by Rewire, the Company would have paid $2.4 million more for the business at closing, and therefore the GAAP purchase price reflects an increase in that amount. The settlement of pre-existing relationships between the Company and Rewire did not result in any material gain or loss. Holdback Liability The holdback of cash and equity proceeds discussed above was recorded at its acquisition date fair value and was classified as a liability within ‘ Other noncurrent liabilities ’ on the Company’s Condensed Consolidated Balance Sheets at the acquisition date. The portion of the holdback to be settled in Company shares continues to be recorded at its fair value through its settlement date, with changes recorded to earnings. The estimated fair value of the portion of the holdback liability that will be settled in equity uses both observable and unobservable inputs, specifically considering the price of the Company’s common stock, as well as the probability of payout at the end of the holdback period, and is considered a Level 3 measurement, as defined in ASC 820, Fair Value Measurement (“ASC 820”). As of September 30, 2023, the holdback liability was recorded within ‘ Accrued expenses and other current liabilities ’ on the Company’s Condensed Consolidated Balance Sheets as the liability is set to be fulfilled within twelve months of the balance sheet date. During the three and nine months ended September 30, 2023, the Company recorded $0.9 million and $1.9 million, respectively, to reflect the change in the fair value of the holdback liability, recorded within ‘ General and administrative expenses ’ within the Condensed Consolidated Statements of Operations. As of September 30, 2023, the fair value of the holdback liability was $13.8 million, of which $10.4 million will be paid in cash and the remainder in equity. Fair Value of Assets Acquired and Liabilities Assumed The identifiable assets acquired and liabilities assumed of Rewire were recorded at their preliminary fair values as of the acquisition date and consolidated with those of the Company. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition requires the use of significant judgments regarding estimates and assumptions. The fair values of intangible assets were estimated using inputs classified as Level 3 under the income and cost approaches, including the multi-period excess earnings method for developed technology. The key assumptions in applying the income approach used in valuing the identified intangible assets include forecasted revenue and growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The following table summarizes the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed based on their acquisition-date fair values: (in thousands) Purchase Price Allocation Cash, cash equivalents, and restricted cash $ 15,465 Disbursement prefunding 6,016 Customer funds receivable, net 3,423 Prepaid expenses and other assets, net 1,187 Intangible Assets Trade name 1,000 Customer relationships 8,500 Developed technology 12,000 Goodwill 54,940 Customer liabilities (3,075) Advance for future deposits (2,550) Other assumed indebtedness (16,234) Other liabilities, net (2,758) Total consideration transferred $ 77,914 The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to the revenue and cost synergies expected to arise from the acquisition through continued geographic expansion and product differentiation, along with the acquired workforce of Rewire. Goodwill is deductible for income tax purposes. The acquisition did not change the Company’s one operating segment. Acquired Receivables The fair value of the financial assets acquired include ‘ Disbursement prefunding’ and ‘ Customer funds receivable, ne t’, with a fair value of $6.0 million and $3.4 million, respectively, as disclosed above. The Company expects to collect substantially all of these receivables. Transaction Costs Transaction costs totaled $0.9 million and $2.6 million for the three and nine months ended September 30, 2023, respectively, which included $0.9 million and $1.9 million, respectively, for the change in the fair value of the holdback liability. Transaction costs totaled $1.8 million and $2.6 million for the three and nine months ended September 30, 2022, respectively. Such costs are primarily related to the Company’s aforementioned acquisition of Rewire. Other Disclosures The results of Rewire have been included within the condensed consolidated financial statements since the date of the acquisition. Rewire’s ‘ Revenue ’ included within the Condensed Consolidated Statements of Operations since the acquisition date was $3.2 million and $10.1 million, for the three and nine months ended September 30, 2023, respectively. Rewire’s ‘ Net Loss ’ included within the Condensed Consolidated Statements of Operations since the acquisition date was $(10.0) million and $(28.2) million for the three and nine months ended September 30, 2023, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
Goodwill and Intangible Assets	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill The goodwill recorded on the Condensed Consolidated Balance Sheets as of September 30, 2023 was attributable to the acquisition of Rewire completed within the period, including measurement period adjustments, as described further in Note 5. Business Combinations . There were no other adjustments to goodwill during the nine months ended September 30, 2023. Intangible Assets The components of identifiable intangible assets as of September 30, 2023 were as follows: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Trade name $ 1,000 $ (250) $ 750 2.3 Customer relationships 8,500 (1,594) 6,906 3.3 Developed technology 12,000 (1,800) 10,200 4.3 Total $ 21,500 $ (3,644) $ 17,856 The acquired identified intangible assets have preliminary estimated useful lives ranging from three Identifiable intangible asset balances as of December 31, 2022 and related amortization expense for the three and nine months ended September 30, 2022 were immaterial. Expected future intangible asset amortization as of September 30, 2023 was as follows: (in thousands) Amount Remainder of 2023 $ 1,215 2024 4,858 2025 4,858 2026 4,525 2027 2,400 Total $ 17,856

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Except for the holdback liability related to the Rewire acquisition discussed in Note 5. Business Combinations , there were no financial assets and liabilities that were measured at f air value on a recurring basis as of September 30, 2023 and December 31, 2022.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Secured Revolving Credit Facility New Revolving Credit Facility On September 13, 2021, Remitly Global, Inc. and Remitly, Inc., a wholly-owned subsidiary of Remitly Global, Inc., as co-borrowers, entered into a credit agreement (the “New Revolving Credit Facility”) with certain lenders and JPMorgan Chase Bank, N.A. acting as administrative agent and collateral agent, that provides for revolving commitments of $250.0 million (including a $60.0 million letter of credit sub-facility) and terminated its then-existing 2020 Credit Agreement. Proceeds under the New Revolving Credit Facility are available for working capital and general corporate purposes. The New Revolving Credit Facility was amended on June 26, 2023 to reflect changes as a result of the sunsetting of the LIBOR interest rate, as noted below. No other changes were made to the New Revolving Credit Facility. The Company evaluated the amendment as a debt modification pursuant to ASC 470-50, Debt — Modification and Extinguishment, noting no material impact. Unamortized debt issuance costs continue to be amortized over the term of the New Revolving Credit Facility. The New Revolving Credit Facility has a maturity date of September 13, 2026. Borrowings under the New Revolving Credit Facility accrue interest at a floating rate per annum equal to, at the Company’s option, (1) the Alternate Base Rate (defined in the New Revolving Credit Facility as the rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect for such day plus 0.50% and (c) the Adjusted Term SOFR Rate for an interest period of one month plus 1.00% (subject to a floor of 1.00%) plus 0.50% per annum or (2) the Adjusted Term SOFR Rate (subject to a floor of 0.00%) plus 1.50% per annum. Such interest is payable (a) with respect to loans bearing interest based on the Alternate Base Rate, the last day of each March, June, September and December and (b) with respect to loans bearing interest based on the Adjusted Term SOFR Rate, at the end of each applicable interest period, but in no event less frequently than every three months. In addition, an unused commitment fee, which accrues at a rate per annum equal to 0.25% of the unused portion of the revolving commitments, is payable on the last day of each March, June, September and December. The New Revolving Credit Facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the ability to dispose of assets, merge with other entities, incur indebtedness, grant liens, pay dividends or make other distributions to holders of its capital stock, make investments, enter into restrictive agreements, or engage in transactions with affiliates. As of September 30, 2023 and December 31, 2022, financial covenants in the New Revolving Credit Facility include (1) a requirement to maintain a minimum Adjusted Quick Ratio of 1.50:1.00, which is tested quarterly and (2) a requirement to maintain a minimum Liquidity of $100.0 million, which is tested quarterly. The Company was in compliance with all financial covenants under the New Revolving Credit Facility as of September 30, 2023 and December 31, 2022 . The obligations under the New Revolving Credit Facility are guaranteed by the material domestic subsidiaries of Remitly Global, Inc., subject to customary exceptions, and are secured by substantially all of the assets of the borrowers and guarantors thereunder, subject to customary exceptions. Amounts of borrowings under the New Revolving Credit Facility may fluctuate depending upon transaction volumes and seasonality. As of September 30, 2023 and December 31, 2022, the Company had no outstanding borrowings under the New Revolving Credit Facility. As of September 30, 2023 and December 31, 2022, the Company had $47.5 million and $22.3 million, respectively, in issued, but undrawn, standby letters of credit. As of September 30, 2023 and December 31, 2022, the Company had unused borrowing capacity of $202.5 million and $227.7 million, respectively, under the New Revolving Credit Facility. Advance for Future Deposits As part of the acquisition of Rewire, the Company assumed short-term indebtedness of Rewire that represents an advance for future deposits from Rewire’s amended agreement with one of its financial partners (the “Amendment” and the “Depositor,” respectively) entered into in October 2021. The Amendment has a maturity date of November 2023. The Depositor made an advance payment to Rewire with respect to future deposits (the “Advance for Future Deposits”). The original amount of 9.0 million Israeli shekel, approximately $2.8 million, was transferred as an advance under the Amendment. As of September 30, 2023, the Company had $2.4 million outstanding under the Amendment and was included within ‘ Short-term debt ’ on the Condensed Consolidated Balance Sheets. The change in the outstanding balance is driven by the change in the foreign exchange conversion rate. The Advance for Future Deposits bears a floating interest rate of 1.4%+ Israeli Prime per annum, paid on a monthly basis. The Israeli Prime rate is defined as the Bank of Israel rate + 1.5%. The weighted-average interest rate as of September 30, 2023 was 3.0%. Assumed Short-term Debt of Rewire As part of the acquisition of Rewire, the Company assumed the amounts due on a revolving credit line that Rewire had entered into in 2021 and the amounts due on a bridge loan that Rewire had entered into in 2022. The total outstanding amounts were repaid during the nine months ended September 30, 2023, along with certain other acquired indebtedness, subsequent to the Company’s acquisition of Rewire and was included within the Condensed Consolidated Statements of Cash Flows as a financing activity.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
Net Loss Per Common Share	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Common Share	Net Loss Per Common Share The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the periods indicated. As the Company reported a net loss, diluted net loss per share was the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive for all periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net loss $ (35,655) $ (33,069) $ (82,819) $ (94,624) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 182,598,013 168,604,378 178,956,602 166,517,398 Net loss per share attributable to common stockholders: Basic and diluted $ (0.20) $ (0.20) $ (0.46) $ (0.57) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of September 30, 2023 2022 Stock options outstanding 11,449,901 18,364,196 RSUs outstanding 25,501,813 19,930,996 ESPP 654,994 1,396,853 Shares subject to repurchase 19,710 205,727 Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition (1) 104,080 — Equity issuable in connection with acquisition (1) 133,309 — Total 37,863,807 39,897,772 __________ (1) Refer to Note 5. Business Combinations

Common Stock

Common Stock	9 Months Ended
Common Stock	Sep. 30, 2023
Equity [Abstract]
Common Stock	Common StockAs of September 30, 2023, the Company has authorized 725,000,000 shares of common stock with a par value of $0.0001 per share. Each holder of a share of common stock is entitled to one vote for each share held at all meetings of stockholders and is entitled to receive dividends whenever funds are legally available and when declared by the Company’s board of directors. No dividends have been declared or paid by the Company during the nine months ended September 30, 2023 and September 30, 2022. Donation to Remitly Philanthropy Fund In July 2021, the Company’s board of directors approved the reservation of up to 1,819,609 shares of common stock (which was approximately 1.0% of the fully diluted capitalization as of June 30, 2021) that the Company may issue to or for the benefit of a 501(c)(3) nonprofit foundation or a similar charitable organization pursuant to the Company’s Pledge 1% commitment in installments over ten years. On September 10, 2021, the Company executed the stock donation agreement, pursuant to which it issued the first installment of the Pledge 1% commitment to Remitly Philanthropy Fund, a donor advised fund administered on the Company’s behalf by Rockefeller Philanthropy Advisors, Inc., on the day after consummation of the IPO. The Company donated 181,961 shares of its common stock to Remitly Philanthropy Fund on both September 20, 2023 and September 28, 2022, pursuant to the stock donation agreement, and in connection with the Pledge 1% commitment, which publicly acknowledges the Company’s intent to give back and increase social impact, in order to sustainably fund a portion of its corporate social responsibility goals and further its mission to expand financial inclusion for immigrants. For the three and nine months ended September 30, 2023 and 2022, the Company recorded a charge of $4.6 million and $2.0 million, respectively, to ‘ General and administrative expenses ’ within the Condensed Consolidated Statements of Operations based on the closing price of its common stock as reported on the Nasdaq Global Select Market (the “NASDAQ”) on September 20, 2023 and September 28 2022, respectively.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Shares Available for Issuance The following table presents the Company’s shares available for issuance as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Equity incentive awards that remain available for issuance under the 2021 Plan 11,528,072 10,890,112 Shares of common stock that remain available for issuance under the ESPP 5,869,862 4,762,721 Stock Options The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2023: Stock Options (in thousands, except share and per share data) Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (1) Balances as of January 1, 2023 15,988,268 $ 4.11 6.79 $ 119,467 Exercised (3,957,847) 2.98 59,845 Forfeited (580,520) 5.96 Balances as of September 30, 2023 11,449,901 4.41 6.13 238,255 Vested and exercisable as of September 30, 2023 8,375,110 2.97 5.58 186,326 Vested and expected to vest as of September 30, 2023 11,424,611 $ 4.43 6.14 $ 237,534 _________________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. No stock options were granted during the nine months ended September 30, 2023. The fair value of each employee stock option granted during the nine months ended September 30, 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Nine Months Ended September 30, 2022 Risk-free interest rates 2.86% Expected term 6.1 years Volatility 64.0% Dividend rate — % The weighted-average grant date fair value of options granted during the nine months ended September 30, 2022 was $6.78. The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2023 and September 30, 2022: Nine Months Ended September 30, (in thousands) 2023 2022 Aggregate grant-date fair value of options vested $ 7,068 $ 9,561 Intrinsic value of options exercised 59,845 30,850 Restricted Stock Units Restricted stock unit activity during the nine months ended September 30, 2023 was as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Unvested at January 1, 2023 23,366,355 $ 11.86 Granted 11,167,967 16.85 Vested (6,636,117) 12.05 Cancelled/forfeited (2,396,392) 12.86 Unvested at September 30, 2023 25,501,813 $ 13.90 The following is a summary of the Company’s restricted stock unit activity during the nine months ended September 30, 2023 and September 30, 2022: Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 Weighted-average grant date fair value of RSUs granted $ 16.85 $ 10.66 Aggregate grant-date fair value of RSUs vested 79,962 24,150 Employee Stock Purchase Plan (“ESPP”) The offering period that commenced on September 22, 2021, for which the accounting grant date was met in October 2021, ended on February 28, 2022, due to a decline in the Company’s stock price at the end of the purchase period, triggering a new offering period, as required by the ESPP plan documents. A new 24-month offering period commenced on March 1, 2022. This event was accounted for as a modification under GAAP in the first quarter of 2022, whereby the fair value of the ESPP offering was measured immediately before and after modification, resulting in incremental stock-based compensation expense of $3.6 million, which is being recognized over the new offering period, which is deemed to be the requisite service period. A new subsequent 24-month offering period commences on March 1 and September 1 of each fiscal year. The fair value of the ESPP offerings described above were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings which commenced during the nine months ended September 30, 2023 and 2022, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein: Nine Months Ended September 30, 2023 2022 Risk-free interest rates 4.81% to 5.40% 0.60% to 3.48% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 47.8% to 65.2% 58.3% to 73.0% Dividend rate — % — % Stock-Based Compensation Expense Stock-based compensation expense for stock options, RSUs, and the ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 4. Property and Equipment , was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Customer support and operations $ 386 $ 226 $ 1,010 $ 596 Marketing 4,525 3,352 12,235 7,149 Technology and development 19,828 13,238 55,047 30,959 General and administrative 11,834 8,929 32,715 29,176 Total $ 36,573 $ 25,745 $ 101,007 $ 67,880 As of September 30, 2023, the total unamortized compensation cost related to all non-vested equity awards, including options and RSUs, was $314.2 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.7 years. As of September 30, 2023, the total unrecognized compensation expense related to the ESPP was $4.2 million, which is expected to be amortized over the next 1.9 years.

Restructuring Initiatives

Restructuring Initiatives	9 Months Ended
Restructuring Initiatives	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Initiatives	Restructuring Initiatives In the three months ended September 30, 2023, as a result of simplifying and scaling certain processes, functions, and team capabilities, the Company began implementing restructuring initiatives in order to better serve the Company's customers and allow the Company to grow and scale global operations. Restructuring costs incurred primarily included severance and certain other associated costs. These specific restructuring initiatives are expected to be substantially complete by the end this year. The Company incurred charges of $1.4 million for the three months and nine months ended September 30, 2023. The following table presents the restructuring costs included within the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023: (in thousands) Amount Customer support and operations $ 749 Technology and development 510 General and administrative 96 Total restructuring costs $ 1,355 The following table presents the changes in liabilities, including expenses incurred and cash payments resulting from the restructuring costs and related accruals, during the nine months ended September 30, 2023: (in thousands) Amount Balance as of December 31, 2022 $ — Expenses incurred 1,355 Cash payments (685) Balance as of September 30, 2023 $ 670

Related Party Arrangements

Related Party Arrangements	9 Months Ended
Related Party Arrangements	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements There were no significant related party transactions for the three and nine months ended September 30, 2023 and 2022

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company computes its tax provision for interim periods by applying the estimated annual effective tax rate to year-to-date income from recurring operations and adjusting for discrete items arising in that quarter. The Company’s effective tax rates on pre-tax income wer e (0.7)% and (0.9)% for the three months ended September 30, 2023 and 2022, respectively and (0.6)% and (1.6)% for the nine months ended September 30, 2023 and 2022, respectively. The difference between the effective tax rate and the U.S. federal statutory rate of 21.0% in both periods was primarily the result of foreign income taxed at different rates and changes in the U.S. valuation allowance. In addition, during the three and nine months ended September 30, 2023, the Company recognized a discrete income tax benefit related to excess stock-based compensation deductions. The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and internationally. As of September 30, 2023, tax years 2012 through 2022 remain open for examination by taxing authorities. The Company has applied ASC 740, Income Taxes

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
Commitment and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Guarantees and Indemnification In the ordinary course of business to facilitate sales of its services, the Company has entered into agreements with, among others, suppliers and partners that include guarantees or indemnity provisions. The Company also enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions; therefore, no such amounts have been accrued as of September 30, 2023 and December 31, 2022. Litigation and Loss Contingencies Litigation From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, threatened claims, breach of contract claims, and other matters. The Company accrues estimates for resolution of legal and other contingencies when losses are probable, as defined under GAAP, and estimable. Although the results of litigation and claims are inherently unpredictable, the Company does not believe that there was a reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of September 30, 2023 and December 31, 2022. Indirect taxes The Company is subject to indirect taxation in various states and foreign jurisdictions in which it conducts business. The Company continually evaluates those jurisdictions in which indirect tax obligations exist to determine whether a loss is probable, as defined under GAAP, and the amount can be estimated. Determination of whether a loss is probable, and an estimate can be made, is a complex undertaking and takes into account the judgment of management, third-party research, and the potential outcome of negotiation and interpretations by regulators and courts, among other information. Such assessments include consideration of management’s evaluation of domestic and international tax laws and regulations, external legal advice, and the extent to which they may apply to the Company’s business and industry. The Company’s assessment of probability includes consideration of recent inquiries, potential or actual self-disclosure, and applicability of tax rules. As a result of this assessment, management accrued an estimated liability of approximately $4.3 million and $6.0 million as of September 30, 2023 and December 31, 2022, respectively, reflecting the amount that the Company believes is probable and estimable. The estimated liability is recorded within ‘ Accrued expenses and other current liabilities ’ on the Company’s Condensed Consolidated Balance Sheets. Although the Company believes its indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits or settlements could be materially different than the amounts recorded. Reserve for Transaction Losses The table below summarizes the Company’s reserve for transaction losses for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Beginning balance $ 2,808 $ 2,264 $ 3,762 $ 3,134 Provisions for transaction losses 9,004 13,005 28,150 31,240 Losses incurred, net of recoveries (8,929) (12,514) (29,029) (31,619) Ending balance $ 2,883 $ 2,755 $ 2,883 $ 2,755

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
Accrued Expenses and Other Current Liabilities	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses & Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2023 2022 Trade settlement liability (1) $ 42,612 $ 26,266 Accrued transaction expense 19,982 15,878 Accrued marketing expense 16,936 11,394 Accrued salary, benefits, and related taxes (2) 14,379 4,026 Holdback liability (3) 13,764 — Accrued taxes and taxes payable 5,990 8,288 Reserve for transaction losses 2,883 3,762 ESPP employee contributions 1,160 1,926 Other accrued expenses 13,965 16,212 Total $ 131,671 $ 87,752 _________________ (1) The trade settlement liability amount represents the total of disbursement postfunding liabilities and book overdrafts owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion. (2) The accrued salary, benefits, and related taxes amount is inclusive of accrued severance as part of the Company’s restructuring that occurred within the quarter. Refer to Note 12. Restructuring Initiatives for further detail on the Company’s restructuring activities. (3) Refer to Note 5. Business Combinations for further detail on the Holdback liability.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (35,655)	$ (18,850)	$ (28,314)	$ (33,069)	$ (38,245)	$ (23,310)	$ (82,819)	$ (94,624)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Matthew Oppenheimer [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 9, 2023, Matthew Oppenheimer, our Chief Executive Officer and Chair of our Board of Directors, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Oppenheimer’s plan is for the sale of up to 250,000 shares of our common stock and terminates on the earlier of the date all the shares under the plan are sold and October 18, 2024.
Name	Matthew Oppenheimer
Title	Chief Executive Officer and Chair of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 9, 2023
Arrangement Duration	436 days
Aggregate Available	250,000	250,000
Joshua Hug [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 14, 2023, Joshua Hug, our Chief Operating Officer and a member of our Board of Directors, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Hug’s plan is for the sale of up to 444,504 shares of our common stock, the actual amount of which may be less based on tax withholdings of RSUs, and terminates on the earlier of the date all the shares under the plan are sold and December 31, 2024.
Name	Joshua Hug
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2023
Arrangement Duration	474 days
Aggregate Available	444,504	444,504

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end data within the Condensed Consolidated Balance Sheets was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2022. The accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and, in the opinion of management, reflect all adjustments of a normal recurring nature considered necessary to state fairly the Company’s consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods. The interim results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any other future annual or interim period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the condensed consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and the recoverability of intangible assets. The key assumptions applied for value of the intangible assets include forecasted revenue and growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the three and nine months ended September 30, 2023 and 2022.
Restricted Cash	Restricted Cash The Company has relationships with certain payment processors that are responsible for processing the Company’s incoming customer payments. These processors require the Company to maintain certain restricted cash balances as collateral throughout the term of the processor arrangement. In addition, the Company may be required to maintain restricted cash as a result of other contractual arrangements with vendors and partners. Restricted cash is classified within ‘ Prepaid expenses and other current assets ’ and ‘ Other noncurrent assets, net ’
Goodwill	Goodwill Goodwill represents the excess of the purchase price over the acquisition date fair value of net assets, including the amount assigned to identifiable intangible assets, acquired in a business combination. The Company evaluates goodwill for impairment annually and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. The Company considers factors in performing a qualitative assessment, including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or does not pass the qualitative assessment, a quantitative assessment is performed. The quantitative assessment compares the carrying value to the fair value of goodwill, with the difference representing an impairment loss.
Advertising Expense	Advertising Advertising expenses are charged to operations as incurred and are included as a component of ‘ Marketing expenses
Intangible Assets	Intangible Assets Intangible assets with finite lives primarily consist of developed technology, customer relationships, and trade names acquired through business combinations or asset acquisitions. Intangible assets acquired through business combination are recorded at their respective estimated acquisition date fair value and amortized over their estimated useful lives. Other intangible assets acquired through asset acquisitions are recorded at their respective cost. Intangible assets are amortized using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be realized over their estimated useful lives, or straight-lined if not materially different.
Long-Lived Assets	Long-Lived Assets The Company assesses potential impairments to its long-lived assets when events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If any indicators of impairment are present, the Company tests recoverability. The carrying value of a long-lived asset or asset group is not recoverable if the carrying value exceeds the sum of the estimated undiscounted future cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If the estimated undiscounted future cash flows do not exceed the asset or asset group’s carrying amount, then an impairment loss is recorded, measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its estimated fair value.
Severance and Other Related Expenses	Severance and Other Related Expenses The Company records severance-related expenses based on the applicable accounting guidance and whether the severance relates to an ongoing benefit arrangement or relates to a one-time involuntary benefit arrangement. Ongoing benefit arrangements, including statutorily-required notice periods, are recorded when both probable of being paid and estimable. One-time involuntary benefit arrangements and other associated costs are generally recognized when a liability is incurred. The Company also evaluates whether these costs are associated with restructuring activities. Severance costs are expensed within the appropriate Costs and expenses component within our Condensed Consolidated Statements of Operations and associated accruals are recorded within ' Accrued expenses and other liabilities .'
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, “Revenue from contracts with customers” (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 for public entities and December 15, 2023 for all other entities, with early adoption permitted. The Company assessed the impact of the guidance to its condensed consolidated financial statements for the three and nine months ended September 30, 2023 and concluded that the standard did not have a material impact on its financial statements. Accounting Pronouncements Not Yet Adopted There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable. The Company does not believe any of these accounting pronouncements have had, or will have, a material impact on the condensed consolidated financial statements or disclosures.
Revenue	Revenue The Company’s primary source of revenue is generated from its remittance business. Revenue is earned from transaction fees charged to customers and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company’s currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers , which includes the following steps: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies a performance obligation. Customers engage the Company to perform one integrated service — collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to the Company’s terms and conditions. Revenue is derived from each transaction and varies based on the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided. The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component. The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘ Transaction expenses ’ within the Condensed Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
Revenue (Tables)	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Revenue	The deferred revenue balances from contracts with customers were as follows for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Deferred revenue, beginning of the period $ 626 $ 1,084 $ 1,108 $ 1,212 Deferred revenue, end of the period 889 1,122 889 1,122 Revenue recognized from amounts included in deferred revenue at the beginning of the period $ 296 $ 449 $ 735 $ 602
Schedule of Sales Incentives	The following table presents the Company’s sales incentives for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Reduction to revenue $ 8,528 $ 6,699 $ 24,123 $ 17,525 Marketing expenses 4,765 5,175 13,292 13,803 Total sales incentives $ 13,293 $ 11,874 $ 37,415 $ 31,328
Schedule of Revenue by Geographic Area	The following table presents the Company’s revenue disaggregated by primary geographical location for the three and nine months ended September 30, 2023 and 2022, attributed to the country in which the sending customer is located: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 United States $ 160,729 $ 122,068 $ 458,815 $ 337,986 Canada 29,501 20,624 81,838 56,983 Rest of world 51,399 26,567 138,874 67,559 Total revenue $ 241,629 $ 169,259 $ 679,527 $ 462,528

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
Property and Equipment (Tables)	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following as of September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Capitalized internal-use software $ 20,259 $ 14,072 Computer and office equipment 8,081 6,177 Furniture and fixtures 2,589 2,056 Leasehold improvements 7,986 7,036 Projects in process 4 722 Total gross property and equipment 38,919 30,063 Less: Accumulated depreciation and amortization (24,206) (18,517) Property and equipment, net $ 14,713 $ 11,546 The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Total capitalized internal-use software costs (1) $ 2,725 $ 1,226 $ 6,443 $ 3,813 Stock-based compensation costs capitalized to internal-use software 820 468 2,194 1,368 Amortization expense (2) 1,193 1,047 3,136 2,478 __________ (1) Amounts are inclusive of stock-based compensation costs capitalized denoted below. (2) Amounts are included within ‘ Depreciation and amortization ’ within the Company’s Condensed Consolidated Statements of Operations.
Schedule of Hosting Arrangements	The following table presents the Company’s capitalized costs related to the implementation of cloud computing arrangements, including amortization expense recognized, for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Total capitalized cloud computing arrangement costs $ 859 $ 386 $ 2,732 $ 1,097 Technology and development $ 416 $ 166 $ 1,087 $ 413 General and administrative 59 4 148 19 Total amortization expense $ 475 $ 170 $ 1,235 $ 432 The following table presents the Company’s total capitalized cloud computing arrangement costs, net of accumulated amortization, on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022: September 30, December 31, (in thousands) 2023 2022 Prepaid expenses and other current assets $ 2,097 $ 1,289 Other noncurrent assets, net 1,875 1,186 Total capitalized cloud computing arrangement costs, net $ 3,972 $ 2,475

Business Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
Business Combinations (Tables)	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred	The estimated acquisition date fair value of consideration transferred for the acquisition totaled $77.9 million, as follows: (in thousands) Amount Cash paid to selling shareholders $ 56,398 Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services 7,216 Holdback liability to be settled in cash and Company equity 11,899 Effective settlement of pre-existing net receivable owed to the Company 2,401 Total consideration transferred $ 77,914
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed based on their acquisition-date fair values: (in thousands) Purchase Price Allocation Cash, cash equivalents, and restricted cash $ 15,465 Disbursement prefunding 6,016 Customer funds receivable, net 3,423 Prepaid expenses and other assets, net 1,187 Intangible Assets Trade name 1,000 Customer relationships 8,500 Developed technology 12,000 Goodwill 54,940 Customer liabilities (3,075) Advance for future deposits (2,550) Other assumed indebtedness (16,234) Other liabilities, net (2,758) Total consideration transferred $ 77,914

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
Goodwill and Intangible Assets (Tables)	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of identifiable intangible assets as of September 30, 2023 were as follows: (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Trade name $ 1,000 $ (250) $ 750 2.3 Customer relationships 8,500 (1,594) 6,906 3.3 Developed technology 12,000 (1,800) 10,200 4.3 Total $ 21,500 $ (3,644) $ 17,856
Schedule of Future Amortization Expense	Expected future intangible asset amortization as of September 30, 2023 was as follows: (in thousands) Amount Remainder of 2023 $ 1,215 2024 4,858 2025 4,858 2026 4,525 2027 2,400 Total $ 17,856

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
Net Loss Per Common Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share	The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the periods indicated. As the Company reported a net loss, diluted net loss per share was the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive for all periods presented. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net loss $ (35,655) $ (33,069) $ (82,819) $ (94,624) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 182,598,013 168,604,378 178,956,602 166,517,398 Net loss per share attributable to common stockholders: Basic and diluted $ (0.20) $ (0.20) $ (0.46) $ (0.57)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of September 30, 2023 2022 Stock options outstanding 11,449,901 18,364,196 RSUs outstanding 25,501,813 19,930,996 ESPP 654,994 1,396,853 Shares subject to repurchase 19,710 205,727 Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition (1) 104,080 — Equity issuable in connection with acquisition (1) 133,309 — Total 37,863,807 39,897,772 __________ (1) Refer to Note 5. Business Combinations

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Shares Available for Issuance	The following table presents the Company’s shares available for issuance as of September 30, 2023 and December 31, 2022: September 30, December 31, 2023 2022 Equity incentive awards that remain available for issuance under the 2021 Plan 11,528,072 10,890,112 Shares of common stock that remain available for issuance under the ESPP 5,869,862 4,762,721
Schedule of Stock Option Activity	The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2023: Stock Options (in thousands, except share and per share data) Number of Options Outstanding Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life (Years) Aggregate Intrinsic Value (1) Balances as of January 1, 2023 15,988,268 $ 4.11 6.79 $ 119,467 Exercised (3,957,847) 2.98 59,845 Forfeited (580,520) 5.96 Balances as of September 30, 2023 11,449,901 4.41 6.13 238,255 Vested and exercisable as of September 30, 2023 8,375,110 2.97 5.58 186,326 Vested and expected to vest as of September 30, 2023 11,424,611 $ 4.43 6.14 $ 237,534 _________________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. The following is a summary of the Company’s stock option activity during the nine months ended September 30, 2023 and September 30, 2022: Nine Months Ended September 30, (in thousands) 2023 2022 Aggregate grant-date fair value of options vested $ 7,068 $ 9,561 Intrinsic value of options exercised 59,845 30,850
Schedule of Stock Option Valuation Assumptions	The fair value of each employee stock option granted during the nine months ended September 30, 2022 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Nine Months Ended September 30, 2022 Risk-free interest rates 2.86% Expected term 6.1 years Volatility 64.0% Dividend rate — %
Schedule of Restricted Stock Award Activity	Restricted stock unit activity during the nine months ended September 30, 2023 was as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Unvested at January 1, 2023 23,366,355 $ 11.86 Granted 11,167,967 16.85 Vested (6,636,117) 12.05 Cancelled/forfeited (2,396,392) 12.86 Unvested at September 30, 2023 25,501,813 $ 13.90 The following is a summary of the Company’s restricted stock unit activity during the nine months ended September 30, 2023 and September 30, 2022: Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 Weighted-average grant date fair value of RSUs granted $ 16.85 $ 10.66 Aggregate grant-date fair value of RSUs vested 79,962 24,150
Schedule of ESPP Valuation Assumptions	The fair value of the ESPP offerings described above were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings which commenced during the nine months ended September 30, 2023 and 2022, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein: Nine Months Ended September 30, 2023 2022 Risk-free interest rates 4.81% to 5.40% 0.60% to 3.48% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 47.8% to 65.2% 58.3% to 73.0% Dividend rate — % — %
Schedule of Share-based Compensation Expense	Stock-based compensation expense for stock options, RSUs, and the ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 4. Property and Equipment , was as follows: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Customer support and operations $ 386 $ 226 $ 1,010 $ 596 Marketing 4,525 3,352 12,235 7,149 Technology and development 19,828 13,238 55,047 30,959 General and administrative 11,834 8,929 32,715 29,176 Total $ 36,573 $ 25,745 $ 101,007 $ 67,880

Restructuring Initiatives (Tabl

Restructuring Initiatives (Tables)	9 Months Ended
Restructuring Initiatives (Tables)	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Severance and Related Charges	The following table presents the restructuring costs included within the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2023: (in thousands) Amount Customer support and operations $ 749 Technology and development 510 General and administrative 96 Total restructuring costs $ 1,355
Schedule of Restructuring Reserve	The following table presents the changes in liabilities, including expenses incurred and cash payments resulting from the restructuring costs and related accruals, during the nine months ended September 30, 2023: (in thousands) Amount Balance as of December 31, 2022 $ — Expenses incurred 1,355 Cash payments (685) Balance as of September 30, 2023 $ 670

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
Commitment and Contingencies (Tables)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Reserve for Transaction Losses	The table below summarizes the Company’s reserve for transaction losses for the three and nine months ended September 30, 2023 and 2022: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2023 2022 2023 2022 Beginning balance $ 2,808 $ 2,264 $ 3,762 $ 3,134 Provisions for transaction losses 9,004 13,005 28,150 31,240 Losses incurred, net of recoveries (8,929) (12,514) (29,029) (31,619) Ending balance $ 2,883 $ 2,755 $ 2,883 $ 2,755

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
Accrued Expenses and Other Current Liabilities (Tables)	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2023 2022 Trade settlement liability (1) $ 42,612 $ 26,266 Accrued transaction expense 19,982 15,878 Accrued marketing expense 16,936 11,394 Accrued salary, benefits, and related taxes (2) 14,379 4,026 Holdback liability (3) 13,764 — Accrued taxes and taxes payable 5,990 8,288 Reserve for transaction losses 2,883 3,762 ESPP employee contributions 1,160 1,926 Other accrued expenses 13,965 16,212 Total $ 131,671 $ 87,752 _________________ (1) The trade settlement liability amount represents the total of disbursement postfunding liabilities and book overdrafts owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion. (2) The accrued salary, benefits, and related taxes amount is inclusive of accrued severance as part of the Company’s restructuring that occurred within the quarter. Refer to Note 12. Restructuring Initiatives for further detail on the Company’s restructuring activities. (3) Refer to Note 5. Business Combinations for further detail on the Holdback liability.

Organization and Description _2

Organization and Description of Business (Details)	Sep. 30, 2023 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates (over)	170

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Advertising expense	$ 48,300			$ 34,600			$ 123,500	$ 105,200
Stock-based compensation, additional paid in capital	37,393	$ 36,033	$ 29,775	26,213	$ 33,114	$ 9,921
Share-based compensation expense	$ 36,573			$ 25,745			$ 101,007	$ 67,880
Previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Share-based compensation expense			$ 4,400

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 626	$ 1,084	$ 1,108	$ 1,212
Deferred revenue, end of the period	889	1,122	889	1,122
Revenue recognized, deferred revenue	$ 296	$ 449	$ 735	$ 602

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 241,629	$ 169,259	$ 679,527	$ 462,528
United States
Disaggregation of Revenue [Line Items]
Revenue	160,729	122,068	458,815	337,986
Canada
Disaggregation of Revenue [Line Items]
Revenue	29,501	20,624	81,838	56,983
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	$ 51,399	$ 26,567	$ 138,874	$ 67,559

Revenue - Schedule of Sales Inc

Revenue - Schedule of Sales Incentives (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Sales incentives	$ 13,293	$ 11,874	$ 37,415	$ 31,328
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	8,528	6,699	24,123	17,525
Marketing
Disaggregation of Revenue [Line Items]
Sales incentives	$ 4,765	$ 5,175	$ 13,292	$ 13,803

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 38,919	$ 30,063
Less: Accumulated depreciation and amortization	(24,206)	(18,517)
Property and equipment, net	14,713	11,546
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	20,259	14,072
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,081	6,177
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,589	2,056
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,986	7,036
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4	$ 722

Property and Equipment- Narrati

Property and Equipment- Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2.2	$ 1.8	$ 6	$ 4.9

Property and Equipment - Capita

Property and Equipment - Capitalized Internal-Use Software Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Stock-based compensation expense capitalized to internal-use software			$ 2,194	$ 1,368
Depreciation and amortization	$ 2,200	$ 1,800	6,000	4,900
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total capitalized internal-use software costs	2,725	1,226	6,443	3,813
Stock-based compensation expense capitalized to internal-use software	820	468	2,194	1,368
Depreciation and amortization	$ 1,193	$ 1,047	$ 3,136	$ 2,478

Property and Equipment - Sche_2

Property and Equipment - Schedule of Hosting Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total capitalized cloud computing arrangement costs	$ 859	$ 386	$ 2,732	$ 1,097
Internal-use software costs, amortization	475	170	1,235	432
Capitalized cost, net	3,972		3,972		$ 2,475
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	2,097		2,097		1,289
Other noncurrent assets, net
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,875		1,875		$ 1,186
Technology and development
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	416	166	1,087	413
General and administrative
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 59	$ 4	$ 148	$ 19

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands			3 Months Ended		9 Months Ended
Business Combinations - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)	Jan. 05, 2023 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity					$ 11,899	$ 0
Effective settlement of pre-existing net receivable owed to the Company					2,401	0
Holdback liability, change in fair value			$ 900	$ 1,800	1,900
Holdback liability			13,764		$ 13,764		$ 0
Number of operating segments \| segment					1
Acquisition related costs			900	$ 2,600	$ 2,600	$ 2,600
Revenue of acquiree since acquisition date			3,200		10,100
Loss of acquiree since acquisition date			$ 10,000		$ 28,200
Rewire
Business Acquisition [Line Items]
Purchase consideration		$ 77,914
Equity issued (in shares) \| shares		694,918
Pre-combination expense, equity issued		$ 7,216
Number of shares held back \| shares		133,309
Holdback liability to be settled in cash and Company equity		$ 11,899
Hold back period		15 months
Amount held back, cash	$ 10,400	$ 10,400
Amount held back, equity		1,500
Effective settlement of pre-existing net receivable owed to the Company		$ 2,401
Rewire \| Service-based vesting
Business Acquisition [Line Items]
Equity issued (in shares) \| shares		104,080
Equity issued, vesting period		2 years
Pre-combination expense, equity issued		$ 600
Post-combination acquisition costs		900
Rewire \| Disbursement prefunding
Business Acquisition [Line Items]
Acquired receivables		6,016
Rewire \| Customer funds receivable, net
Business Acquisition [Line Items]
Acquired receivables		$ 3,423

Business Combinations - Schedul

Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 05, 2023	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity		$ 11,899	$ 0
Effective settlement of pre-existing net receivable owed to the Company		$ 2,401	$ 0
Rewire
Business Acquisition [Line Items]
Cash paid to selling shareholders	$ 56,398
Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services	7,216
Holdback liability to be settled in cash and Company equity	11,899
Effective settlement of pre-existing net receivable owed to the Company	2,401
Purchase consideration	$ 77,914

Business Combinations - Sched_2

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 05, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 54,940		$ 0
Rewire
Business Acquisition [Line Items]
Cash, cash equivalents, and restricted cash		$ 15,465
Prepaid expenses and other assets, net		1,187
Goodwill		54,940
Customer liabilities		(3,075)
Advance for future deposits		(2,550)
Other assumed indebtedness		(16,234)
Other liabilities, net		(2,758)
Total consideration transferred		77,914
Rewire \| Disbursement prefunding
Business Acquisition [Line Items]
Receivables		6,016
Rewire \| Customer funds receivable, net
Business Acquisition [Line Items]
Receivables		3,423
Rewire \| Trade name
Business Acquisition [Line Items]
Intangible Assets		1,000
Rewire \| Customer relationships
Business Acquisition [Line Items]
Intangible Assets		8,500
Rewire \| Developed technology
Business Acquisition [Line Items]
Intangible Assets		$ 12,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Narrative (Details) - USD ($)		3 Months Ended	9 Months Ended
	Jan. 05, 2023	Sep. 30, 2023	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill adjustments			$ 0
Amortization of intangible assets		$ 1,200,000	$ 3,600,000
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	3 years
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	5 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,500
Accumulated Amortization	(3,644)
Net Carrying Amount	17,856	$ 0
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000
Accumulated Amortization	(250)
Net Carrying Amount	$ 750
Weighted Average Estimated Remaining Useful Life (in years)	2 years 3 months 18 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,500
Accumulated Amortization	(1,594)
Net Carrying Amount	$ 6,906
Weighted Average Estimated Remaining Useful Life (in years)	3 years 3 months 18 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,000
Accumulated Amortization	(1,800)
Net Carrying Amount	$ 10,200
Weighted Average Estimated Remaining Useful Life (in years)	4 years 3 months 18 days

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 1,215
2024	4,858
2025	4,858
2026	4,525
2027	2,400
Net Carrying Amount	$ 17,856	$ 0

Debt (Details)

Debt (Details) ₪ in Millions	Sep. 13, 2021 USD ($)	Sep. 30, 2023 USD ($)	Jan. 05, 2023 USD ($)	Jan. 05, 2023 ILS (₪)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding		$ 47,500,000			$ 22,300,000
Short-term debt		2,354,000			0
Advance for Future Deposits
Debt Instrument [Line Items]
Face amount			$ 2,800,000	₪ 9
Short-term debt		$ 2,400,000
Effective interest rate		3%
Advance for Future Deposits \| Prime Rate
Debt Instrument [Line Items]
Derivative, Basis Spread on Variable Rate			1.40%	1.40%
Advance for Future Deposits \| Israeli Prime Rate
Debt Instrument [Line Items]
Derivative, Basis Spread on Variable Rate			1.50%	1.50%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000
Unused commitment fee percentage	0.25%
Adjusted quick ratio		1.50
Minimum liquidity		$ 100,000,000
Outstanding borrowings					0
Remaining borrowing capacity		$ 202,500,000			$ 227,700,000
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| NYFRB Rate
Debt Instrument [Line Items]
Variable rate, base	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 1.00% Floor
Debt Instrument [Line Items]
Variable rate, base	1%
Floor rate	1%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable rate, spread on variable rate	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 0.00% Floor
Debt Instrument [Line Items]
Floor rate	0%
Variable rate, spread on variable rate	1.50%
Line of credit \| Letter of credit \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000

Net Loss Per Common Share - Sch

Net Loss Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (35,655)	$ (18,850)	$ (28,314)	$ (33,069)	$ (38,245)	$ (23,310)	$ (82,819)	$ (94,624)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	182,598,013			168,604,378			178,956,602	166,517,398
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	182,598,013			168,604,378			178,956,602	166,517,398
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.20)			$ (0.20)			$ (0.46)	$ (0.57)
Diluted (in dollars per share)	$ (0.20)			$ (0.20)			$ (0.46)	$ (0.57)

Net Loss Per Common Share - S_2

Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	37,863,807	39,897,772
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	11,449,901	18,364,196
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	25,501,813	19,930,996
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	654,994	1,396,853
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	19,710	205,727
Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	104,080	0
Equity issuable in connection with acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	133,309	0

Common Stock (Details)

Common Stock (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Common Stock (Details)	Sep. 28, 2021 shares	Jul. 31, 2021 shares	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) vote $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock, authorized (in shares)			725,000,000		725,000,000		725,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001		$ 0.0001		$ 0.0001
Voting rights, number of votes \| vote			1		1
Dividends declared, paid and unpaid \| $					$ 0	$ 0
Donation of common stock \| $			$ 4,600,000	$ 2,000,000	$ 4,600,000	$ 1,972,000
Pledge 1%
Subsidiary, Sale of Stock [Line Items]
Common stock, reserved (in shares)		1,819,609
Common stock, reserved, percent of fully-diluted capitalization		1%
Common stock, pledged term		10 years
Pledge 1% \| Multifaceted social good program
Subsidiary, Sale of Stock [Line Items]
Stock donated (in shares)	181,961

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Shares Available for Issuance (Details) - shares	Sep. 30, 2023	Dec. 31, 2022
Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)	11,528,072	10,890,112
ESPP \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)	5,869,862	4,762,721

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted during period (in shares)		0	0
Weighted-average grant date fair value, options granted (in dollars per share)					$ 6.78
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation cost		$ 314.2		$ 314.2
Unamortized compensation cost, recognition period				2 years 8 months 12 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period				24 months
Plan modification, incremental cost	$ 3.6
Unamortized compensation cost		$ 4.2		$ 4.2
Unamortized compensation cost, recognition period				1 year 10 months 24 days

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Number of Options Outstanding
Beginning balance (in shares)			15,988,268	15,988,268
Exercised (in shares)				(3,957,847)
Forfeited (in shares)				(580,520)
Ending balance (in shares)	11,449,901			11,449,901
Vested and exercisable (in shares)	8,375,110			8,375,110
Vested and expected to vest (in shares)	11,424,611			11,424,611
Weighted-Average Exercise Price
Beginning balance (in dollars per share)			$ 4.11	$ 4.11
Exercised (in dollars per share)				2.98
Forfeited (in dollars per share)				5.96
Ending balance (in dollars per share)	$ 4.41			4.41
Vested and exercisable (in dollars per share)	2.97			2.97
Vested and expected to vest (in dollars per share)	$ 4.43			$ 4.43
Weighted-Average Remaining Contractual Life (Years)
Outstanding			6 years 9 months 14 days	6 years 1 month 17 days
Vested and exercisable				5 years 6 months 29 days
Vested and expected to vest				6 years 1 month 20 days
Aggregate Intrinsic Value
Outstanding	$ 238,255			$ 238,255		$ 119,467
Exercised	59,845	$ 30,850		59,845
Vested and exercisable	186,326			186,326
Vested and expected to vest	$ 237,534			237,534
Aggregate grant-date fair value, options				$ 7,068	$ 9,561

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate		0%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0%	0%
Minimum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	4.81%	0.60%
Expected term (in years)	6 months	6 months
Volatility	47.80%	58.30%
Maximum \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates		2.86%
Expected term (in years)		6 years 1 month 6 days
Volatility		64%
Maximum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	5.40%	3.48%
Expected term (in years)	2 years	2 years
Volatility	65.20%	73%

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Number of Shares
Unvested, beginning balance (in shares)	23,366,355
Granted (in shares)	11,167,967
Vested (in shares)	(6,636,117)
Cancelled/forfeited (in shares)	(2,396,392)
Unvested, ending balance (in shares)	25,501,813
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 11.86
Granted (in dollars per share)	16.85	$ 10.66
Vested (in dollars per share)	12.05
Cancelled/forfeited (in dollars per share)	12.86
Unvested, ending balance (in dollars per share)	$ 13.90
Weighted-average aggregate grant date fair value, vested	$ 79,962	$ 24,150

Stock-Based Compensation - Sc_5

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 36,573	$ 25,745	$ 101,007	$ 67,880
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	386	226	1,010	596
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,525	3,352	12,235	7,149
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	19,828	13,238	55,047	30,959
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 11,834	$ 8,929	$ 32,715	$ 29,176

Restructuring Initiatives - Nar

Restructuring Initiatives - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Incurred charges	$ 1.4	$ 1.4

Restructuring Initiatives - Sch

Restructuring Initiatives - Schedule of Severance and Related Charges (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Expenses incurred	$ 1,355	$ 1,355
Customer support and operations
Restructuring Cost and Reserve [Line Items]
Expenses incurred	749	749
Technology and development
Restructuring Cost and Reserve [Line Items]
Expenses incurred	510	510
General and administrative
Restructuring Cost and Reserve [Line Items]
Expenses incurred	$ 96	$ 96

Restructuring Initiatives - S_2

Restructuring Initiatives - Schedule of Restructuring Reserve (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Balance as of December 31, 2022		$ 0
Expenses incurred	$ 1,355	1,355
Cash payments		(685)
Balance as of September 30, 2023	$ 670	$ 670

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	(0.70%)	(0.90%)	(0.60%)	(1.60%)
Uncertain tax positions			$ 0	$ 0

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details)	Sep. 30, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Loss contingency accrual, current	$ 2,883,000	$ 3,762,000
Indemnification agreement
Loss Contingencies [Line Items]
Loss contingency, number of claims \| claim	0
Loss contingency accrual	$ 0	0
VAT Inquiry from Ireland Revenue
Loss Contingencies [Line Items]
Loss contingency accrual, current	$ 4,300,000	$ 6,000,000

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loss Contingency Accrual [Roll Forward]
Beginning balance			$ 3,762
Ending balance	$ 2,883		2,883
Transaction losses
Loss Contingency Accrual [Roll Forward]
Beginning balance	2,808	$ 2,264	3,762	$ 3,134
Provisions for transaction losses	9,004	13,005	28,150	31,240
Losses incurred, net of recoveries	(8,929)	(12,514)	(29,029)	(31,619)
Ending balance	$ 2,883	$ 2,755	$ 2,883	$ 2,755

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Trade settlement liability	$ 42,612		$ 26,266
Accrued transaction expense	19,982		15,878
Accrued marketing expense	16,936		11,394
Accrued salary, benefits, and related taxes	14,379		4,026
Holdback liability	13,764		0
Accrued taxes and taxes payable	5,990		8,288
Reserve for transaction losses	2,883		3,762
Other accrued expenses	13,965		16,212
Total	131,671		87,752
Transaction losses
Loss Contingencies [Line Items]
Reserve for transaction losses	2,883	$ 2,808	3,762	$ 2,755	$ 2,264	$ 3,134
ESPP employee contributions	$ 1,160		$ 1,926