Good day and thank you for standing by. Welcome to Remitly’s First Quarter 2025 Earnings Conference Call. At this time all participants are on a listen-only mode. After the speaker’s presentation there will be a question-and-answer session. [Operator Instructions] Please note that today’s conference is being recorded. I will now hand the conference over to your first speaker today, Stephen Shulstein, Vice President of Investor Relations. Please go ahead.

Thank you. Good afternoon. And thank you for joining us for Remitly’s first quarter of 2025 earnings call. Joining me on the call today are Matt Oppenheimer, Co-Founder and Chief Executive Officer of Remitly; and Vikas Mehta, Chief Financial Officer. Results and additional management commentary are available in the earnings release and presentation slides which can be found at ir.remitly.com. Please note that this call will be simultaneously webcast on the Investor Relations website. Before we start I would like to remind you that we will be making forward-looking statements within the meaning of federal securities laws including but not limited to statements regarding Remitly’s future financial results and management’s expectations and plans. These statements are neither promises nor guarantees and involve risks and uncertainties that may cause actual results to vary materially from those presented here. You should not place undue reliance on any forward-looking statement. Please refer the earnings release and SEC filings for more information regarding the risk factors that may affect results. Any forward-looking statements made in this conference call, including responses to your questions, are based on current expectations as of today and Remitly assumes no obligation to update or revise them whether as a result of new developments or otherwise except as required by law. The following presentation contains non-GAAP financial measures. We will reference non-GAAP operating expenses and adjusted EBITDA in this call. These metrics exclude items such as stock-based compensation, payroll taxes related to stock-based compensation, Pledge 1% contribution, integration, restructuring, and other costs and other income and expense. As previously announced on our last earnings call, beginning in Q1, our non-GAAP financial measures exclude payroll taxes related to stock-based compensation. This update is intended to improve the usefulness of our non-GAAP financial measures in evaluating underlying operating performance by more completely reflecting the extent of stock-based compensation and related impacts. We have updated our historical periods for consistency. For reconciliation of non-GAAP financial measures to the most directly comparable GAAP metrics, please see the earnings press release and the appendix to the earnings presentation, which are available on the IR section of our website. And with that, I will now turn the call over to Matt to begin.

Thank you, Stephen, and thanks, everyone, for joining us for our first quarter earnings call. It’s energizing to start 2025 with such strong momentum. Building on the foundation we laid last year, we delivered another quarter that exceeded expectations, with revenue growing 34% and adjusted EBITDA margins surpassing 16%, as you can see on Slide 4. That means we exceeded the Rule of 50, a benchmark that reflects the rare combination of high growth and strong profitability. It’s a clear sign of the durability of our business model and the discipline of our execution. In a world that continues to face uncertainty, our customers inspire us. Their resilience, their determination and their trust in Remitly are what drive our success. Because of their continued commitment, our team’s strong execution and the strength of our flywheel, we are raising our full year outlook for both revenue and adjusted EBITDA. I’m going to focus my remaining remarks today on three topics, as you can see on Slide 5. First, how we have built a resilient business that has a proven track record of delivering across economic cycles and geopolitical changes. Second, I will discuss how this resilience allows us to continue diversifying our business across many dimensions, allowing us to capture more growth and reduce overall risk. Finally, I will discuss how we deliver trusted experiences that drive customer activity, along with a deep focus on our regulatory and compliance program, which enables this sustainable growth. All of these allow us to accomplish our audacious vision to transform lives with trusted financial services that transcend borders. Turning to the resilience embedded in our business on Slide 6, I know macroeconomic uncertainty, including the impact of tariffs, is at the top of every investor’s mind at this moment. I will say this directly.…

Thank you, Matt. Good afternoon, everyone. We are off to a strong start in 2025. We delivered another strong quarter with both revenue and adjusted EBITDA ahead of our expectations, as you can see on Slide 11. First quarter revenue was $361.6 million, up 34% year-over-year, and adjusted EBITDA was $58.4 million, driving 16% adjusted EBITDA margin, resulting in a Rule of 50 quarter, as Matt mentioned. We delivered our second quarter of GAAP profitability. We drove profitable growth with revenue more than $15 million above and adjusted EBITDA more than $20 million above the midpoint of our first quarter guidance. These results reinforce the strength of our business model and the resilience of cross-border payments as a category, even in turbulent economic times. I’ll begin with an overview of our first quarter results and then share our outlook for the full year and second quarter of 2025. In the first quarter, revenue was $361.6 million, up 34% year-over-year or 36% on a constant currency basis. Quarterly active customers increased 29% year-over-year to over 8 million, in line with our expectations. Driving this strong quarterly active customer growth was continued retention and strength in new customers acquired in the quarter. Send volume for active customer increased 9% year-over-year, the highest growth rate we have seen since 2021. This was driven by strong growth in transactions per active customer, as we take share and increase the attractiveness of our product for high amount senders. As Matt mentioned, we have increased send limits in key corridors, allowing customers to confidently send larger amounts across borders with fewer errors and lower friction, while maintaining our strong risk and compliance controls. Send volume grew 41% to $16.2 billion, and again outpaced revenue growth. Gross take rate was 2.24%, in line with our expectations. As…

Thank you. [Operator Instructions] And our first question coming from the line of Tien-Tsin Huang with JPMorgan. Your line is now open.

Thank you. Great results. I want to ask on the send volume being up per active, 9% high since 2021. I just wanted to be clear. Is it the higher send limits that’s driving that, was there some pull-forward mix, maybe some business payments contributing? I liked your discussion on the treasury as an asset for you within FX, but just want to better understand this trend of higher send per active?

Tien-Tsin, thank you for the question. We had a very strong quarter and a start to the year, as we shared, with a strong 34% growth. One of the key drivers of that growth, as you pointed out, was a very strong send per quarterly active user growth. We have seen a trend of strong quarterly growth in terms of send per active, and this was, I’d say, the best we have seen in a long time, and as you pointed, the highest growth since 2021. A few drivers that have been helping us drive this important metric. First of all, this increased engagement that we have with our customers has been a really important driver of this, especially as we invest in frictionless experiences, building technology and innovations that support convenient, fast speed, easier transactions that play a critical role here. In addition to that, over the last few quarters, we have been driving meaningful growth in our high-dollar, high-amount sender business. As we noted, over the last four quarters, the growth of volume in our high-amount senders has been greater than the total volume growth, and the same was the case this quarter with 45% plus growth there. So, that has been a second big driver. And the final, I’d say, is that as we diversify use cases and add segments like micro-senders, these senders have fewer transactions, but per transaction, the amount that they send is pretty high, which helps us drive growth in the send per quarterly active user. So, overall trend that we have seen is in this direction. Again, it’s very aligned with our strategy, and we feel really good about the direction of the growth.

Yeah. Tien-Tsin, the only elements I’d add from a product standpoint is, I think, our risk product team and our compliance teams have really leveraged the latest technology to be able to take a much more sophisticated approach to our overall send limits. And so, I mentioned that in my remarks, but I think that is part of the driver of enabling customers that want to send more to do it in a frictionless, easy way. And then, the second is, as Vikas mentioned, it’s early days, but I think that our micro business customers have a lot of potential. And as he said, they send less frequently, but higher dollar amounts and so excited about what’s to come there.

Thank you. And our next question coming from the line of Andrew Schmidt with Citi. Your line is now open.

Hey, Matt, Vikas, Stephen. Thank you for taking the question. Maybe I could just piggyback on the last question. So, it sounds like a lot of the benefits that you’re seeing are self-driven, first and environmental. Maybe you can comment on that, whether there’s anything environmental in the numbers as well that are driving the higher send volume per average active there? And then, if you think about just the forward outlook, is there any reason why these benefits shouldn’t sustain, because obviously, good result here, it doesn’t look like you’re flowing through -- fully flowing through the revenue beat. But clearly, it makes sense in the current environment, but would love to sort of get a better sense of those questions? Thank you so much.

Andrew, thank you for the question. And we are really in a business where durability and visibility help us build a lot of confidence in our guidance. So, as you think about our forward-looking guide, we have stated this before and I’ll reiterate that majority of our revenue comes from prior quarter cohorts. And the retention of these cohorts really help us get very high visibility and confidence and durability of the revenue. So, I think that’s really important. The second point is, as you think about Q2 and FY 2025, overall, the drivers tend to remain similar to what we have seen this quarter and even past quarter. So, for example, revenue growth exceeding quarterly active user growth modestly, send volume growth greater than revenue growth, which shows in the take rate, and most importantly, as you pointed, the send per active continue to grow modestly. So, those drivers will continue to remain more or less similar to what we have seen this quarter. As you also pointed out that there are micro uncertainties and we want to be prudent, and that’s the reason why we are taking a prudent stance when it comes to the guide for Q2, as well as 2025.

Thank you. And our next question coming from the line of Chris Kennedy with William Blair. Your line is now open.

Good afternoon. Thanks for taking all the questions and for all the details. Can you just talk a little bit more about your direct partner integrations? It’s been a journey. We’ve been hearing about it for years. Just where are you on that journey? And just remind us about the benefits that you get when you have a direct partner integration?

Yeah. Yeah. Thanks, Chris. It’s always great to hear from you. I think that our ability at a strategic level to get customers funds the way that they want them quickly and efficiently is something that I think we have built over a decade and counting. And so, you saw that in some of our delivery stats in terms of what it gives us. But 93% plus of transactions are dispersed in under an hour, which is a stat that has come up from previous times that we’ve shared that. And what do we get from those direct integrations is, as I mentioned, faster transactions, lower cost, more reliability, because if a customer enters the recipient’s name incorrectly, then you don’t have to go through three or four hops to adjust that. You’ve got a direct integration done to be able to amend that transaction much more frequently. And there are many examples in that customer experience bucket. It could be additional compliance requirements that our partner needs to collect. Having a direct integration enables us to do that really efficiently and effectively, which is also why 95% plus of transactions are now completed without any sort of customer support contact. So, I mentioned a few of them. I mentioned match. I mentioned plan. I mentioned a few other integrations in my opening remarks. But I think our scale and size is another example of our flywheel. We’re able to do more integrations every quarter. We’re able to improve the customer experience, which drives more retention. And in some markets, we’re strategically saying, let’s go directly into those banking rails, into the local payment rails, because of the fact that that’s the most efficient way to provide reliable and low-cost transactions. That being said, not a silver bullet. Every market’s different. What we’re good at with our scale and size is getting to that last mile and thereby decreasing costs and increasing reliability and retention.

Thank you. And our next question coming from the line of Will Nance with Goldman Sachs. Your line is now open.

Hey, guys. Nice results. 34% in a seasonally slow quarter. So, pretty solid. Matt, I wanted to ask just about the environment that you’re seeing out there, particularly as it relates to some of the U.S.-Mexico tensions. A lot of your talking points spoke about some of the benefits of the digital channel when it comes to cost benefits, both to you, as well as to the consumer and the consumer experience. And I’m wondering if you guys have seen evidence or any kind of interesting behavioral shifts over the past few months as it relates to customer willingness to transition to the digital channel and maybe set a different way. Is there anything that you guys look at internally around share gains kind of inflected in the relevant corridors as a result of some of the macro tensions that are out there? Thanks for taking the question.

Yeah. Yeah. Great question, Will. Glad you asked it. Let me focus first on Latin America and then I’m happy to answer any follow-up questions around the broader macro. But I would say that the -- actually, let me do the opposite. I’m going to start with broader macro. I think that it’s obviously on a lot of folks’ minds, immigration, tariffs, macroeconomic policies. And the things that, first off, having run this business for 14 years and having read a lot of other World Bank and other reports over even a longer time period, our business specifically is resilient. Remittances are resilient through various macro, political and regulatory changes. So I think diversification is part of that. I think customer profile is part of that, which is where I’ll kind of weave in the Latin America part of your question. And I think that additional use cases are all part of that. So on the diversification point, greater than 34% of our revenue now is coming from outside the U.S. And that’s up from just 25% four years ago. And then on the receive side, our non-top three countries, meaning Mexico, India and the Philippines, grew 45% and accounted for the majority of our revenue in Q1. The second bucket around customer profile, the vast majority of our customers have been here a long time and are sending money to loved ones on a consistent basis. And unlike cash-based remittance providers, most of our U.S. customers fund their remittance transactions using a card linked to a bank account, which means they’re able to pass bank KYC even before they get to our platform, where we obviously also go through a KYC process and that suggests a more established presence in the country. And then last is just a huge market, 3% of $2 trillion sent every year. We have a lot of room to grow. And so now circling back to the Latin America part of your question, I think that we’ve seen strong both in Mexico and broader Latin America. I can share that Mexico grew faster than the overall 34% that we shared. And we’re really proud and happy about that. And I think it does tie to some of the customer profile dynamics that I mentioned. It ties to being a scaled digital player and the reliability and lower costs that we can provide. And so we feel good about the visibility of our 2025 revenue. The significant majority will come from our existing customers, and 2025 is going to be a big year for us and overall remain confident and optimistic about the future.

Thank you. And our next question coming from the line of Ramsey El-Assal from Barclays. Your line is now open.

Hi. Thank you very much for taking my question. I wanted to ask about the high dollar senders and the micro business customers and just what your strategy is to kind of lean in there and attract those customers. Is it just shifting your marketing message a bit? Is it different channels? Is it product changes, partnerships? How do you kind of lean in there to find those folks and get them onto your platform?

Yeah. Yeah. Great question, Ramsey. I appreciate that. I think it varies depending on the two examples that you mentioned. I think high dollar senders tend to be specific to certain corridors and certain geographies. And so there are ways to very much target and scale up that customer base, as well as just improve our marketing efficiency, because we’re going to have a higher conversion funnel with customers in, call it, U.S., India that there’s a segment we weren’t able to serve very effectively until we took a more sophisticated approach to our sending limits. So I think that one, there’s marketing channels and other things. I think with micro business, the interesting thing is, the reason we started, we adjusted our KYC, your customer to a KYB automated process and we’re still adding different types of business use cases, et cetera, to do that, is we have customers coming to our platform and saying, I want to use it for this, but having to call our customer support, go through a manual process. And so with micro business, I see there already being demand, and it’s about tailoring our products such that when those customers come in, who tend to be high lifetime value, we can serve them effectively. And I see that, we call it micro business, because I think it is that segment that is underserved, hence why they’re already coming to our platform, wanting to use it and we’re going to make it a lot easier for them to do so.

And I’ll just add to what Matt shared. One of the interesting characteristics about both these use cases is that, they are very much on top of our platform. They’re extensible, and the incremental cost it takes to support these is, I’d say, incremental and marginal rather than a step up. So that, again, from a business model perspective, we feel really good about both these use cases.

Thank you. Our next question coming from the line of Andrew Bauch from Wells Fargo. Your line is now open.

Hey, guys. It’s a great quarter and thanks for letting me take the question. One partnership that I thought kind of got glossed over in the prepared remarks was your relationship with WhatsApp. I understand that the initial rollout will only be to a limited amount of location or send corridors predominantly in Latin America, but in the context of 2.6 billion monthly active users, it kind of views to me like a really exciting partnership. So what’s the strategy in this partner channel and what do you think it could ultimately mean for the business longer term?

Yeah. Thanks, Andrew. Appreciate you drawing out a little more detail on WhatsApp because, as I mentioned in my opening remarks, it’s a product that I’m really excited about, and kudos to the team for rolling it out, really efficiently and effectively. I think foundationally the way they were able to do that is important context, which is we have our virtual AI agent that we’re already using from a customer support standpoint, and so integrating that into our WhatsApp channel gave us the foundation to do that more effectively and efficiently. Focus is the name of the game in terms of Remitly’s approach and so that’s why we are focused on Latin America, but I appreciate you saying the larger opportunity, Andrew, because combining that short-term focus in Latin America should not be confused with our really bold ambitions for how we can use that channel to both acquire new customers who are using the platform, where I think there are big opportunities, especially offline customers, as well as being able to serve existing customers better, and I think, we’re very much in the early days of how we can leverage that platform to interact with customers.

Thank you. And our next question coming from the line of David Scharf with Citizens Capital Markets. Your line is now open.

Hi. Good afternoon. Thanks for taking my questions. They’ve mostly been addressed. I really at this point wanted to get a little more color on, once again with margins coming in so much stronger than anticipated, whether you, A, wanted to kind of call out any expense category in particular where you may view as sort of a one-time variance, maybe what the reason for that 16% margin was, and secondly, if there’s something seasonally in the business we ought to be mindful of as we think about a lower guided margin structure in the second half?

Thank you, David. And if you look at our Q1 results, I think on both sides, revenue growth, as well as margin, we really meet our own internal expectations, and as Matt shared earlier, got to Rule of 50 and beyond. And if you unpack the expense side further, I’d say, the biggest area of efficiency we had was around marketing. And this is an area where we were very efficient. We saw great organic results from unpaid channels, as well as all the work that we have been doing on the product side, reducing the customer friction, showed up really well. As you think about Q2 and beyond, and especially Q2, we know that Q1 was a seasonally slower quarter versus Q2 being a very important and crucial quarter where we plan to invest and invest for future growth of the company. So, that is where I would say, we are going to invest more on the marketing side. At the same time, we will continue to see modest leverage within marketing as well. The second area of investment for us is tech and dev. And we talked a lot about product innovation. We believe that the third pillar in addition to growth and profitability is investment. And we want to build more use cases, we want to create more diversification, and we want to create a portfolio which drives its own durability. And for that, we’ll continue to invest in tech and dev. So, we believe our outlook for Q2, as well as FY 2025 is balanced and we feel really optimistic about the long-term strength of our business.

Thank you. Our next question coming from the line of Darrin Peller with Wolfe Research. Your line is now open.

Hey, guys. Thanks for the time. Just maybe a little more detail on any product development and updates for Circle. And just bigger picture, I mean, how you view the future efforts and distinct from how other neobanks are serving customers, similar financial profiles that might exist out there. And so, just maybe a little more updates on the progress and where we are?

Yeah. Yeah. Thanks, Darrin. I think that if you look first on kind of the unique segment and customer that we can serve, it goes back to our vision, actually, which is transform lives with trusted financial services that transcend borders. That’s really important to take as a kind of holistic financial services that transcend borders. And it’s my belief and our team’s belief that when you look at the 250 million folks that live and work outside the country they’re born, there’s a big opportunity to increase financial services for that segment. And I think we have a deep understanding of the needs of those customers. And so, our goal with new products is really to fortify the business and deepen relationships with existing customers. And as I mentioned in my script, we continue to innovate and explore adjacencies around helping customers store funds, to access faster cross-border payments, to creating additional liquidity in unique ways. And so, we’ve made meaningful progress with our work on Circle, which continues to be really a powerful sandbox for innovation at Remitly. It enables us to test new ideas in a low-risk environment outside of our core app, but then it enables us to then take some of the insights that we’ve gained, such as how storing funds with even faster disbursement aligns with real customer needs, and that can inform our innovation in terms of how we evolve the core Remitly experience. So, excited about what’s to come there. And then, we talked about high-dollar senders. In addition to product value-added services that I put that first area we talked about in, I’m really excited about how we’re continuing to add new segments, whether that’s high-dollar senders, whether that’s SMB. And so, I am really, really excited about how that area is going, about what’s to come in 2025 and beyond.

Thank you. And our next question coming from the line of Alex Markgraff with KBCM. Your line is now open.

Thank you and thanks for taking my question. Maybe just -- I know there’s been a number on the sort of high-dollar senders, but just to ask it a different way, with the improvements in risk and fraud capabilities, is there any way to sort of quantify or describe for us what’s been left out of the growth opportunity as you’ve had to sort of be more constrictive around limits in the past?

Yeah. Yeah. Alex, I’m happy to start on that. I think what’s been left out is that it used to be that we would have just SIN limits that were based on dollar amounts, and then very kind of prescriptive documents and other things that we need to collect for what we called Tier 1, Tier 2, Tier 3. And those dollar amounts had certain limits for 30 days, 60 days, 90 days, 180 days. And what our team has done, obviously, with the leveraging data, leveraging some machine learning, and leveraging just the scale and size that we have, is being able to take a much more risk-based approach, which is a win-win, because instead of that more rudimentary approach, we can actually be more prescriptive of where we need information from customers, in addition to what we collect as a baseline, at all SIN levels, not just those specific limits. And that enables customers like Ajay, who I mentioned earlier, who has sent large dollars back to India to support his son, his daughter, his grandchildren, and historically, I think we made it more difficult to be able to send a large amount, where we’ve made it a lot easier for customers like that, and he’s not alone.

Thank you. And our next question coming from the line of Grace Wong with BMO Capital Markets. Your line is now open.

Hey, guys. Thanks. Maybe coming back to a previous question on the marketing spend and the declining spend per QAU, are you seeing underlying improvements in the competitive environment for new customers? And I suppose related to that, what are you seeing in terms of word-of-mouth improvements as you keep gaining share in your $0.30 markets? Appreciate your thoughts. Thanks.

On the marketing leverage overall, we have seen this trend over the last, I would say, three quarters, where just this overall experience that we have delivered from a product perspective, the targeted marketing campaigns that we have had, as well as early days, but leveraging AI and technology in order to just be much more data-driven in our approach, has been a strong trend for us. If you take even this quarter, for example, from a campaign perspective, we had very focused and targeted campaigns around the month of Ramadan, targeting the specific corridor, specific countries, and that yielded really great results for us. In addition to that, we had another marketing campaign, which was called Stay Close, for countries like Australia, the United Kingdom, targeting, sending to South Africa, Zimbabwe and other countries similarly. And those campaigns were very well thought out and got us a great ROI because of, one, again, the data-driven aspect, learning from the past and being very thoughtful. In addition to that, as I shared earlier, just the word-of-mouth and unpaid channels, the organic channels like SEO have really been very helpful for our marketing ROI. So, I’d say that’s a consistent trend that we have seen over the last three quarters. We feel really good about our strength in marketing. We feel that that will continue. The comps will get harder in the second half, but strength in marketing will continue.

Thank you. And our next question coming from the line of Zachary Gunn with FT Partners. Your line is now open.

Hey there. Thanks for taking my question. I appreciate all the detail on the KYC/AML processes. I was just curious. You mentioned earlier in the remarks that majority of your customers are funding through a bank-linked card. So, could you just walk through, for the customers that aren’t, what do those KYC/AML processes look like? Just any detail you can provide around that and just helping us think about what proportion of your customers do go through those bank-level KYC steps versus other steps that you might have? Thanks.

Yeah. Yeah. Thanks. I’m happy to take that one. I think I could have been more clear to say that our customers do go through bank-level KYC. There might be a very, very small percentage of prepaid cards or something like that. But I think that overall, you can assume that it’s the vast, vast majority of customers that go through a bank-level KYC. Because if you take a step back and think about it, they’re using a debit card or a bank account, meaning bank account and routing number in the U.S. context, and they’re linking that to be able to send money back home. And that is just very different than the risk profile, the -- and the -- and -- yeah, the risk profile of a customer who’s going up to a physical cash location and giving physical cash to an agent. We don’t have that. We don’t plan to have that. It’s -- I think the world is both becoming more digitized and it’s a lower risk approach. And it’s a signal that our customers have been in-country longer, which in today’s macro environment is a customer segment that we’re really excited to serve and really excited to continue to grow. So, does that answer your question?

Thank you. Our next question coming from the line of Gus Gala from Monness, Crespi, Hardt & Co. Your line is now open.

Hey, Matt. Hi, Vikas. Thanks for taking my question. I wanted to dig in on the guidance philosophy around topline into second quarter. We’re a decent portion of the way through. April data looks pretty good on MAUs. We’re talking about a trend similar to March plus 30. How do we think of that gap to getting to the 25%, 26% rev growth? Seems like there’s quite a bit of cushion there. And then as we think about the QAU, the marketing for QAU in the back half, do we expect that to continue improving at a lesser rate, stay flat? Just any color on that would be incredibly helpful. Thanks for everything, guys.

Gus, thank you for the question. Both very good questions. So let me unpack both of them. If you take the revenue guide for Q2 and broadly for the year, this is -- we again, based on our strong performance in Q1, increased our full year guide, which is reflected in the numbers. And from a Q2 perspective, if you further dissect the drivers, they are more or less in line with what we have seen before, where the QAU growth, we believe will be revenue growth will outpace the QAU growth from a spend per QAU and we spend a lot of time talking about all the reasons why we are really optimistic about that and that trend should continue. On the other hand, volume will outpace revenue growth, which is also a trend we have seen before. So if you combine all the three, we feel really good about the guide that we have shared with you. Again, keep in mind that given the macro uncertainties, we are thinking from a prudent perspective as we provide the guide. And that said, for all the reasons Matt shared earlier and I highlighted, we retain majority revenue after first full year and just the durability of revenue gives us confidence in the guide. As you think about the marketing per QAU, as you rightly pointed out, we are seeing great efficiencies there and the ROI on marketing spend is great. At the same time, the second half comps get tougher. We saw really very good leverage in the second half of last year. And that means that we will start seeing moderation in the marketing per QAU leverage and it should, in the second half, start stabilizing.

Thank you. I am showing no further questions in the queue at this time. I will now turn the call back over to Mr. Matt Oppenheimer for any closing remarks.

Great. Thanks so much, Operator. Just a big thanks to everyone for the thoughtful questions. I want to thank, as we always do, a customer, Ajay, who I talked about earlier. He shared his experience with Remitly by saying, quote, I found Remitly to be perfect and quick. And we thank him for his loyalty and for trusting Remitly to get money home to his family. We are talking about his son, his daughter, his grandchildren. Reliably and seamlessly, it is an honor to support customers like Ajay. And thank you, everybody, for joining us. We appreciate your support. We are excited about the opportunities ahead and we look forward to sharing progress as we continue to execute on our vision, which is to transform lives with trusted financial services that transcend borders.

This concludes today’s conference call. Thank you for your participation and you may now disconnect.