Record Performance Yet... $350 Billion Vanished from Overseas Remittance Growth Stocks

Remitly Global Inc. (NASDAQ: RELY) shares tumbled 6.18% on the U.S. Nasdaq, closing at $21.20. Trading volume was approximately 3.83 million shares, and the company’s market capitalization stood at about $4.4 billion (roughly KRW 6 trillion), erasing some $260 million (around KRW 350 billion) in value on the day.

In its first-quarter 2026 results announced on May 6, Remitly reported revenue of $452.8 million, up 25% year-over-year, and net income of $49.1 million—more than triple the prior year—translating to earnings per share of $0.23, well above the market consensus of $0.12. Active customer accounts rose 20% to 9.6 million, while total remittances jumped 37% to $22.1 billion (about KRW 30 trillion). On May 14, Cantor Fitzgerald reaffirmed an Overweight rating and a $28 price target, underscoring expectations for high growth.

Founded in 2011 and headquartered in Seattle, Remitly is a digital cross-border payments fintech offering online and mobile international money transfers to over 170 countries from more than 30 markets, including the U.S. Since its Nasdaq listing in 2021, the company has competed with Western Union, Wise and other global remittance providers by targeting immigrant communities and their families with low-cost, fast transfer services.