Remitly Global (RELY) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 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		181,198,646
Entity Central Index Key	0001782170
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 227,507	$ 300,635
Disbursement prefunding	281,940	158,055
Customer funds receivable, net	138,870	191,402
Prepaid expenses and other current assets	30,848	19,327
Total current assets	679,165	669,419
Property and equipment, net	13,380	11,546
Operating lease right-of-use assets	11,718	8,675
Goodwill	54,940	0
Intangible assets, net	19,071	0
Other noncurrent assets, net	6,253	6,313
Total assets	784,527	695,953
Current liabilities
Accounts payable	17,608	6,794
Customer liabilities	102,262	111,075
Short-term debt	2,432	0
Accrued expenses and other current liabilities	98,717	87,752
Operating lease liabilities	5,637	3,521
Total current liabilities	226,656	209,142
Operating lease liabilities, noncurrent	7,239	5,674
Long-term debt	34,000	0
Other noncurrent liabilities	895	1,050
Total liabilities	268,790	215,866
Commitments and Contingencies (Note 14)
Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of June 30, 2023 and December 31, 2022 both; 181,161,726 and 173,250,865 shares issued and outstanding, as of June 30, 2023 and December 31, 2022, respectively	18	17
Additional paid-in capital	936,496	854,276
Accumulated other comprehensive loss	(150)	(743)
Accumulated deficit	(420,627)	(373,463)
Total stockholders’ equity	515,737	480,087
Total liabilities and stockholders’ equity	$ 784,527	$ 695,953

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 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)	181,161,726	173,250,865
Common stock, outstanding (in shares)	181,161,726	173,250,865

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue		$ 234,033	$ 157,255	$ 437,898	$ 293,269
Costs and expenses
Marketing	[1]	53,600	43,849	97,723	84,470
Technology and development	[1]	54,309	36,083	103,685	59,658
General and administrative	[1]	39,490	37,509	80,898	60,851
Depreciation and amortization		3,187	1,510	6,216	3,027
Total costs and expenses		252,256	196,632	484,189	355,820
Loss from operations		(18,223)	(39,377)	(46,291)	(62,551)
Interest income		1,368	439	3,392	475
Interest expense		(592)	(332)	(981)	(645)
Other (expense) income, net		(1,546)	1,687	(3,057)	2,356
Loss before provision for income taxes		(18,993)	(37,583)	(46,937)	(60,365)
(Benefit) provision for income taxes		(143)	662	227	1,190
Net loss attributable to common stockholders		$ (18,850)	$ (38,245)	$ (47,164)	$ (61,555)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)		$ (0.11)	$ (0.23)	$ (0.27)	$ (0.37)
Diluted (in dollars per share)		$ (0.11)	$ (0.23)	$ (0.27)	$ (0.37)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic (in shares)		179,076,496	166,498,333	177,105,720	165,450,862
Diluted (in shares)		179,076,496	166,498,333	177,105,720	165,450,862
Transaction expenses
Costs and expenses
Cost of revenue	[1]	$ 80,187	$ 60,826	$ 154,253	$ 117,089
Customer support and operations
Costs and expenses
Cost of revenue	[1]	$ 21,483	$ 16,855	$ 41,414	$ 30,725
[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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (18,850)	$ (38,245)	$ (47,164)	$ (61,555)
Other comprehensive income (loss):
Foreign currency translation adjustments	245	(1,271)	593	(1,267)
Comprehensive loss	$ (18,605)	$ (39,516)	$ (46,571)	$ (62,822)

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 income	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	(61,555)
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	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 income	(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)
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 income	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	(47,164)
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	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 income	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)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net loss	$ (47,164)	$ (61,555)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	6,216	3,027
Stock-based compensation expense, net	64,434	42,135
Other	2,203	179
Changes in operating assets and liabilities:
Disbursement prefunding	(117,870)	(39,873)
Customer funds receivable	54,245	(29,868)
Prepaid expenses and other assets	(10,344)	(2,687)
Operating lease right-of-use assets	2,434	1,743
Accounts payable	10,180	4,317
Customer liabilities	(12,477)	60,279
Accrued expenses and other liabilities	(1,518)	50,395
Operating lease liabilities	(1,806)	(2,062)
Net cash (used in) provided by operating activities	(51,467)	26,030
Cash flows from investing activities
Purchases of property and equipment	(1,566)	(1,492)
Capitalized internal-use software costs	(2,344)	(1,688)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash	(40,933)	0
Net cash used in investing activities	(44,843)	(3,180)
Cash flows from financing activities
Proceeds from exercise of stock options	8,333	4,467
Proceeds from revolving credit facility borrowings	334,000	0
Repayments of revolving credit facility borrowings	(300,000)	0
Taxes paid related to net share settlement of equity awards	(2,111)	(30)
Repayment of assumed indebtedness	(17,068)	0
Net cash provided by financing activities	23,154	4,437
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	663	(840)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(72,493)	26,447
Cash, cash equivalents, and restricted cash at beginning of period	300,734	403,313
Cash, cash equivalents, and restricted cash at end of period	228,241	429,760
Supplemental disclosure of cash flow information
Cash paid for interest	771	465
Cash paid for income taxes	804	829
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	5,414	6,932
Vesting of early exercised options	245	393
Noncash issuance of common stock in connection with ESPP	2,729	1,882
Stock-based compensation expense capitalized to internal-use software	1,374	900
Issuance of common stock for acquisition consideration	6,635	0
Issuance of unvested 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	227,507	429,709
Restricted cash included in prepaid expenses and other current assets	680	0
Restricted cash included in other noncurrent assets, net	54	51
Total cash, cash equivalents and restricted cash	$ 228,241	$ 429,760

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 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 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	6 Months Ended
	Jun. 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 condensed balance sheet data 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 six months ended June 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 six months ended June 30, 2023 and 2022. For the three and six months ended June 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 Sheet 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 $40.6 million and $36.0 million during the three months ended June 30, 2023 and 2022, respectively. Advertising expenses totaled $75.2 million and $70.6 million during the six months ended June 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. Transaction Costs Transaction costs related to business combinations are expensed as incurred and are included in ‘ General and Administrative expenses ’ within the Condensed Consolidated Statements of Operations. Transaction costs include acquisition and integration costs, as well as other amounts directly attributable to business combinations. These primarily include external legal, accounting, valuation, and due diligence costs, as well as advisory and other professional services fees necessary to integrate acquired businesses. Out-of-Period Adjustment The Condensed Consolidated Financial Statements for the three months ended June 30, 2022 include an adjustment of $6.3 million to stock-based compensation expense and additional paid-in capital, to correct for an error identified by management during the preparation of the 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 ASC 718, Compensation - Stock Compensation , of which $1.9 million relates to the three months ended March 31, 2022, and the remaining $4.4 million amount 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 is material, the impact to 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. Substantially all of the cumulative adjustment was related to stock-based compensation for personnel who support our general and administrative functions and was recorded to ‘ General and Administrative expenses’ in the three months ended June 30, 2022. 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 six months ended June 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 six months ended June 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	6 Months Ended
	Jun. 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: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Deferred revenue, beginning of the period $ 833 $ 1,068 $ 1,108 $ 1,212 Deferred revenue, end of the period 626 1,084 626 1,084 Revenue recognized during the three month periods ended June 30, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period were $0.5 million a nd $0.4 million, respectively. Revenue recognized during the six month periods ended June 30, 2023 and 2022 from amounts included in deferred revenue at the beginning of the period were $0.6 million an d $0.5 million, respectively. 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 During the three months ended June 30, 2023 and 2022, payments made to customers resulted in reductions to revenue of $8.0 million and $5.9 million, respectively, and charges to ‘ Marketing expenses ’ within the Condensed Consolidated Statement of Operations of $4.3 million and $4.9 million, respectively. During the six months ended June 30, 2023 and 2022, payments made to customers resulted in reductions to revenue of $15.6 million and $10.8 million, respectively, and charges to ‘ Marketing expenses ’ within the Condensed Consolidated Statement of Operations of $8.5 million and $8.6 million, respectively. Revenue by Geography The following table presents the Company’s revenue disaggregated by primary geographical location, attributed to the country in which the sending customer is located: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 United States $ 158,994 $ 116,561 $ 298,086 $ 215,918 Canada 27,478 19,080 52,337 36,359 Rest of world 47,561 21,614 87,475 40,992 Total revenue $ 234,033 $ 157,255 $ 437,898 $ 293,269

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2023 2022 Capitalized internal-use software $ 17,556 $ 14,072 Computer and office equipment 7,589 6,177 Furniture and fixtures 2,520 2,056 Leasehold improvements 7,952 7,036 Projects in process 23 722 Total gross property and equipment 35,640 30,063 Less: Accumulated depreciation and amortization (22,260) (18,517) Property and equipment, net $ 13,380 $ 11,546 Depreciation and amortization expense related to property and equipment was $2.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense related to property and equipment was $3.8 million and $3.0 million for the six months ended June 30, 2023 and 2022, respectively. Capitalized Internal-Use Software Costs The Company capitalized $2.1 million and $1.5 million for internal-use software costs for three months ended June 30, 2023 and 2022, respectively, including $0.9 million and $0.6 million, respectively, of stock-based compensation costs to internal-use software. The Company recorded amortization expense of $1.0 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively, which is included in ‘ Depreciation and amortization expense ’ within the Condensed Consolidated Statements of Operations. The Company capitalized $3.7 million and $2.6 million for internal-use software costs during the six months ended June 30, 2023 and 2022, respectively, including $1.4 million and $0.9 million, respectively, of stock-based compensation costs to internal-use software. The Company recorded amortization expense of $1.9 million a nd $1.4 million for the six months ended June 30, 2023 and 2022, respectively, which is included in ‘ Depreciation and amortization expense ’ within the Condensed Consolidated Statements of Operations. Capitalized Costs of Cloud Computing Arrangements The Company capitalized $1.0 million and $0.3 million related to the implementation of cloud computing arrangements during the three months ended June 30, 2023 and 2022, respectively. The Company capitalized $1.9 million and $0.7 million related to the implementation of cloud computing arrangements during the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023 and December 31, 2022, capitalized costs, net of accumulated amortization, were approximately $3.6 million and $2.5 million, respectively of which $1.9 million and $1.3 million, respectively was recorded within ‘ Prepaid expenses and other current assets ’ and $1.7 million and $1.2 million, respectively was recorded within ‘ Other noncurrent assets, net ’ on the Company's Condensed Consolidated Balance Sheets. Amortization expense related to capitalized implementation costs for cloud computing arrangements for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Technology and development $ 344 $ 137 $ 671 $ 247 General and administrative 65 6 89 15 Total amortization $ 409 $ 143 $ 760 $ 262

Business Combinations

Business Combinations	6 Months Ended
	Jun. 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 June 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 six months ended June 30, 2023, the Company recorded $0.2 million and $1.0 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 June 30, 2023, the fair value of the holdback liability was $12.9 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. For the preliminary fair values of the assets acquired and liabilities assumed, the Company predominantly applied the cost and income approaches, including market participant assumptions. 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 expected to be 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 $0.5 million and $1.7 million for the three and six months ended June 30, 2023. Transaction costs totaled $0.8 million for the three and six months ended June 30, 2022. 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 $3.7 million and $6.9 million, for the three and six months ended June 30, 2023, respectively. Rewire’s ‘ Net Loss’ included within the Condensed Consolidated Statements of Operations since the acquisition date was $(9.7) million and $(18.2) million for the three and six months ended June 30, 2023, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 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 June 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 six months ended June 30, 2023. Intangible Assets The components of identifiable intangible assets as of June 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 $ (167) $ 833 2.5 Customer relationships 8,500 (1,062) 7,438 3.5 Developed technology 12,000 (1,200) 10,800 4.5 Total $ 21,500 $ (2,429) $ 19,071 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 six months ended June 30, 2022, were immaterial. Expected future intangible asset amortization as of June 30, 2023 was as follows: (in thousands) Amount Remainder of 2023 $ 2,430 2024 4,858 2025 4,858 2026 4,525 2027 2,400 Total $ 19,071

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 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 June 30, 2023 and December 31, 2022. The Company previously invested approximately $80.0 million of its cash and cash equivalents into a Level 2 term deposit during the three months ended March 31, 2022, which had an original maturity of three months or less at the time of purchase. Upon maturity, in the three months ended June 30, 2022, the Company re-invested approximately $50.0 million, into a new term deposit. There were no

Debt

Debt	6 Months Ended
	Jun. 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 June 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 June 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 June 30, 2023 and December 31, 2022, the Company had $34.0 million and no outstanding borrowings under the New Revolving Credit Facility, respectively. The weighted-average interest rate as of June 30, 2023 was 8.75%. As of June 30, 2023 and December 31, 2022, the Company had $26.0 million and $22.3 million, respectively, in issued, but undrawn, standby letters of credit. As of June 30, 2023 and December 31, 2022, the Company had unused borrowing capacity of $190.0 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 June 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 (“Israeli Prime”) is defined as the Bank of Israel rate + 1.5%. The weighted-average interest rate as of June 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 six months ended June 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	6 Months Ended
	Jun. 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 June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net loss $ (18,850) $ (38,245) $ (47,164) $ (61,555) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 179,076,496 166,498,333 177,105,720 165,450,862 Net loss per share attributable to common stockholders: Basic and diluted $ (0.11) $ (0.23) $ (0.27) $ (0.37) 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 antidilutive: As of June 30, 2023 2022 Stock options outstanding 12,641,385 20,158,090 RSUs outstanding 27,783,207 17,245,351 ESPP 1,133,662 1,693,831 Shares subject to repurchase 31,549 278,155 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 41,827,192 39,375,427 __________ (1) Refer to Note 5. Business Combinations

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Common Stock	Common StockAs of June 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 six months ended June 30, 2023 and June 30, 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Shares Available for Issuance As of June 30, 2023 and December 31, 2022, 11,511,797 and 10,890,112 equity incentive awards remain available for issuance under the 2021 Plan, respectively. As of June 30, 2023 and December 31, 2022, 6,198,134 and 4,762,721 shares of common stock remain available for issuance under the ESPP. Stock Options The following is a summary of the Company’s stock option activity during the six months ended June 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 (2,895,765) 2.70 38,750 Forfeited (451,118) 5.83 Balances as of June 30, 2023 12,641,385 4.37 6.40 182,621 Vested and exercisable as of June 30, 2023 8,718,668 2.81 5.76 139,547 Vested and expected to vest as of June 30, 2023 12,627,934 $ 4.39 6.41 $ 182,218 _________________ (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 six months ended June 30, 2023 and June 30, 2022. The aggregate grant-date fair value of options vested for the six months ended June 30, 2023 and 2022 was $4.4 million and $7.1 million, respectively. The intrinsic value of options exercised for the six months ended June 30, 2023 and 2022 was $38.8 million and $19.3 million, respectively. Restricted Stock Units Restricted stock unit activity during the six months ended June 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 10,170,057 16.24 Vested (4,137,181) 12.18 Cancelled/forfeited (1,616,024) 13.51 Unvested at June 30, 2023 27,783,207 $ 13.32 The weighted-average grant date fair value of RSUs granted during the six months ended June 30, 2023 and 2022 was $16.24 and $10.68, respectively. The aggregate grant-date fair value of RSUs vested for the six months ended June 30, 2023 and 2022 was $50.4 million and $8.2 million, respectively. 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 six months ended June 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: Six Months Ended June 30, 2023 2022 Risk-free interest rates 4.83% to 5.13% 0.60% to 1.31% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 48.9% to 59.5% 61.0% to 73.0% Dividend rate — % — % As the March 1, 2022 offering was accounted for as a modification to the October 2021 offering, the ESPP was fair valued immediately before and after modification on March 1, 2022 to assess the incremental fair value provided as a result of the modification. The inputs to the incremental fair value are included in the table above. 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Customer support and operations $ 419 $ 277 $ 624 $ 370 Marketing 4,727 2,765 7,710 3,797 Technology and development 18,588 13,649 35,219 17,721 General and administrative 11,466 15,850 20,881 20,247 Total $ 35,200 $ 32,541 $ 64,434 $ 42,135 As of June 30, 2023, the total unamortized compensation cost related to all non-vested equity awards, including options and RSUs, was $337.2 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.8 years. As of June 30, 2023, the total unrecognized compensation expense related to the ESPP was $4.5 million, which is expected to be amortized over the next 1.7 years.

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements There were no significant related party transactions for the three and six months ended June 30, 2023 and 2022

Income Taxes

Income Taxes	6 Months Ended
	Jun. 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 0.8% and (1.8)% for the three months ended June 30, 2023 and 2022, respectively and (0.5)% and (2.0)% for the six months ended June 30, 2023 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 June 30, 2023, tax years 2012 through 2022 remain open for examination by taxing authorities. The Company has applied ASC 740, Income Taxes (“ASC 740”), and has determined that it has no uncertain tax positions, with the exception of the tax positions open as part of the Rewire acquisition as disclosed in Note 5. Business Combinations

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 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 June 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 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 June 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 $7.1 million and $6.0 million as of June 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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Beginning balance $ 3,069 $ 3,819 $ 3,762 $ 3,134 Provisions for transaction losses 9,038 7,645 19,146 18,235 Losses incurred, net of recoveries (9,299) (9,200) (20,100) (19,105) Ending balance $ 2,808 $ 2,264 $ 2,808 $ 2,264

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 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: June 30, December 31, (in thousands) 2023 2022 Trade settlement liability (1) $ 20,123 $ 26,266 ESPP employee contributions 2,764 1,926 Accrued transaction expense 16,619 15,878 Accrued marketing expense 11,777 11,394 Reserve for transaction losses 2,808 3,762 Accrued salaries, benefits, and related taxes 10,597 4,026 Accrued taxes and taxes payable 8,493 8,288 Holdback liability (2) 12,910 — Other accrued expenses 12,626 16,212 Total $ 98,717 $ 87,752 _________________ (1) The trade settlement liability amount represents the total of book overdrafts and disbursement postfunding liabilities 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) 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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net loss	$ (18,850)	$ (28,314)	$ (38,245)	$ (23,310)	$ (47,164)	$ (61,555)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 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 condensed balance sheet data 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 six months ended June 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 six months ended June 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.
Transaction Costs	Transaction Costs Transaction costs related to business combinations are expensed as incurred and are included in ‘ General and Administrative expenses
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 six months ended June 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.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Revenue	The deferred revenue balances from contracts with customers were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Deferred revenue, beginning of the period $ 833 $ 1,068 $ 1,108 $ 1,212 Deferred revenue, end of the period 626 1,084 626 1,084
Schedule of Revenue by Geographic Area	The following table presents the Company’s revenue disaggregated by primary geographical location, attributed to the country in which the sending customer is located: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 United States $ 158,994 $ 116,561 $ 298,086 $ 215,918 Canada 27,478 19,080 52,337 36,359 Rest of world 47,561 21,614 87,475 40,992 Total revenue $ 234,033 $ 157,255 $ 437,898 $ 293,269

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following: June 30, December 31, (in thousands) 2023 2022 Capitalized internal-use software $ 17,556 $ 14,072 Computer and office equipment 7,589 6,177 Furniture and fixtures 2,520 2,056 Leasehold improvements 7,952 7,036 Projects in process 23 722 Total gross property and equipment 35,640 30,063 Less: Accumulated depreciation and amortization (22,260) (18,517) Property and equipment, net $ 13,380 $ 11,546
Schedule of Hosting Arrangements	Amortization expense related to capitalized implementation costs for cloud computing arrangements for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Technology and development $ 344 $ 137 $ 671 $ 247 General and administrative 65 6 89 15 Total amortization $ 409 $ 143 $ 760 $ 262

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 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)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of identifiable intangible assets as of June 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 $ (167) $ 833 2.5 Customer relationships 8,500 (1,062) 7,438 3.5 Developed technology 12,000 (1,200) 10,800 4.5 Total $ 21,500 $ (2,429) $ 19,071
Schedule of Future Amortization Expense	Expected future intangible asset amortization as of June 30, 2023 was as follows: (in thousands) Amount Remainder of 2023 $ 2,430 2024 4,858 2025 4,858 2026 4,525 2027 2,400 Total $ 19,071

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 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 June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net loss $ (18,850) $ (38,245) $ (47,164) $ (61,555) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 179,076,496 166,498,333 177,105,720 165,450,862 Net loss per share attributable to common stockholders: Basic and diluted $ (0.11) $ (0.23) $ (0.27) $ (0.37)
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 antidilutive: As of June 30, 2023 2022 Stock options outstanding 12,641,385 20,158,090 RSUs outstanding 27,783,207 17,245,351 ESPP 1,133,662 1,693,831 Shares subject to repurchase 31,549 278,155 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 41,827,192 39,375,427 __________ (1) Refer to Note 5. Business Combinations

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following is a summary of the Company’s stock option activity during the six months ended June 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 (2,895,765) 2.70 38,750 Forfeited (451,118) 5.83 Balances as of June 30, 2023 12,641,385 4.37 6.40 182,621 Vested and exercisable as of June 30, 2023 8,718,668 2.81 5.76 139,547 Vested and expected to vest as of June 30, 2023 12,627,934 $ 4.39 6.41 $ 182,218 _________________ (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.
Schedule of Restricted Stock Award Activity	Restricted stock unit activity during the six months ended June 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 10,170,057 16.24 Vested (4,137,181) 12.18 Cancelled/forfeited (1,616,024) 13.51 Unvested at June 30, 2023 27,783,207 $ 13.32
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 six months ended June 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: Six Months Ended June 30, 2023 2022 Risk-free interest rates 4.83% to 5.13% 0.60% to 1.31% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 48.9% to 59.5% 61.0% 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 June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Customer support and operations $ 419 $ 277 $ 624 $ 370 Marketing 4,727 2,765 7,710 3,797 Technology and development 18,588 13,649 35,219 17,721 General and administrative 11,466 15,850 20,881 20,247 Total $ 35,200 $ 32,541 $ 64,434 $ 42,135

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2023 2022 2023 2022 Beginning balance $ 3,069 $ 3,819 $ 3,762 $ 3,134 Provisions for transaction losses 9,038 7,645 19,146 18,235 Losses incurred, net of recoveries (9,299) (9,200) (20,100) (19,105) Ending balance $ 2,808 $ 2,264 $ 2,808 $ 2,264

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following: June 30, December 31, (in thousands) 2023 2022 Trade settlement liability (1) $ 20,123 $ 26,266 ESPP employee contributions 2,764 1,926 Accrued transaction expense 16,619 15,878 Accrued marketing expense 11,777 11,394 Reserve for transaction losses 2,808 3,762 Accrued salaries, benefits, and related taxes 10,597 4,026 Accrued taxes and taxes payable 8,493 8,288 Holdback liability (2) 12,910 — Other accrued expenses 12,626 16,212 Total $ 98,717 $ 87,752 _________________ (1) The trade settlement liability amount represents the total of book overdrafts and disbursement postfunding liabilities 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) Refer to Note 5. Business Combinations for further detail on the Holdback liability.

Organization and Description _2

Organization and Description of Business (Details)	Jun. 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				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Advertising expense	$ 40,600		$ 36,000		$ 75,200	$ 70,600
Stock-based compensation, additional paid in capital	36,033	$ 29,775	33,114	$ 9,921
Share-based compensation expense	$ 35,200		32,541		$ 64,434	$ 42,135
Adjustment, error correction
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Stock-based compensation, additional paid in capital			6,300
Share-based compensation expense			$ 6,300
Previously reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Share-based compensation expense				$ 1,900			$ 4,400

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 833	$ 1,108	$ 1,084	$ 1,068	$ 1,212
Deferred revenue, end of the period	$ 626	$ 833	$ 1,108	$ 1,084	$ 1,068

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue recognized, deferred revenue	$ 0.5	$ 0.4	$ 0.6	$ 0.5
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	8	5.9	15.6	10.8
Sales and marketing expense
Disaggregation of Revenue [Line Items]
Sales incentives	$ 4.3	$ 4.9	$ 8.5	$ 8.6

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 234,033	$ 157,255	$ 437,898	$ 293,269
United States
Disaggregation of Revenue [Line Items]
Revenue	158,994	116,561	298,086	215,918
Canada
Disaggregation of Revenue [Line Items]
Revenue	27,478	19,080	52,337	36,359
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	$ 47,561	$ 21,614	$ 87,475	$ 40,992

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 35,640	$ 30,063
Less: Accumulated depreciation and amortization	(22,260)	(18,517)
Property and equipment, net	13,380	11,546
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,556	14,072
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,589	6,177
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,520	2,056
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,952	7,036
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23	$ 722

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 2,000	$ 1,500	$ 3,800	$ 3,000
Stock-based compensation expense capitalized to internal-use software			1,374	900
Internal-use software costs capitalized	1,000	300	1,900	700
Internal-use software costs, amortization	409	143	760	262
Capitalized cost, net	3,600		3,600		$ 2,500
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,900		1,900		1,300
Other Noncurrent Assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,700		1,700		$ 1,200
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	1,000	700	1,900	1,400
Property and equipment capitalized	2,100	1,500	3,700	2,600
Stock-based compensation expense capitalized to internal-use software	$ 900	$ 600	$ 1,400	$ 900

Property and Equipment - Sche_2

Property and Equipment - Schedule of Hosting Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 409	$ 143	$ 760	$ 262
Technology and development
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	344	137	671	247
General and administrative
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 65	$ 6	$ 89	$ 15

Business Combinations - Narrati

Business Combinations - Narrative (Details)			3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jan. 05, 2023 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity					$ 11,899,000	$ 0
Effective settlement of pre-existing net receivable owed to the Company					2,401,000	0
Holdback liability, change in fair value			$ 200,000		1,000,000
Holdback liability	$ 12,910,000		12,910,000		$ 12,910,000		$ 0
Number of operating segments | segment					1
Acquisition related costs			500,000	$ 800,000	$ 1,700,000	$ 800,000
Revenue of acquiree since acquisition date			3,700,000		6,900,000
Loss of acquiree since acquisition date			$ 9,700,000		$ 18,200,000
Rewire
Business Acquisition [Line Items]
Purchase consideration		$ 77,914,000
Equity issued (in shares) | shares		694,918
Pre-combination expense, equity issued		$ 7,216,000
Number of shares held back | shares		133,309
Holdback liability to be settled in cash and Company equity		$ 11,899,000
Hold back period		15 months
Amount held back, cash	$ 10,400,000	$ 10,400,000
Amount held back, equity		1,500,000
Effective settlement of pre-existing net receivable owed to the Company		$ 2,401,000
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		$ 600,000
Post-combination acquisition costs		900,000
Rewire | Disbursement prefunding
Business Acquisition [Line Items]
Acquired receivables		6,016,000
Rewire | Customer funds receivable, net
Business Acquisition [Line Items]
Acquired receivables		$ 3,423,000

Business Combinations - Schedul

Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 05, 2023	Jun. 30, 2023	Jun. 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	Jun. 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	6 Months Ended
	Jan. 05, 2023	Jun. 30, 2023	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill adjustments			$ 0
Amortization of intangible assets		$ 1,200,000	$ 2,400,000
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	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,500
Accumulated Amortization	(2,429)
Net Carrying Amount	19,071	$ 0
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000
Accumulated Amortization	(167)
Net Carrying Amount	$ 833
Weighted Average Estimated Remaining Useful Life (in years)	2 years 6 months
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,500
Accumulated Amortization	(1,062)
Net Carrying Amount	$ 7,438
Weighted Average Estimated Remaining Useful Life (in years)	3 years 6 months
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,000
Accumulated Amortization	(1,200)
Net Carrying Amount	$ 10,800
Weighted Average Estimated Remaining Useful Life (in years)	4 years 6 months

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 2,430
2024	4,858
2025	4,858
2026	4,525
2027	2,400
Net Carrying Amount	$ 19,071	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 50	$ 80

Debt (Details)

Debt (Details) ₪ in Millions	Sep. 13, 2021 USD ($)	Jun. 30, 2023 USD ($)	Jan. 05, 2023 USD ($)	Jan. 05, 2023 ILS (₪)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding		$ 26,000,000			$ 22,300,000
Short-term debt		2,432,000			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		$ 34,000,000			0
Weighted average interest rate		8.75%
Remaining borrowing capacity		$ 190,000,000			$ 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				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net loss attributable to common stockholders	$ (18,850)	$ (28,314)	$ (38,245)	$ (23,310)	$ (47,164)	$ (61,555)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	179,076,496		166,498,333		177,105,720	165,450,862
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	179,076,496		166,498,333		177,105,720	165,450,862
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.11)		$ (0.23)		$ (0.27)	$ (0.37)
Diluted (in dollars per share)	$ (0.11)		$ (0.23)		$ (0.27)	$ (0.37)

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	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	41,827,192	39,375,427
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	12,641,385	20,158,090
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	27,783,207	17,245,351
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,133,662	1,693,831
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	31,549	278,155
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)	6 Months Ended
	Jun. 30, 2023 USD ($) vote $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares shares
Equity [Abstract]
Common stock, authorized (in shares) | shares	725,000,000		725,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001
Voting rights, number of votes | vote	1
Dividends declared, paid and unpaid | $	$ 0	$ 0

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Mar. 01, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted during period (in shares)		0	0
Aggregate grant-date fair value, options				$ 4.4	$ 7.1
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)		11,511,797		11,511,797		10,890,112
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, granted (in dollars per share)				$ 16.24	$ 10.68
Weighted-average aggregate grant date fair value, vested				$ 50.4	$ 8.2
Unamortized compensation cost		$ 337.2		$ 337.2
Unamortized compensation cost, recognition period				2 years 9 months 18 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		$ 4.5		$ 4.5
Unamortized compensation cost, recognition period				1 year 8 months 12 days
ESPP | ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)		6,198,134		6,198,134		4,762,721

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Number of Options Outstanding
Beginning balance (in shares)		15,988,268		15,988,268
Exercised (in shares)				(2,895,765)
Forfeited (in shares)				(451,118)
Ending balance (in shares)	12,641,385			12,641,385
Vested and exercisable (in shares)	8,718,668			8,718,668
Vested and expected to vest (in shares)	12,627,934			12,627,934
Weighted-Average Exercise Price
Beginning balance (in dollars per share)		$ 4.11		$ 4.11
Exercised (in dollars per share)				2.70
Forfeited (in dollars per share)				5.83
Ending balance (in dollars per share)	$ 4.37			4.37
Vested and exercisable (in dollars per share)	2.81			2.81
Vested and expected to vest (in dollars per share)	$ 4.39			$ 4.39
Weighted-Average Remaining Contractual Life (Years)
Outstanding		6 years 9 months 14 days		6 years 4 months 24 days
Vested and exercisable				5 years 9 months 3 days
Vested and expected to vest				6 years 4 months 28 days
Aggregate Intrinsic Value
Outstanding	$ 182,621			$ 182,621	$ 119,467
Exercised	38,800		$ 19,300	38,750
Vested and exercisable	139,547			139,547
Vested and expected to vest	$ 182,218			$ 182,218

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - ESPP	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0%	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	4.83%	0.60%
Expected term (in years)	6 months	6 months
Volatility	48.90%	61%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	5.13%	1.31%
Expected term (in years)	2 years	2 years
Volatility	59.50%	73%

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Number of Shares
Unvested, beginning balance (in shares)	23,366,355
Granted (in shares)	10,170,057
Vested (in shares)	(4,137,181)
Cancelled/forfeited (in shares)	(1,616,024)
Unvested, ending balance (in shares)	27,783,207
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 11.86
Granted (in dollars per share)	16.24	$ 10.68
Vested (in dollars per share)	12.18
Cancelled/forfeited (in dollars per share)	13.51
Unvested, ending balance (in dollars per share)	$ 13.32

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 35,200	$ 32,541	$ 64,434	$ 42,135
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	419	277	624	370
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,727	2,765	7,710	3,797
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	18,588	13,649	35,219	17,721
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 11,466	$ 15,850	$ 20,881	$ 20,247

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	0.80%	(1.80%)	(0.50%)	(2.00%)
Uncertain tax positions			$ 0	$ 0

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details)	Jun. 30, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
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	$ 7,100,000	$ 6,000,000

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - Transaction losses - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,069	$ 3,819	$ 3,762	$ 3,134
Provisions for transaction losses	9,038	7,645	19,146	18,235
Losses incurred, net of recoveries	(9,299)	(9,200)	(20,100)	(19,105)
Ending balance	$ 2,808	$ 2,264	$ 2,808	$ 2,264

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Trade settlement liability	$ 20,123		$ 26,266
ESPP employee contributions	2,764		1,926
Accrued transaction expense	16,619		15,878
Accrued marketing expense	11,777		11,394
Accrued salaries, benefits, and related taxes	10,597		4,026
Accrued taxes and taxes payable	8,493		8,288
Holdback liability	12,910		0
Other accrued expenses	12,626		16,212
Total	98,717		87,752
Transaction losses
Loss Contingencies [Line Items]
Reserve for transaction losses	$ 2,808	$ 3,069	$ 3,762	$ 2,264	$ 3,819	$ 3,134