Remitly Global (RELY) 10-Q 31 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		195,136,542
Entity Central Index Key	0001782170
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 185,187	$ 323,710
Disbursement prefunding	150,710	195,848
Customer funds receivable, net	461,797	379,417
Prepaid expenses and other current assets	42,860	33,143
Total current assets	840,554	932,118
Property and equipment, net	22,178	16,010
Operating lease right-of-use assets	11,905	9,525
Goodwill	54,940	54,940
Intangible assets, net	14,212	16,642
Other noncurrent assets, net	6,404	7,071
Total assets	950,193	1,036,306
Current liabilities
Accounts payable	20,926	35,051
Customer liabilities	166,840	177,473
Short-term debt	2,394	2,481
Accrued expenses and other current liabilities	145,451	145,802
Operating lease liabilities	6,235	6,032
Total current liabilities	341,846	366,839
Operating lease liabilities, noncurrent	6,189	4,477
Long-term debt	15,000	130,000
Other noncurrent liabilities	8,256	5,653
Total liabilities	371,291	506,969
Commitments and contingencies (Note 16)
Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of June 30, 2024 and December 31, 2023 both; 195,095,978 and 188,435,952 shares issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively	20	19
Additional paid-in capital	1,103,760	1,020,286
Accumulated other comprehensive (loss) income	(404)	335
Accumulated deficit	(524,474)	(491,303)
Total stockholders’ equity	578,902	529,337
Total liabilities and stockholders’ equity	$ 950,193	$ 1,036,306

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	195,095,978	188,435,952
Common stock, outstanding (in shares)	195,095,978	188,435,952

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue		$ 306,423	$ 234,033	$ 575,541	$ 437,898
Costs and expenses
Marketing	[1]	77,056	53,600	145,070	97,723
Technology and development	[1]	67,554	54,309	130,760	103,685
General and administrative	[1]	45,889	39,490	90,062	80,898
Depreciation and amortization		3,907	3,187	7,585	6,216
Total costs and expenses		322,185	252,256	611,256	484,189
Loss from operations		(15,762)	(18,223)	(35,715)	(46,291)
Interest income		1,942	1,368	4,168	3,392
Interest expense		(745)	(592)	(1,514)	(981)
Other income (expense), net		5,764	(1,546)	4,178	(3,057)
Loss before provision (benefit) for income taxes		(8,801)	(18,993)	(28,883)	(46,937)
Provision (benefit) for income taxes		3,290	(143)	4,288	227
Net loss		$ (12,091)	$ (18,850)	$ (33,171)	$ (47,164)
Net loss per share attributable to common stockholders:
Basic (in dollars per share)		$ (0.06)	$ (0.11)	$ (0.17)	$ (0.27)
Diluted (in dollars per share)		$ (0.06)	$ (0.11)	$ (0.17)	$ (0.27)
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic (in shares)		193,452,628	179,076,496	191,650,713	177,105,720
Diluted (in shares)		193,452,628	179,076,496	191,650,713	177,105,720
Transaction expenses
Costs and expenses
Cost of revenue	[1]	$ 107,780	$ 80,187	$ 197,661	$ 154,253
Customer support and operations
Costs and expenses
Cost of revenue	[1]	$ 19,999	$ 21,483	$ 40,118	$ 41,414
[1] Exclusive of depreciation and amortization, shown separately.

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,091)	$ (18,850)	$ (33,171)	$ (47,164)
Other comprehensive (loss) income:
Foreign currency translation adjustments	(97)	245	(739)	593
Comprehensive loss	$ (12,188)	$ (18,605)	$ (33,910)	$ (46,571)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Stockholders' Equity
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 (loss)	348			348
Net loss	(28,314)				(28,314)
Ending balance (in shares) at Mar. 31, 2023		177,733,293
Ending balance at Mar. 31, 2023	495,421	$ 18	897,575	(395)	(401,777)
Beginning balance (in shares) at Dec. 31, 2022		173,250,865
Stockholders' Equity
Net loss	(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 (loss)	245			245
Net loss	(18,850)				(18,850)
Ending balance (in shares) at Jun. 30, 2023		181,161,726
Ending balance at Jun. 30, 2023	515,737	$ 18	936,496	(150)	(420,627)
Stockholders' Equity
Beginning balance	515,737	18	936,496	(150)	(420,627)
Beginning balance	529,337	$ 19	1,020,286	335	(491,303)
Beginning balance (in shares) at Dec. 31, 2023		188,435,952
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)		439,247
Issuance of common stock in connection with ESPP	5,004		5,004
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		3,500,485
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	2,530		2,530
Taxes paid related to net share settlement of equity awards (in shares)		(64,634)
Taxes paid related to net shares settlement of equity awards	(1,366)		(1,366)
Stock-based compensation expense	35,575		35,575
Other comprehensive income (loss)	(642)			(642)
Net loss	(21,080)				(21,080)
Ending balance (in shares) at Mar. 31, 2024		192,311,050
Ending balance at Mar. 31, 2024	549,358	$ 19	1,062,029	(307)	(512,383)
Beginning balance (in shares) at Dec. 31, 2023		188,435,952
Stockholders' Equity
Net loss	(33,171)
Ending balance (in shares) at Jun. 30, 2024		195,095,978
Ending balance at Jun. 30, 2024	578,902	$ 20	1,103,760	(404)	(524,474)
Stockholders' Equity
Beginning balance	549,358	$ 19	1,062,029	(307)	(512,383)
Beginning balance (in shares) at Mar. 31, 2024		192,311,050
Stockholders' Equity
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		2,741,097
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	1,713	$ 1	1,712
Issuance of common stock for acquisition consideration (in shares)		131,507
Issuance of common stock for acquisition consideration	2,783		2,783
Taxes paid related to net share settlement of equity awards (in shares)		(87,676)
Taxes paid related to net shares settlement of equity awards	(1,202)		(1,202)
Stock-based compensation expense	38,438		38,438
Other comprehensive income (loss)	(97)			(97)
Net loss	(12,091)				(12,091)
Ending balance (in shares) at Jun. 30, 2024		195,095,978
Ending balance at Jun. 30, 2024	578,902	$ 20	1,103,760	(404)	(524,474)
Stockholders' Equity
Beginning balance	$ 578,902	$ 20	$ 1,103,760	$ (404)	$ (524,474)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net loss	$ (33,171)	$ (47,164)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,585	6,216
Stock-based compensation expense, net	71,245	64,434
Other	195	2,203
Changes in operating assets and liabilities:
Disbursement prefunding	45,138	(117,870)
Customer funds receivable	(82,079)	54,245
Prepaid expenses and other assets	(7,237)	(10,344)
Operating lease right-of-use assets	2,895	2,434
Accounts payable	(14,041)	10,180
Customer liabilities	(10,701)	(12,477)
Accrued expenses and other liabilities	15,621	(4,247)
Operating lease liabilities	(3,359)	(1,806)
Net cash used in operating activities	(7,909)	(54,196)
Cash flows from investing activities
Purchases of property and equipment	(2,076)	(1,566)
Capitalized internal-use software costs	(6,494)	(2,344)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash	0	(40,933)
Net cash used in investing activities	(8,570)	(44,843)
Cash flows from financing activities
Proceeds from exercise of stock options	4,194	8,333
Proceeds from issuance of common stock in connection with ESPP	5,004	2,729
Proceeds from revolving credit facility borrowings	570,000	334,000
Repayments of revolving credit facility borrowings	(685,000)	(300,000)
Taxes paid related to net share settlement of equity awards	(2,568)	(2,111)
Cash paid for settlement of amounts previously held back for acquisition consideration	(10,261)	0
Repayment of assumed indebtedness	0	(17,068)
Net cash (used in) provided by financing activities	(118,631)	25,883
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	(1,229)	663
Net decrease in cash, cash equivalents, and restricted cash	(136,339)	(72,493)
Cash, cash equivalents, and restricted cash at beginning of period	325,029	300,734
Cash, cash equivalents, and restricted cash at end of period	188,690	228,241
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	185,187	227,507
Restricted cash included in prepaid expenses and other current assets	2,693	680
Restricted cash included in other noncurrent assets, net	810	54
Total cash, cash equivalents, and restricted cash	$ 188,690	$ 228,241

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Remitly Global, Inc. (the “Company” or “Remitly”) was incorporated in the State of Delaware in October 2018 and is headquartered in Seattle, Washington, with various other global office locations. Remitly was founded and incorporated in the State of Delaware in 2011 under the name of Remitly, Inc., which is now a wholly-owned subsidiary of Remitly Global, Inc. Remitly is a trusted provider of digital financial services that transcend borders. With a global footprint spanning more than 170 countries, Remitly’s digitally native, cross-border payments app delights customers with a fast, reliable, and transparent money movement experience. 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, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end data within the Condensed Consolidated Balance Sheets was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2023. 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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. Reclassification The condensed consolidated financial statements and accompanying notes have been prepared consistently, with the exception of certain prior year amounts which have been reclassified to conform with the current period presentation. Reclassifications include a change in presentation of shares purchased under the ESPP within the Company’s Condensed Consolidated Statements of Cash Flows. Beginning in the year ended December 31, 2023, the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously, such activity was treated and disclosed as noncash activity for the six months ended June 30, 2023. The Company has conformed the prior period statement of cash flows to the current period presentation to enhance transparency and provide comparability. 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 and operating lease liabilities, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and intangible assets. The key assumptions applied for the value of the intangible assets include revenue 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, 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, 2024 and 2023. For the three and six months ended June 30, 2024 and 2023, no individual customer represented 10% or more of the Company’s total revenues or the Company’s customer funds receivable. Cash and Cash Equivalents The Company holds its cash and cash equivalents with financial institutions throughout the world, which management assesses to be of high credit quality. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents, so long as the Company has legal title to such amounts held in these accounts. Amounts that are held in accounts for which the Company does not have legal title to are recorded separately on the Consolidated Balance Sheets, typically as disbursement prefunding balances. Cash and cash equivalents consist of cash on hand and various deposit accounts, including accounts held in the Company’s name for the benefit of the Company’s customers for which the Company has control. 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, 2023. There have been no significant changes to these policies during the six months ended June 30, 2024, except as noted above. 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 $56.8 million and $40.6 million during the three months ended June 30, 2024 and 2023, respectively. Advertising expenses totaled $108.5 million and $75.2 million during the six months ended June 30, 2024 and 2023, respectively. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance to its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign), and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance to its condensed consolidated financial statements and related disclosures. 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, 2024
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, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided, 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. 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 country to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided. The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component. The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘ Transaction expenses ’ within the Condensed Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs. Deferred Revenue The deferred revenue balances from contracts with customers were as follows for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Deferred revenue, beginning of the period $ 1,250 $ 833 $ 1,124 $ 1,108 Deferred revenue, end of the period 1,020 626 1,020 626 Revenue recognized from amounts included in deferred revenue at the beginning of the period $ 675 $ 509 $ 926 $ 617 Deferred revenue represents amounts received from customers for which the performance obligations are not yet fulfilled. Deferred revenue is primarily included within ‘ Accrued expenses and other current liabilities ’ on the Condensed Consolidated Balance Sheets, as the performance obligations are expected to be fulfilled within the next year. Sales Incentives The Company provides sales incentives to customers in a variety of forms, including promotions, discounts, and other sales incentives. Evaluating whether a sales incentive is a payment to a customer requires judgment. Sales incentives determined to be consideration payable to a customer or paid on behalf of a customer are accounted for as reductions to revenue, up to the point where net historical cumulative revenue, at the customer level, is reduced to zero. Those additional incentive costs that would have caused the customer level revenue to be negative are classified as advertising expenses and are included as a component of ‘ Marketing expenses ’ within the Condensed Consolidated Statements of Operations. In addition, referral credits given to a referrer are classified as ‘ Marketing expenses ,’ as these incentives are paid in exchange for a distinct service. The following table presents the Company’s sales incentives for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Reduction to revenue $ 9,051 $ 8,040 $ 17,829 $ 15,595 Marketing expenses 5,023 4,300 11,642 8,527 Total sales incentives $ 14,074 $ 12,340 $ 29,471 $ 24,122 Revenue by Geography The following table presents the Company’s revenue disaggregated by primary geographical location for the three and six months ended June 30, 2024 and 2023, attributed to the country in which the sending customer is located: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 United States $ 201,884 $ 158,994 $ 377,277 $ 298,086 Canada 34,710 27,478 67,659 52,337 Rest of world 69,829 47,561 130,605 87,475 Total revenue $ 306,423 $ 234,033 $ 575,541 $ 437,898

Prepaid Expenses & Other Curren

Prepaid Expenses & Other Current Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid Expenses & Other Current Assets	Prepaid Expenses & Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, December 31, (in thousands) 2024 2023 Prepaid expenses $ 16,939 $ 8,902 Payment card receivable 10,035 15,599 Tax receivable 4,009 2,813 Other receivables 2,908 — Restricted cash 2,693 774 Capitalized cloud computing arrangement costs, net 2,494 2,220 Prepaid compensation arrangements 2,000 1,518 Other prepaid expenses and other current assets 1,782 1,317 Prepaid expenses and other current assets $ 42,860 $ 33,143

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment, net consisted of the following as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Capitalized internal-use software $ 32,457 $ 23,195 Computer and office equipment 7,871 8,529 Furniture and fixtures 2,806 2,636 Leasehold improvements 8,233 8,080 Projects in process 524 — Total gross property and equipment 51,891 42,440 Less: Accumulated depreciation and amortization (29,713) (26,430) Property and equipment, net $ 22,178 $ 16,010 Depreciation and amortization expense related to property and equipment was $2.7 million and $2.0 million for the three months ended June 30, 2024 and 2023, respectively. Depreciation and amortization expense related to property and equipment was $5.2 million and $3.8 million for the six months ended June 30, 2024 and 2023, respectively. Capitalized Internal-Use Software Costs The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total capitalized internal-use software costs (1) $ 4,406 $ 2,140 $ 9,262 $ 3,740 Stock-based compensation costs capitalized to internal-use software 1,281 875 2,768 1,374 Amortization expense (2) 1,845 1,043 3,494 1,943 __________ (1) Amounts are inclusive of stock-based compensation costs capitalized to internal-use software as denoted within the table. (2) Amounts are included within ‘ Depreciation and amortization ’ within the Company’s Condensed Consolidated Statements of Operations. Capitalized Costs of Cloud Computing Arrangements The following table presents the Company’s capitalized costs related to the implementation of cloud computing arrangements, including amortization expense recognized, for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total capitalized cloud computing arrangement costs $ 364 $ 973 $ 893 $ 1,873 Technology and development $ 552 $ 344 $ 1,049 $ 671 General and administrative 91 65 181 89 Total amortization expense $ 643 $ 409 $ 1,230 $ 760 The following table presents the Company’s total capitalized cloud computing arrangement costs, net of accumulated amortization, on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Prepaid expenses and other current assets $ 2,494 $ 2,220 Other noncurrent assets, net 1,200 1,811 Total capitalized cloud computing arrangement costs, net $ 3,694 $ 4,031

Business Combinations

Business Combinations	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations There were no significant acquisitions accounted for as business combinations or divestitures completed in the six months ended June 30, 2024. Acquisition Completed in 2023 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 met the criteria to be accounted for as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”). This method required, 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 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 excluded 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. As of the acquisition date, the majority of this holdback was expected to be settled in cash, with the remainder in 133,309 shares of Company common stock and restricted stock units. Such amounts were subject to 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. Refer to the discussion below regarding the settlement of the holdback consideration during the six months ended June 30, 2024. 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. The change in the pre-existing receivable to an intercompany receivable has been considered as a noncash activity reflected within the operating activities of the Condensed Consolidated Statements of Cash Flows. 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 settled in Company shares was 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 settled in equity used 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 was considered a Level 3 measurement, as defined in ASC 820, Fair Value Measurement (“ASC 820”). The Company recorded $0.2 million during the six months ended June 30, 2024 to reflect the change in the fair value of the holdback liability. The change in the fair value of the holdback liability during the three months ended June 30, 2024, through the date of settlement in April 2024, was immaterial. The Company recorded $0.2 million and $1.0 million during the three and six months ended June 30, 2023, respectively, to reflect the change in the fair value of the holdback liability. Such amounts were recorded within ‘ General and administrative expenses ’ within the Condensed Consolidated Statements of Operations. In April 2024, the holdback liability discussed above was settled with a cash payment of $10.3 million and with $2.8 million of equity consideration, consisting of 131,507 shares of Company common stock and restricted stock units. The holdback settlement was adjusted for immaterial post-closing net purchase price adjustments identified during the period. Fair Value of Assets Acquired and Liabilities Assumed The identifiable assets acquired and liabilities assumed of Rewire were recorded at their preliminary fair values as of the acquisition date and consolidated with those of the Company. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition requires the use of significant judgments regarding estimates and assumptions. The fair values of intangible assets were estimated using inputs classified as Level 3 under the income and cost approaches, including the multi-period excess earnings method for developed technology. The key assumptions in applying the income approach used in valuing the identified intangible assets include revenue growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The following table summarizes the 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 As of December 31, 2023, the valuation of assets acquired and liabilities assumed of Rewire was complete. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to the revenue and cost synergies expected to arise from the acquisition through continued geographic expansion and product differentiation, along with the acquired workforce of Rewire. Goodwill is deductible for income tax purposes. The acquisition did not change the Company’s one operating segment. Acquired Receivables The fair value of the financial assets acquired include ‘ Disbursement prefunding’ and ‘ Customer funds receivable, ne t,’ with a fair value of $6.0 million and $3.4 million, respectively, as disclosed above. The Company has collected substantially all of these receivables. Transaction Costs There were no transaction costs for the three months ended June 30, 2024. Transaction costs totaled $0.2 million for the six months ended June 30, 2024, which related to the change in the fair value of the holdback liability. Transaction costs totaled $0.3 million and $1.5 million for the three and six months ended June 30, 2023, respectively, which included $0.2 million and $1.0 million, respectively, for the change in the fair value of the holdback liability. Transaction costs are primarily related to the Company’s aforementioned acquisition of Rewire. Other Disclosures The results of operations of Rewire are included within the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss since the date of the acquisition.

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The components of intangible assets as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Trade name $ 1,000 $ (500) $ 500 1.5 $ 1,000 $ (333) $ 667 2.0 Customer relationships 8,500 (3,188) 5,312 2.5 8,500 (2,125) 6,375 3.0 Developed technology 12,000 (3,600) 8,400 3.5 12,000 (2,400) 9,600 4.0 Total $ 21,500 $ (7,288) $ 14,212 $ 21,500 $ (4,858) $ 16,642 The acquired identified intangible assets have estimated useful lives ranging from three Expected future intangible asset amortization as of June 30, 2024 was as follows: (in thousands) Amount Remainder of 2024 $ 2,428 2025 4,858 2026 4,525 2027 2,401 Total $ 14,212

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Ther e were no financial assets and liabilities that were measured at f air value on a recurring basis as of June 30, 2024. Except for the holdback liability rela ted to the Rewire acquisition discussed in Note 6. Business Combinations , there were no financial assets and liabilities that were measured at f air value on a recurring basis as of December 31, 2023. The carrying values of certain financial instruments, including disbursement prefunding, customer funds receivable, accounts payable, accrued expenses and other current liabilities, customer liabilities, short-term debt, and long-term debt approximate their respective fair values due to their relative short maturities. If these financial instruments were measured at fair value in the financial statements, they would be classified as Level 2.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Secured Revolving Credit Facility 2021 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 “2021 Revolving Credit Facility”) with certain lenders and JPMorgan Chase Bank, N.A. acting as administrative agent and collateral agent, that provided 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. The 2021 Revolving Credit Facility was amended on June 26, 2023 to reflect changes in the applicable interest rate as a result of the sunsetting of the LIBOR interest rate, as noted below. The 2021 Revolving Credit Facility was further amended o n December 20, 2023 to increase the revolving commitments from $250.0 million (including a $60.0 million letter of credit sub-facility) to $325.0 million . All other terms of the 2021 Revolving Credit Facility remained unchanged. As of June 30, 2024 and December 31, 2023, $1.0 million and $1.2 million, respectively, of unamortized debt issuance costs were included within ‘ Other noncurrent assets ’ on the Condensed Consolidated Balance Sheets. The 2021 Revolving Credit Facility has a maturity date of September 13, 2026. Borrowings under the 2021 Revolving Credit Facility after the June 26, 2023 amendment accrue interest at a floating rate per annum equal to, at the Company’s option, (1) the Alternate Base Rate (defined in the 2021 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 2021 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, 2024 and December 31, 2023, financial covenants in the 2021 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 2021 Revolving Credit Facility as of June 30, 2024 and December 31, 2023 . The obligations under the 2021 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 2021 Revolving Credit Facility may fluctuate depending upon transaction volumes and seasonality. As of June 30, 2024 and December 31, 2023, the Company had $15.0 million and $130.0 million outstanding, respectively, under the 2021 Revolving Credit Facility. As of both June 30, 2024 and December 31, 2023, the weighted-average interest rate was 9.0%. As of June 30, 2024 and December 31, 2023, the Company had unused borrowing capacity o f $262.1 million and $146.8 million, respectively, under the 2021 Revolving Credit Facility. As of June 30, 2024 and December 31, 2023, the Company had $50.0 million and $49.4 million, respectively, in issued, but undrawn, standby letters of credit. 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 2024. 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, 2024 and December 31, 2023, the Company had $2.4 million and $2.5 million outstanding under the Amendment, respectively, and was included within ‘ Short-term debt ’ on the Condensed Consolidated Balance Sheets. The change in the outstanding balance is driven by the change in the foreign exchange conversion rate. The Advance for Future Deposits bears a floating interest rate of 1.4%+ Israeli Prime per annum, paid on a monthly basis. The Israeli Prime rate is defined as the Bank of Israel rate + 1.5%. As of both June 30, 2024 and December 31, 2023, the weighted-average interest rate 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 were 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, 2024
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) 2024 2023 2024 2023 Numerator: Net loss $ (12,091) $ (18,850) $ (33,171) $ (47,164) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 193,452,628 179,076,496 191,650,713 177,105,720 Net loss per share attributable to common stockholders: Basic and diluted $ (0.06) $ (0.11) $ (0.17) $ (0.27) The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of June 30, 2024 2023 Stock options outstanding 9,406,325 12,641,385 RSUs outstanding 25,198,287 27,783,207 ESPP 1,128,472 1,133,662 Shares subject to repurchase — 31,549 Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition (1) 52,040 104,080 Equity issuable in connection with acquisition (1) — 133,309 Total 35,785,124 41,827,192 __________ (1) Refer to Note 6. Business Combinations

Common Stock

Common Stock	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Common Stock	Common StockAs of June 30, 2024, 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, 2024 and 2023.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Shares Available for Issuance As of June 30, 2024 , 13,887,897 and 7,308,767 awards remain available for issuance under the 2021 Plan and the ESPP, respectively. Stock Options The following is a summary of the Company’s stock option activity during the six months ended June 30, 2024: 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, 2024 10,801,396 $ 4.46 5.87 $ 161,603 Exercised (1,289,124) 3.28 19,265 Forfeited (105,947) 6.39 Balances as of June 30, 2024 9,406,325 4.60 5.34 70,750 Vested and exercisable as of June 30, 2024 8,166,741 3.71 5.08 68,668 Vested and expected to vest as of June 30, 2024 9,406,325 $ 4.60 5.34 $ 70,750 _________________ (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, 2024 and 2023. The following is a summary of the Company’s stock option activity during the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (in thousands) 2024 2023 Aggregate grant-date fair value of options vested $ 6,293 $ 4,396 Intrinsic value of options exercised 19,265 38,750 Restricted Stock Units Restricted stock unit activity during the six months ended June 30, 2024 was as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Unvested at January 1, 2024 23,555,665 $ 14.67 Granted 8,692,250 17.27 Vested (4,952,458) 13.57 Cancelled/forfeited (2,097,170) 15.22 Unvested at June 30, 2024 25,198,287 $ 15.73 The following is a summary of the Company’s restricted stock unit activity during the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (in thousands, except per share data) 2024 2023 Weighted-average grant date fair value of RSUs granted $ 17.27 $ 16.24 Aggregate grant-date fair value of RSUs vested 67,205 50,380 Employee Stock Purchase Plan (“ESPP”) The offering period that commenced on September 1, 2023 ended on February 29, 2024, 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, 2024. This event, inclusive of the impact of employees who elected to increase their withholding percentages, was accounted for as a modification under GAAP in the first quarter of 2024, whereby the fair value of the ESPP offering was measured immediately before and after modification, resulting in incremental stock-based compensation expense of $1.7 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, including those 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, 2024 and 2023, 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, 2024 2023 Risk-free interest rates 4.49% to 5.20% 4.83% to 5.13% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 52.9% to 61.3% 48.9% to 59.5% Dividend rate — % — % Stock-Based Compensation Expense Stock-based compensation expense for stock options, RSUs, and ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 5. Property and Equipment , was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Customer support and operations $ 259 $ 419 $ 612 $ 624 Marketing 4,521 4,727 8,500 7,710 Technology and development 20,354 18,588 39,981 35,219 General and administrative 12,023 11,466 22,152 20,881 Total $ 37,157 $ 35,200 $ 71,245 $ 64,434 As of June 30, 2024, the total unamortized compensation cost related to all non-vested equity awards, including options and RSUs, was $349.0 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.7 years. As of June 30, 2024, the total unrecognized compensation expense related to the ESPP was $7.5 million, which is expected to be amortized over the next 1.7 years.

Restructuring Initiatives

Restructuring Initiatives	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Initiatives	Restructuring Initiatives In the six months ended June 30, 2024, as a result of simplifying and scaling certain processes, functions, and team capabilities, the Company continued restructuring initiatives that commenced within the three months ended September 30, 2023 in order to better serve the Company's customers and allow the Company to centralize, transform, and automate global operations. Restructuring costs incurred primarily included severance and certain other associated costs. These specific restructuring initiatives are complete. The Company incurred no charges and $0.8 million for the three and six months ended June 30, 2024, respectively. There were no charges incurred related to restructuring initiatives for the three and six months ended June 30, 2023. The following table presents the restructuring costs included within the Company’s Condensed Consolidated Statements of Operations for the six months ended June 30, 2024: (in thousands) Amount Customer support and operations $ 758 General and administrative 34 Total restructuring costs $ 792 The following table presents the changes in liabilities, including expenses incurred and cash payments resulting from the restructuring costs and related accruals, during the six months ended June 30, 2024: (in thousands) Amount Balance as of December 31, 2023 $ 78 Expenses incurred 792 Cash payments (870) Balance as of June 30, 2024 $ —

Related Party Arrangements

Related Party Arrangements	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 (37.4)% and 0.8% for the three months ended June 30, 2024 and 2023, respectively, and (14.8)% and (0.5)% for the six months ended June 30, 2024 and 2023, respectively. The difference between the effective tax rate and the U.S. federal statutory rate of 21.0% in all periods was primarily the result of foreign income taxed at different rates, changes in the U.S. valuation allowance, non-deductible stock-based compensation, and recognition of a discrete income tax benefit, primarily driven by excess stock-based compensation deductions. The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold.

Commitment and Contingencies

Commitment and Contingencies	6 Months Ended
	Jun. 30, 2024
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 amended and restated certificate of incorporation and amended and restated 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, 2024 and December 31, 2023. Litigation and Loss Contingencies Litigation From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, threatened claims, breach of contract claims, and other matters. The Company accrues estimates for resolution of legal and other contingencies when losses are probable, as defined under GAAP, and estimable. Although the results of litigation and claims are inherently unpredictable, the Company does not believe that there was a reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of June 30, 2024 and December 31, 2023. 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 with, or actions taken, by regulators and courts, potential or actual self-disclosure, and applicability of tax rules and the Company will continue to evaluate the accounting and disclosure of any related contingencies as they arise. As a result of this assessment, management has recorded an estimated liability within ‘Accrued expenses and other current liabilities’ . The Company’s estimate is based on the totality of factors including applicability of the tax rules, correspondence with tax authorities including payments made, and tax analysis and documentation supporting the Company’s positions. 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. Purchase Commitments The disclosure of purchase commitments in these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes within the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company routinely enters into marketing and advertising contracts, software subscriptions or other service arrangements, including cloud infrastructure arrangements, and compliance-application related arrangements that contractually obligate us to purchase services, including minimum service quantities, unless given notice of cancellation based on the applicable terms of the agreements. During the three months ended June 30, 2024, the Company entered into a three-year cloud infrastructure arrangement in an amount of $6.9 million, increasing the total future minimum payments under non-cancellable purchase commitments from the amounts disclosed within the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Lease Agreement Not Yet Commenced In June 2024, the Company entered into an agreement to lease certain office space in Seattle, Washington, for the use of its corporate headquarters office. The lease payment term begins on July 1, 2025 for a period of seven years with optional renewal periods available. The total contractual commitment related to this lease, including contractual lease increases, is approximately $22.9 million, exclusive of variable maintenance and operating expenses under the lease agreement. Leasehold improvements within the office space will be constructed under the Company’s direction, and the Company will be entitled to an allowance for a substantial portion of the improvements. The Company will recognize the related right-of-use asset and operating lease liability on its balance sheet when it gains control of the leased office space. Reserve for Transaction Losses The table below summarizes the Company’s reserve for transaction losses for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Beginning balance $ 3,388 $ 3,069 $ 3,359 $ 3,762 Provisions for transaction losses 16,292 9,038 27,660 19,146 Losses incurred, net of recoveries (15,996) (9,299) (27,335) (20,100) Ending balance $ 3,684 $ 2,808 $ 3,684 $ 2,808

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 Trade settlement liability (1) $ 71,578 $ 58,950 Accrued transaction expense 20,184 18,500 Accrued marketing expense 14,616 13,633 Accrued salary, benefits, and related taxes 10,830 10,251 Accrued taxes and taxes payable 7,329 9,259 ESPP employee contributions 3,819 3,565 Reserve for transaction losses 3,684 3,359 Holdback liability (2) — 12,990 Other accrued expenses 13,411 15,295 Total $ 145,451 $ 145,802 _________________ (1) The trade settlement liability amount represents the total of disbursement postfunding liabilities and book overdrafts owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion. (2) Refer to Note 6. Business Combinations for further detail on the Holdback liability, which was settled in April 2024.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The supplemental disclosures of cash flow information consisted of the following: Six Months Ended June 30, (in thousands) 2024 2023 Supplemental disclosure of cash flow information Cash paid for interest $ 1,269 $ 771 Cash paid for income taxes 3,239 804 Supplemental disclosure of noncash investing and financing activities Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 5,310 $ 5,414 Vesting of early exercised options 48 245 Stock-based compensation expense capitalized to internal-use software 2,768 1,374 Settlement of equity amounts previously held back for acquisition consideration 2,783 — Issuance of common stock for acquisition consideration — 6,635 Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition — 581 Amounts held back for acquisition consideration — 11,899 Settlement of preexisting net receivable in exchange for net assets acquired in business combination — 2,401

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (12,091)	$ (21,080)	$ (18,850)	$ (28,314)	$ (33,171)	$ (47,164)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end data within the Condensed Consolidated Balance Sheets was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2023. 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, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, 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.
Reclassification	Reclassification The condensed consolidated financial statements and accompanying notes have been prepared consistently, with the exception of certain prior year amounts which have been reclassified to conform with the current period presentation. Reclassifications include a change in presentation of shares purchased under the ESPP within the Company’s Condensed Consolidated Statements of Cash Flows. Beginning in the year ended December 31, 2023, the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously, such activity was treated and disclosed as noncash activity for the six months ended June 30, 2023. The Company has conformed the prior period statement of cash flows to the current period presentation to enhance transparency and provide comparability.
Use of Estimates	Use of Estimates
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, 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, 2024 and 2023.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company holds its cash and cash equivalents with financial institutions throughout the world, which management assesses to be of high credit quality. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents, so long as the Company has legal title to such amounts held in these accounts. Amounts that are held in accounts for which the Company does not have legal title to are recorded separately on the Consolidated Balance Sheets, typically as disbursement prefunding balances. Cash and cash equivalents consist of cash on hand and various deposit accounts, including accounts held in the Company’s name for the benefit of the Company’s customers for which the Company has control.
Advertising	Advertising Advertising expenses are charged to operations as incurred and are included as a component of ‘ Marketing expenses
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements None. Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the potential impact of adopting this new guidance to its condensed consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign), and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state, and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance to its condensed consolidated financial statements and related disclosures. 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, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided, 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. 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 country to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided. The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component. The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘ Transaction expenses ’ within the Condensed Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Deferred Revenue	The deferred revenue balances from contracts with customers were as follows for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Deferred revenue, beginning of the period $ 1,250 $ 833 $ 1,124 $ 1,108 Deferred revenue, end of the period 1,020 626 1,020 626 Revenue recognized from amounts included in deferred revenue at the beginning of the period $ 675 $ 509 $ 926 $ 617
Schedule of Sales Incentives	The following table presents the Company’s sales incentives for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Reduction to revenue $ 9,051 $ 8,040 $ 17,829 $ 15,595 Marketing expenses 5,023 4,300 11,642 8,527 Total sales incentives $ 14,074 $ 12,340 $ 29,471 $ 24,122
Schedule of Revenue by Geographic Area	The following table presents the Company’s revenue disaggregated by primary geographical location for the three and six months ended June 30, 2024 and 2023, attributed to the country in which the sending customer is located: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 United States $ 201,884 $ 158,994 $ 377,277 $ 298,086 Canada 34,710 27,478 67,659 52,337 Rest of world 69,829 47,561 130,605 87,475 Total revenue $ 306,423 $ 234,033 $ 575,541 $ 437,898

Prepaid Expenses & Other Curr_2

Prepaid Expenses & Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid Expense and Other Current Assets	Prepaid expenses and other current assets consisted of the following: June 30, December 31, (in thousands) 2024 2023 Prepaid expenses $ 16,939 $ 8,902 Payment card receivable 10,035 15,599 Tax receivable 4,009 2,813 Other receivables 2,908 — Restricted cash 2,693 774 Capitalized cloud computing arrangement costs, net 2,494 2,220 Prepaid compensation arrangements 2,000 1,518 Other prepaid expenses and other current assets 1,782 1,317 Prepaid expenses and other current assets $ 42,860 $ 33,143

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment, net consisted of the following as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Capitalized internal-use software $ 32,457 $ 23,195 Computer and office equipment 7,871 8,529 Furniture and fixtures 2,806 2,636 Leasehold improvements 8,233 8,080 Projects in process 524 — Total gross property and equipment 51,891 42,440 Less: Accumulated depreciation and amortization (29,713) (26,430) Property and equipment, net $ 22,178 $ 16,010 The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total capitalized internal-use software costs (1) $ 4,406 $ 2,140 $ 9,262 $ 3,740 Stock-based compensation costs capitalized to internal-use software 1,281 875 2,768 1,374 Amortization expense (2) 1,845 1,043 3,494 1,943 __________ (1) Amounts are inclusive of stock-based compensation costs capitalized to internal-use software as denoted within the table. (2) Amounts are included within ‘ Depreciation and amortization ’ within the Company’s Condensed Consolidated Statements of Operations.
Schedule of Hosting Arrangements	The following table presents the Company’s capitalized costs related to the implementation of cloud computing arrangements, including amortization expense recognized, for the three and six months ended June 30, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Total capitalized cloud computing arrangement costs $ 364 $ 973 $ 893 $ 1,873 Technology and development $ 552 $ 344 $ 1,049 $ 671 General and administrative 91 65 181 89 Total amortization expense $ 643 $ 409 $ 1,230 $ 760 The following table presents the Company’s total capitalized cloud computing arrangement costs, net of accumulated amortization, on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023: June 30, December 31, (in thousands) 2024 2023 Prepaid expenses and other current assets $ 2,494 $ 2,220 Other noncurrent assets, net 1,200 1,811 Total capitalized cloud computing arrangement costs, net $ 3,694 $ 4,031

Business Combinations (Tables)

Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Consideration Transferred	The 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 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

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The components of intangible assets as of June 30, 2024 and December 31, 2023 were as follows: June 30, 2024 December 31, 2023 (in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Estimated Remaining Useful Life (in years) Trade name $ 1,000 $ (500) $ 500 1.5 $ 1,000 $ (333) $ 667 2.0 Customer relationships 8,500 (3,188) 5,312 2.5 8,500 (2,125) 6,375 3.0 Developed technology 12,000 (3,600) 8,400 3.5 12,000 (2,400) 9,600 4.0 Total $ 21,500 $ (7,288) $ 14,212 $ 21,500 $ (4,858) $ 16,642
Schedule of Future Amortization Expense	Expected future intangible asset amortization as of June 30, 2024 was as follows: (in thousands) Amount Remainder of 2024 $ 2,428 2025 4,858 2026 4,525 2027 2,401 Total $ 14,212

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 2024 2023 Numerator: Net loss $ (12,091) $ (18,850) $ (33,171) $ (47,164) Denominator: Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic and diluted 193,452,628 179,076,496 191,650,713 177,105,720 Net loss per share attributable to common stockholders: Basic and diluted $ (0.06) $ (0.11) $ (0.17) $ (0.27)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been anti-dilutive: As of June 30, 2024 2023 Stock options outstanding 9,406,325 12,641,385 RSUs outstanding 25,198,287 27,783,207 ESPP 1,128,472 1,133,662 Shares subject to repurchase — 31,549 Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition (1) 52,040 104,080 Equity issuable in connection with acquisition (1) — 133,309 Total 35,785,124 41,827,192 __________ (1) Refer to Note 6. Business Combinations

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: 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, 2024 10,801,396 $ 4.46 5.87 $ 161,603 Exercised (1,289,124) 3.28 19,265 Forfeited (105,947) 6.39 Balances as of June 30, 2024 9,406,325 4.60 5.34 70,750 Vested and exercisable as of June 30, 2024 8,166,741 3.71 5.08 68,668 Vested and expected to vest as of June 30, 2024 9,406,325 $ 4.60 5.34 $ 70,750 _________________ (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock. The following is a summary of the Company’s stock option activity during the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (in thousands) 2024 2023 Aggregate grant-date fair value of options vested $ 6,293 $ 4,396 Intrinsic value of options exercised 19,265 38,750
Schedule of Restricted Stock Award Activity	Restricted stock unit activity during the six months ended June 30, 2024 was as follows: Number of Shares Weighted-Average Grant-Date Fair Value Per Share Unvested at January 1, 2024 23,555,665 $ 14.67 Granted 8,692,250 17.27 Vested (4,952,458) 13.57 Cancelled/forfeited (2,097,170) 15.22 Unvested at June 30, 2024 25,198,287 $ 15.73 The following is a summary of the Company’s restricted stock unit activity during the six months ended June 30, 2024 and 2023: Six Months Ended June 30, (in thousands, except per share data) 2024 2023 Weighted-average grant date fair value of RSUs granted $ 17.27 $ 16.24 Aggregate grant-date fair value of RSUs vested 67,205 50,380
Schedule of ESPP Valuation Assumptions	The fair value of the ESPP offerings, including those 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, 2024 and 2023, 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, 2024 2023 Risk-free interest rates 4.49% to 5.20% 4.83% to 5.13% Expected term (in years) 0.5 to 2.0 years 0.5 to 2.0 years Volatility 52.9% to 61.3% 48.9% to 59.5% Dividend rate — % — %
Schedule of Share-based Compensation Expense	Stock-based compensation expense for stock options, RSUs, and ESPP, included within the Condensed Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 5. Property and Equipment , was as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Customer support and operations $ 259 $ 419 $ 612 $ 624 Marketing 4,521 4,727 8,500 7,710 Technology and development 20,354 18,588 39,981 35,219 General and administrative 12,023 11,466 22,152 20,881 Total $ 37,157 $ 35,200 $ 71,245 $ 64,434

Restructuring Initiatives (Tabl

Restructuring Initiatives (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Severance and Related Charges	The following table presents the restructuring costs included within the Company’s Condensed Consolidated Statements of Operations for the six months ended June 30, 2024: (in thousands) Amount Customer support and operations $ 758 General and administrative 34 Total restructuring costs $ 792
Schedule of Restructuring Reserve	The following table presents the changes in liabilities, including expenses incurred and cash payments resulting from the restructuring costs and related accruals, during the six months ended June 30, 2024: (in thousands) Amount Balance as of December 31, 2023 $ 78 Expenses incurred 792 Cash payments (870) Balance as of June 30, 2024 $ —

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Beginning balance $ 3,388 $ 3,069 $ 3,359 $ 3,762 Provisions for transaction losses 16,292 9,038 27,660 19,146 Losses incurred, net of recoveries (15,996) (9,299) (27,335) (20,100) Ending balance $ 3,684 $ 2,808 $ 3,684 $ 2,808

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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) 2024 2023 Trade settlement liability (1) $ 71,578 $ 58,950 Accrued transaction expense 20,184 18,500 Accrued marketing expense 14,616 13,633 Accrued salary, benefits, and related taxes 10,830 10,251 Accrued taxes and taxes payable 7,329 9,259 ESPP employee contributions 3,819 3,565 Reserve for transaction losses 3,684 3,359 Holdback liability (2) — 12,990 Other accrued expenses 13,411 15,295 Total $ 145,451 $ 145,802 _________________ (1) The trade settlement liability amount represents the total of disbursement postfunding liabilities and book overdrafts owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the notes to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion. (2) Refer to Note 6. Business Combinations for further detail on the Holdback liability, which was settled in April 2024.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The supplemental disclosures of cash flow information consisted of the following: Six Months Ended June 30, (in thousands) 2024 2023 Supplemental disclosure of cash flow information Cash paid for interest $ 1,269 $ 771 Cash paid for income taxes 3,239 804 Supplemental disclosure of noncash investing and financing activities Operating lease right-of-use assets obtained in exchange for operating lease liabilities $ 5,310 $ 5,414 Vesting of early exercised options 48 245 Stock-based compensation expense capitalized to internal-use software 2,768 1,374 Settlement of equity amounts previously held back for acquisition consideration 2,783 — Issuance of common stock for acquisition consideration — 6,635 Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition — 581 Amounts held back for acquisition consideration — 11,899 Settlement of preexisting net receivable in exchange for net assets acquired in business combination — 2,401

Organization and Description _2

Organization and Description of Business (Details)	Jun. 30, 2024 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 Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Advertising expense	$ 56.8	$ 40.6	$ 108.5	$ 75.2

Revenue - Schedule of Deferred

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 1,250	$ 833	$ 1,124	$ 1,108
Deferred revenue, end of the period	1,020	626	1,020	626
Revenue recognized from amounts included in deferred revenue at the beginning of the period	$ 675	$ 509	$ 926	$ 617

Revenue - Schedule of Sales Inc

Revenue - Schedule of Sales Incentives (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Sales incentives	$ 14,074	$ 12,340	$ 29,471	$ 24,122
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	9,051	8,040	17,829	15,595
Marketing
Disaggregation of Revenue [Line Items]
Sales incentives	$ 5,023	$ 4,300	$ 11,642	$ 8,527

Revenue - Revenue by Geography

Revenue - Revenue by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 306,423	$ 234,033	$ 575,541	$ 437,898
United States
Disaggregation of Revenue [Line Items]
Revenue	201,884	158,994	377,277	298,086
Canada
Disaggregation of Revenue [Line Items]
Revenue	34,710	27,478	67,659	52,337
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	$ 69,829	$ 47,561	$ 130,605	$ 87,475

Prepaid Expenses & Other Curr_3

Prepaid Expenses & Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 16,939	$ 8,902
Payment card receivable	10,035	15,599
Tax receivable	4,009	2,813
Other receivables	2,908	0
Restricted cash	2,693	774	$ 680
Capitalized cloud computing arrangement costs, net	2,494	2,220
Prepaid compensation arrangements	2,000	1,518
Other prepaid expenses and other current assets	1,782	1,317
Prepaid expenses and other current assets	$ 42,860	$ 33,143

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 51,891	$ 42,440
Less: Accumulated depreciation and amortization	(29,713)	(26,430)
Property and equipment, net	22,178	16,010
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	32,457	23,195
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,871	8,529
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,806	2,636
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,233	8,080
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 524	$ 0

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 2.7	$ 2	$ 5.2	$ 3.8

Property and Equipment - Capita

Property and Equipment - Capitalized Internal-Use Software Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Line Items]
Stock-based compensation expense capitalized to internal-use software			$ 2,768	$ 1,374
Amortization expense	$ 2,700	$ 2,000	5,200	3,800
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total capitalized internal-use software costs	4,406	2,140	9,262	3,740
Stock-based compensation expense capitalized to internal-use software	1,281	875	2,768	1,374
Amortization expense	$ 1,845	$ 1,043	$ 3,494	$ 1,943

Property and Equipment - Sche_2

Property and Equipment - Schedule of Hosting Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total capitalized cloud computing arrangement costs	$ 364	$ 973	$ 893	$ 1,873
Internal-use software costs, amortization	643	409	1,230	760
Capitalized cloud computing arrangement costs, net	3,694		3,694		$ 4,031
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized cloud computing arrangement costs, net	2,494		2,494		2,220
Other noncurrent assets, net
Property, Plant and Equipment [Line Items]
Capitalized cloud computing arrangement costs, net	1,200		1,200		$ 1,811
Technology and development
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	552	344	1,049	671
General and administrative
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 91	$ 65	$ 181	$ 89

Business Combinations - Narrati

Business Combinations - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 05, 2023 USD ($) shares	Apr. 30, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity					$ 0	$ 11,899
Effective settlement of pre-existing net receivable owed to the Company					0	2,401
Holdback liability, change in fair value				$ 300
Holdback liability			$ 0		0		$ 12,990
Payment for holdback liability					$ 10,261	0
Number of operating segments | segment					1
Acquisition related costs			$ 0		$ 200	1,500
Rewire
Business Acquisition [Line Items]
Purchase consideration	$ 77,914
Equity issued (in shares) | shares	694,918	131,507
Equity issued	$ 7,216	$ 2,800
Number of shares held back | shares	133,309
Holdback liability to be settled in cash and Company equity	$ 11,899
Hold back period	15 months
Amount held back, cash		10,400
Amount held back, equity	$ 1,500
Effective settlement of pre-existing net receivable owed to the Company	$ 2,401
Holdback liability, change in fair value				$ 200	$ 200	$ 1,000
Payment for holdback liability		$ 10,300
Rewire | Service-based vesting
Business Acquisition [Line Items]
Equity issued (in shares) | shares	104,080
Equity issued, vesting period	2 years
Equity issued	$ 600
Post-combination acquisition costs	900
Rewire | Disbursement prefunding
Business Acquisition [Line Items]
Acquired receivables	6,016
Rewire | Customer funds receivable, net
Business Acquisition [Line Items]
Acquired receivables	$ 3,423

Business Combinations - Schedul

Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jan. 05, 2023	Apr. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity			$ 0	$ 11,899
Effective settlement of pre-existing net receivable owed to the Company			$ 0	$ 2,401
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	$ 2,800
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

Business Combinations - Sched_2

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jan. 05, 2023
Business Acquisition [Line Items]
Goodwill	$ 54,940	$ 54,940
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

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,500	$ 21,500
Accumulated Amortization	(7,288)	(4,858)
Net Carrying Amount	14,212	16,642
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000	1,000
Accumulated Amortization	(500)	(333)
Net Carrying Amount	$ 500	$ 667
Weighted Average Estimated Remaining Useful Life (in years)	1 year 6 months	2 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,500	$ 8,500
Accumulated Amortization	(3,188)	(2,125)
Net Carrying Amount	$ 5,312	$ 6,375
Weighted Average Estimated Remaining Useful Life (in years)	2 years 6 months	3 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,000	$ 12,000
Accumulated Amortization	(3,600)	(2,400)
Net Carrying Amount	$ 8,400	$ 9,600
Weighted Average Estimated Remaining Useful Life (in years)	3 years 6 months	4 years

Intangible Assets - Narrative (

Intangible Assets - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jan. 05, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 1.2	$ 1.2	$ 2.4	$ 2.4
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	5 years

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 2,428
2025	4,858
2026	4,525
2027	2,401
Net Carrying Amount	$ 14,212	$ 16,642

Debt (Details)

Debt (Details) $ in Thousands, ₪ in Millions	Sep. 13, 2021 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 20, 2023 USD ($)	Jan. 05, 2023 USD ($)	Jan. 05, 2023 ILS (₪)
Debt Instrument [Line Items]
Debt issuance costs, net		$ 1,000	$ 1,200
Letters of credit outstanding		50,000	49,400
Short-term debt		2,394	2,481
Advance for Future Deposits
Debt Instrument [Line Items]
Face amount					$ 2,800	₪ 9
Short-term debt		$ 2,400	$ 2,500
Effective interest rate		3%	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			$ 325,000
Unused commitment fee percentage	0.25%
Adjusted quick ratio		1.50
Minimum liquidity		$ 100,000
Outstanding borrowings		$ 15,000	$ 130,000
Weighted average interest rate		9%
Remaining borrowing capacity		$ 262,100	$ 146,800
Line of credit | Revolving credit facility | New Revolving Credit Facility | NYFRB Rate
Debt Instrument [Line Items]
Variable rate, base	0.50%
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	0.50%
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

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, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss attributable to common stockholders	$ (12,091)	$ (21,080)	$ (18,850)	$ (28,314)	$ (33,171)	$ (47,164)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	193,452,628		179,076,496		191,650,713	177,105,720
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	193,452,628		179,076,496		191,650,713	177,105,720
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.06)		$ (0.11)		$ (0.17)	$ (0.27)
Diluted (in dollars per share)	$ (0.06)		$ (0.11)		$ (0.17)	$ (0.27)

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, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	35,785,124	41,827,192
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	9,406,325	12,641,385
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	25,198,287	27,783,207
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,128,472	1,133,662
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	31,549
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)	52,040	104,080
Equity issuable in connection with acquisition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	133,309

Common Stock (Details)

Common Stock (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 $ / 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 ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted during period (in shares)	0	0
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation cost	$ 349
Unamortized compensation cost, recognition period	2 years 8 months 12 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period	24 months
Plan modification, incremental cost	$ 1.7
Unamortized compensation cost	$ 7.5
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)	7,308,767
Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)	13,887,897

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Number of Options Outstanding
Beginning balance (in shares)	10,801,396
Exercised (in shares)	(1,289,124)
Forfeited (in shares)	(105,947)
Ending balance (in shares)	9,406,325		10,801,396
Vested and exercisable (in shares)	8,166,741
Vested and expected to vest (in shares)	9,406,325
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 4.46
Exercised (in dollars per share)	3.28
Forfeited (in dollars per share)	6.39
Ending balance (in dollars per share)	4.60		$ 4.46
Vested and exercisable (in dollars per share)	3.71
Vested and expected to vest (in dollars per share)	$ 4.60
Weighted-Average Remaining Contractual Life (Years)
Outstanding	5 years 4 months 2 days		5 years 10 months 13 days
Vested and exercisable	5 years 29 days
Vested and expected to vest	5 years 4 months 2 days
Aggregate Intrinsic Value
Outstanding	$ 70,750		$ 161,603
Exercised	19,265	$ 38,750
Vested and exercisable	68,668
Vested and expected to vest	70,750
Aggregate grant-date fair value, options	$ 6,293	$ 4,396

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Number of Shares
Unvested, beginning balance (in shares)	23,555,665
Granted (in shares)	8,692,250
Vested (in shares)	(4,952,458)
Cancelled/forfeited (in shares)	(2,097,170)
Unvested, ending balance (in shares)	25,198,287
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 14.67
Granted (in dollars per share)	17.27	$ 16.24
Vested (in dollars per share)	13.57
Cancelled/forfeited (in dollars per share)	15.22
Unvested, ending balance (in dollars per share)	$ 15.73
Weighted-average aggregate grant date fair value, vested	$ 67,205	$ 50,380

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Valuation Assumptions (Details) - ESPP	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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	4.49%	4.83%
Expected term (in years)	6 months	6 months
Volatility	52.90%	48.90%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	5.20%	5.13%
Expected term (in years)	2 years	2 years
Volatility	61.30%	59.50%

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 37,157	$ 35,200	$ 71,245	$ 64,434
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	259	419	612	624
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,521	4,727	8,500	7,710
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	20,354	18,588	39,981	35,219
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 12,023	$ 11,466	$ 22,152	$ 20,881

Restructuring Initiatives - Nar

Restructuring Initiatives - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Incurred charges	$ 0	$ 0	$ 800,000	$ 0

Restructuring Initiatives - Sch

Restructuring Initiatives - Schedule of Severance and Related Charges (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expenses incurred	$ 792
Customer support and operations
Restructuring Cost and Reserve [Line Items]
Expenses incurred	758
General and administrative
Restructuring Cost and Reserve [Line Items]
Expenses incurred	$ 34

Restructuring Initiatives - S_2

Restructuring Initiatives - Schedule of Restructuring Reserve (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance as of December 31, 2023	$ 78
Expenses incurred	792
Cash payments	(870)
Balance as of June 30, 2024	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(37.40%)	0.80%	(14.80%)	(0.50%)

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 USD ($) claim	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Operating lease not yet commenced, term	7 years
Indemnification agreement
Loss Contingencies [Line Items]
Loss contingency, number of claims | claim	0
Loss contingency accrual	$ 0	$ 0
Cloud infrastructure arrangement
Loss Contingencies [Line Items]
Purchase commitment, term	3 years
Purchase commitment	$ 6,900,000
Lease not yet commenced
Loss Contingencies [Line Items]
Purchase commitment	$ 22,900,000

Commitment and Contingencies _2

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Loss Contingency Accrual [Roll Forward]
Beginning balance			$ 3,359
Ending balance	$ 3,684		3,684
Transaction losses
Loss Contingency Accrual [Roll Forward]
Beginning balance	3,388	$ 3,069	3,359	$ 3,762
Provisions for transaction losses	16,292	9,038	27,660	19,146
Losses incurred, net of recoveries	(15,996)	(9,299)	(27,335)	(20,100)
Ending balance	$ 3,684	$ 2,808	$ 3,684	$ 2,808

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Trade settlement liability	$ 71,578		$ 58,950
Accrued transaction expense	20,184		18,500
Accrued marketing expense	14,616		13,633
Accrued salary, benefits, and related taxes	10,830		10,251
Accrued taxes and taxes payable	7,329		9,259
Reserve for transaction losses	3,684		3,359
Holdback liability	0		12,990
Other accrued expenses	13,411		15,295
Total	145,451		145,802
Transaction losses
Loss Contingencies [Line Items]
ESPP employee contributions	3,819		3,565
Reserve for transaction losses	$ 3,684	$ 3,388	$ 3,359	$ 2,808	$ 3,069	$ 3,762

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 1,269	$ 771
Cash paid for income taxes	3,239	804
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	5,310	5,414
Vesting of early exercised options	48	245
Stock-based compensation expense capitalized to internal-use software	2,768	1,374
Settlement of equity amounts previously held back for acquisition consideration	2,783	0
Issuance of common stock for acquisition consideration	0	6,635
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	0	581
Amounts held back for acquisition consideration	0	11,899
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	$ 0	$ 2,401