0001782170-22-000078 | 10-Q | XBRL Viewer

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Redeemable Convertible Preferred Stock (Details) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Shares Authorized	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, outstanding (in shares)	0	0	127,410,631	127,082,605
Preferred stock, issued (in shares)	0	0

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2022

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:


	March 31,		December 31,
(in thousands)	2022		2021
Trade settlement liability	$	12,871	$	18,924
ESPP employee contributions	389		1,551
Accrued transaction expense	11,602		12,639
Accrued marketing expense	10,743		10,788
Reserve for transaction losses	3,819		3,134
Accrued salaries and benefits	3,270		2,923
Other accrued expenses	17,307		16,724
Total	$	60,001	$	66,683

Property and Equipment - Narrative (Details) - USD ($)	3 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 1,500,000	$ 1,200,000
Internal-use software costs, impairment	0	0
Internal-use software costs capitalized	400,000
Internal-use software costs, amortization	119,000
Capitalized cost, net	1,200,000
Prepaid Expenses and Other Current Assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	400,000
Other Noncurrent Assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	800,000
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	700,000	600,000
Property and equipment capitalized	1,100,000	900,000
Stock-based compensation capitalized	$ 300,000	$ 100,000

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Trade settlement liability	$ 12,871	$ 18,924
ESPP employee contributions	389	1,551
Accrued transaction expense	11,602	12,639
Accrued marketing expense	10,743	10,788
Accrued salaries and benefits	3,270	2,923
Other accrued expenses	17,307	16,724
Total	60,001	66,683
Transaction losses
Loss Contingencies [Line Items]
Reserve for transaction losses	$ 3,819	$ 3,134	$ 2,779	$ 3,250

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Advertising expense	$ 34.5	$ 22.5

Net Loss Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (23,310)	$ (7,770)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	164,391,753	22,711,379
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	164,391,753	22,711,379
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.14)	$ (0.34)
Diluted (in dollars per share)	$ (0.14)	$ (0.34)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Common Stock	3 Months Ended
Common Stock	Mar. 31, 2022
Equity [Abstract]
Common Stock	Common StockAs of March 31, 2022, 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. Through March 31, 2022 and March 31, 2021, no dividends have been declared or paid by the Company.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Related Party Arrangements	3 Months Ended
Related Party Arrangements	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party ArrangementsThe Company previously had promissory note agreements with two executive employees in conjunction with their early exercise of stock options to purchase 1,800,000 shares of the Company’s common stock. The principal amount of the notes was $3.1 million, and interest accrued at 2.83% on the outstanding principal amount annually. The notes were secured by the shares that were exercised. Based on the non-recourse nature of these agreements, the agreements were accounted for as grants of options to purchase common stock. The fair value of the stock options, determined using the Black-Scholes option pricing model was being recognized over the requisite service period. The associated shares are legally outstanding and included in shares of common stock outstanding in the condensed consolidated financial statements, but were historically excluded from the Company’s net loss per common share calculations, as these shares of common stock were considered unvested until the underlying promissory notes were repaid. On August 23, 2021, the promissory notes were paid in full, including all accrued interest. After repayment of the loan, these shares are now considered outstanding for purposes of the Company’s net loss per common share calculations to the extent the shares are vested.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

In 2011, the Company adopted the Equity Incentive Plan (the “2011 Plan”), as amended, which provided for the issuance of up to 43,899,677 incentive stock options, nonqualified stock options, restricted common stock, and RSUs and stock appreciation rights to employees, directors, officers, and consultants of the Company.

In September 2021, the Company adopted the Remitly Global, Inc. 2021 Equity Incentive Plan (the “2021 Plan”, and together with the 2011 Plan, the “Plan”) as a successor to the 2011 Plan. The 2021 Plan authorizes the issuance of incentive stock options, nonqualified stock options, restricted common stock, stock appreciation rights, RSUs, and performance and stock bonus awards. Pursuant to the 2021 Plan, incentive stock options may be granted only to Company employees. The Company may grant all other types of awards to its employees, directors, and consultants. The 2021 Plan is administered by the Company’s board of directors, which determines the terms of the grants, including exercise price, number of equity awards granted, and vesting schedule. The 2021 Plan provided for the initial issuance of up to 25,000,000 shares of common stock, plus any reserved shares not issued or subject to outstanding grants under the 2011 Plan, which was 552,736 on the effective date of the 2021 Plan, for a total of 25,552,736 shares initially reserved for issuance under the 2021 Plan. Beginning in January 2022, the number of shares reserved for issuance under the 2021 Plan will increase automatically on January 1 of each year through 2031 by the number of shares equal to 5% of the aggregate number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by the Company’s talent and compensation committee, or by the Company’s board of directors acting in place of the talent and compensation committee. In January 2022, there was an increase in the shares reserved for issuance under the 2021 Plan, in accordance with the automatic increase provision.

In addition, in September 2021, the Company adopted the Remitly Global, Inc. 2021 ESPP to enable eligible employees to purchase shares of common stock with accumulated payroll deductions at a discount. The ESPP provided for the initial issuance of up to 3,500,000 shares of common stock. Beginning in January 2022, the number of shares reserved for issuance and sale under the ESPP will increase automatically on January 1 of each year through 2031 by the number of shares equal to 1% of the aggregate number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by the Company’s talent and compensation committee, or by the Company’s board of directors acting in place of the talent and compensation committee. Subject to stock splits, recapitalizations, or similar events, no more than 35,000,000 shares of common stock may be issued over the term of the ESPP. The ESPP is intended to qualify under Section 423 of the Code, provided that the administrator may adopt sub-plans under the ESPP designed to be outside of the scope of Section 423 for participants who are non-U.S. residents. In January 2022, there was an increase in the shares reserved for issuance under the 2021 ESPP Plan, in accordance with the automatic increase provision.

As of March 31, 2022, 29,925,304 equity incentive awards remain available for issuance under the 2021 Plan and 4,940,182 shares of common stock remain available for issuance under the ESPP.

Stock Options

Stock options granted under the Plan generally vest over a period from two years to four years from the vesting commencement date on a monthly basis with or without a one-year cliff or, for non-employees, ratably on a monthly basis over a shorter period, depending upon anticipated duration of services. Other vesting terms are determined by the Company’s board of directors. All options granted under the Plan are exercisable for up to ten years from the grant date, subject to vesting. In the event of termination of service, options will generally remain exercisable, to the extent vested, for three months following the termination of service.

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2022:


	Stock Options
(in thousands, except share and per share amounts)	Number of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balances as of January 1, 2022	23,386,942	$	3.70	7.66	$	395,676
Granted	—	—
Exercised	(1,491,515)	1.72			12,606
Forfeited	(299,023)	3.97
Balances as of March 31, 2022	21,596,404	3.84		7.52	133,570
Vested and exercisable as of March 31, 2022	10,179,554	2.02		6.43	79,746
Vested and expected to vest as of March 31, 2022	21,914,788	$	3.82	7.52	$	135,807

_________________

(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 three months ended March 31, 2022.

The fair value of each employee stock option granted during the three months ended March 31, 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:

Three Months Ended March 31,

2021

Risk-free interest rates

0.32% to 0.82%

Expected term

3.5 to 6.1 years

Volatility

38.0% to 41.4%

Dividend rate

—%

Fair value of underlying common stock

Prior to the completion of the IPO, the Company’s board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. After the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the NASDAQ.

The weighted-average grant date fair value of options granted during the three months ended March 31, 2021 was $2.69. The aggregate grant-date fair value of options vested for the three months ended March 31, 2022 and 2021 was $2.9 million and $1.4 million, respectively. The intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $12.6 million and $2.6 million, respectively.

Restricted Stock Units

Prior to the IPO, the Company granted performance-based RSUs (“PRSUs”) to employees and directors that contained both service-based and performance-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied on the earlier of (i) the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company’s common stock or (ii) immediately prior to the closing of a change in control of the Company. Both events were not deemed probable until consummated, and therefore, stock-based compensation expense related to these PRSUs remained unrecognized prior to the effectiveness of the IPO. Upon the effectiveness of the IPO the performance-based vesting condition was satisfied, and therefore, the Company recognized cumulative stock-based compensation expense of

$1.1 million, using the accelerated attribution method for the portion of the awards for which the service-based vesting condition has been fully or partially satisfied. The remaining grant-date fair value of these PRSUs will be recognized over the remaining requisite service period.

Beginning in August 2021, the Company began granting RSUs to employees and directors with service-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The grant-date fair value of these RSUs will be recognized over the requisite service period.

Restricted stock unit activity, including PRSUs, during the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022	3,372,585	$	24.83
Granted	2,480,410	13.06
Vested	(81,060)	6.33
Cancelled/forfeited	(295,834)	14.36
Unvested at March 31, 2022	5,476,101	20.34

In addition, during the three months ended March 31, 2022, as a result of the expiration of the lock-up agreement related to its IPO, the Company issued 124,026 shares of common stock subject to RSUs that were vested as of December 31, 2021, but not yet settled.

The weighted-average grant date fair value of RSUs, including PRSUs, granted during the three months ended March 31, 2022 and 2021 was $13.06 and $4.95, respectively. The aggregate grant-date fair value of RSUs, including PRSUs, vested for the three months ended March 31, 2022 was $0.5 million. No RSUs or PRSUs vested in the three months ended March 31 2021.

Employee Stock Purchase Plan

The ESPP provides for consecutive offering periods during which eligible employees can participate in the ESPP and be granted the right to purchase shares. Except for the first offering period, which commenced on September 22, 2021, offering periods shall commence on each subsequent March 1 and September 1, with each offering period consisting of four six-month purchase periods, for a total of a 24-month offering period. No offering periods may last longer than 27 months. The offering period that commenced on September 22, 2021, ended on February 28, 2022, due to a decline in the Company’s stock price at the end of the purchase period, triggering a new offering period, as required by the ESPP plan documents. A new 24-month offering period commenced on March 1, 2022. This event is accounted for as a modification under US GAAP, resulting in incremental stock-based compensation expense of $3.6 million, which will be recognized over the requisite service period, which is deemed to be the new offering period.

Eligible employees can contribute up to 15% of their eligible compensation, subject to limitation as provided for in the ESPP, and purchase the common stock at a purchase price per share equal to 85% of the lesser of the fair market value of the common stock on (i) the offering date, which is defined as the first business day of the offering period, or (ii) the purchase date, which is the final business day of the purchase period.

The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the quarter ended March 31, 2022:

Three Months Ended March 31,

2022

Risk-free interest rates

0.60% to 1.31%

Expected term

0.5 to 2.0 years

Volatility

61.0% to 73.0%

Dividend rate

—

Stock-Based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included in the condensed consolidated statements of operations, net of amounts capitalized to internal-use software, as described in Note 4, was as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Customer support and operations	$	93	$	8
Marketing	1,032		285
Technology and development	4,072		590
General and administrative	4,397		639
Total	$	9,594	$	1,522

As of March 31, 2022, the total unamortized compensation cost related to all non-vested equity awards, including options, RSUs, and PRSUs was $141.3 million, which will be amortized over a weighted-average remaining requisite service period of approximately 3.2 years. As of March 31, 2022, the total unrecognized compensation expense related to the ESPP was $6.5 million, which is expected to be amortized over the next 1.9 years.

The Company did not record a material income tax benefit related to stock-based compensation expense and stock option exercises, during the three months ended March 31, 2022 and 2021, since the Company currently maintains a full valuation allowance against its net deferred tax assets in the jurisdictions where material stock-compensation expense charges are incurred, and stock option exercises occurred.

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2022 country
Subsidiary, Sale of Stock [Line Items]
Number of countries in which entity operates (over) \| country		160
Consideration received, net \| $	$ 305.2
Stock issuance costs \| $	$ 20.8
Preferred stock reclassified into stockholders' equity (in shares)	127,410,631
Conversion ratio	1
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	7,000,000
Share price (in dollars per share) \| $ / shares	$ 43.00
IPO - selling shareholders
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	5,162,777
Share price (in dollars per share) \| $ / shares	$ 43.00
Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	581,395
Share price (in dollars per share) \| $ / shares	$ 43.00

Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenue

The deferred revenue balances from contracts with customers were as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Deferred revenue, beginning of the period	$	1,212	$	1,105
Deferred revenue, end of the period	1,068		1,111
Change in deferred revenue during the period	(144)		6

Segment and Geographical Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	1

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	March 31,		December 31,
(in thousands)	2022		2021
Trade settlement liability	$	12,871	$	18,924
ESPP employee contributions	389		1,551
Accrued transaction expense	11,602		12,639
Accrued marketing expense	10,743		10,788
Reserve for transaction losses	3,819		3,134
Accrued salaries and benefits	3,270		2,923
Other accrued expenses	17,307		16,724
Total	$	60,001	$	66,683

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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)	166,138,369	164,239,555
Common stock, outstanding (in shares)	166,138,369	164,239,555

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Number of Options Outstanding
Beginning balance (in shares)	23,386,942
Granted (in shares)	0
Exercised (in shares)	(1,491,515)
Forfeited (in shares)	(299,023)
Ending balance (in shares)	21,596,404		23,386,942
Vested and exercisable (in shares)	10,179,554
Vested and expected to vest (in shares)	21,914,788
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 3.70
Granted (in dollars per share)	0
Exercised (in dollars per share)	1.72
Forfeited (in dollars per share)	3.97
Ending balance (in dollars per share)	3.84		$ 3.70
Vested and exercisable (in dollars per share)	2.02
Vested and expected to vest (in dollars per share)	$ 3.82
Weighted-Average Remaining Contractual Life (Years)
Outstanding	7 years 6 months 7 days		7 years 7 months 28 days
Vested and exercisable	6 years 5 months 4 days
Vested and expected to vest	7 years 6 months 7 days
Aggregate Intrinsic Value
Outstanding	$ 133,570		$ 395,676
Exercised	12,606	$ 2,600
Vested and exercisable	79,746
Vested and expected to vest	$ 135,807

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Temporary equity, beginning balance (in shares) at Dec. 31, 2020	127,082,605
Temporary equity, beginning balance at Dec. 31, 2020	$ 387,707
Redeemable Convertible Preferred Stock
Issuance of Series F redeemable convertible preferred stock, net of issuance costs (in shares)	328,026
Issuance of Series F redeemable convertible preferred stock, net of issuance costs	$ 3,000
Temporary equity, ending balance (in shares) at Mar. 31, 2021	127,410,631
Temporary equity, ending balance at Mar. 31, 2021	$ 390,707
Beginning balance (in shares) at Dec. 31, 2020		24,289,906
Beginning balance at Dec. 31, 2020	(211,329)	$ 2	$ 8,766	$ 591	$ (220,688)
Stockholders' Equity
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		706,948
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	1,104		1,104
Stock-based compensation expense	1,522		1,522
Other comprehensive income	(32)			(32)
Net loss	(7,770)				(7,770)
Ending balance (in shares) at Mar. 31, 2021		24,996,854
Ending balance at Mar. 31, 2021	$ (216,505)	$ 2	11,392	559	(228,458)
Temporary equity, beginning balance (in shares) at Dec. 31, 2021	0
Temporary equity, beginning balance at Dec. 31, 2021	$ 0
Temporary equity, ending balance (in shares) at Mar. 31, 2022	0
Temporary equity, ending balance at Mar. 31, 2022	$ 0
Beginning balance (in shares) at Dec. 31, 2021		164,239,555
Beginning balance at Dec. 31, 2021	480,328	$ 16	739,503	253	(259,444)
Stockholders' Equity
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		1,696,601
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	2,678	$ 1	2,677
Issuance of common stock through Employee Stock Purchase Plan (in shares)		202,213
Issuance of common stock through Employee Stock Purchase Plan	1,882		1,882
Stock-based compensation expense	9,921		9,921
Other comprehensive income	4			4
Net loss	(23,310)				(23,310)
Ending balance (in shares) at Mar. 31, 2022		166,138,369
Ending balance at Mar. 31, 2022	$ 471,503	$ 17	$ 753,983	$ 257	$ (282,754)

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2021. 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or for any other future annual or interim period.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in 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 including the estimated fair value per share of common stock, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, and capitalization of software development costs. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Philippines and Mexico. 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 months ended March 31, 2022 and 2021.
Advertising	AdvertisingAdvertising expenses are charged to operations as incurred and are included as a component of marketing expenses. Advertising expenses also include additional incentive costs that would have caused the customer level revenue to be negative.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements (“ASU”) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies ASC 740 to simplify the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative (i.e., the Board’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users). ASU 2019-12 removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The new standard is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company adopted this ASU on a prospective basis in the first quarter of 2022. The adoption of this ASU did not have a significant impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40),Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Under existing U.S. GAAP, there is diversity in practice in accounting for the costs of implementing cloud computing arrangements (CCA) that are service contracts. The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard also requires the presentation of the amortization of the capitalized implementation costs in the same line item in the consolidated statements of comprehensive loss as the fees associated with the hosting arrangement. The new standard is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021 with early adoption permitted. This ASU was adopted on a prospective basis for the fiscal year ended December 31, 2021. The Company assessed the impact of the guidance to its consolidated financial statements for the three months ended and as of March 31, 2021 and concluded that the standard did not have a material impact on its financial statements. See Note 4. for further disclosure of the ongoing impact of ASU 2018-15 to the Company’s condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU replaces the existing incurred loss impairment methodology that recognizes credit losses when a probable loss has been incurred with new methodology pursuant to which loss estimates are based upon lifetime expected credit losses. The amendments in this ASU require a financial asset that is measured at amortized cost to be presented at the net amount expected to be collected. The consolidated statements of operations would then reflect the measurement of credit losses for newly recognized financial assets as well as changes to the expected credit losses that have taken place during the reporting period. The change in allowance recognized as a result of adoption will occur through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the ASU is adopted. The new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year with early adoption permitted. The Company is currently assessing the impact of the guidance on its consolidated financial statements. There are new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these accounting pronouncements have had, or will have, a material impact on our 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 who are sending remittances and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company's currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Revenue from Contracts with Customers (Topic 606), 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, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided. The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component. The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as transaction expenses in the condensed consolidated statements of operations. The Company does not have any capitalized contract acquisition costs. Sales Incentives The Company provides sales incentives to customers in a variety of forms, which includes promotions, discounts, and other sales incentives. Cash incentives given to customers 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. In addition, referral credits given to a referrer are classified as marketing expenses.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-SubTopic 10
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+ Details

Property and Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net consisted of the following:


	March 31,		December 31,
(in thousands)	2022		2021
Capitalized internal-use software	$	10,103	$	9,022
Computer and office equipment	5,086		4,700
Furniture and fixtures	1,457		1,445
Leasehold improvements	6,646		6,655
Projects in Process	383		533
	23,675		22,355
Less: Accumulated depreciation and amortization	(14,004)		(13,106)
Property and equipment, net	$	9,671	$	9,249

Schedule of Hosting Arrangements

Amortization expense related to cloud computing arrangements for the three months ended March 31, 2022 was as follows:


	March 31,
(in thousands)	2022
Technology and development	$	110
General and administrative	9
Total amortization	$	119

Debt	3 Months Ended
Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt Secured Revolving Credit Facility New Revolving Credit Facility On September 13, 2021, Remitly Global, Inc. and Remitly, Inc., a wholly owned subsidiary of Remitly Global, Inc., as co-borrowers, entered into a credit agreement (the “New Revolving Credit Facility”) with certain lenders and JPMorgan Chase Bank, N.A. acting as administrative agent and collateral agent, that provides for revolving commitments of $250.0 million (including a $60.0 million letter of credit sub-facility) and terminated its then-existing 2020 Credit Agreement (as defined below). Proceeds under the New Revolving Credit Facility are available for working capital and general corporate purposes. As part of the refinancing, the Company performed a debt modification analysis, utilizing the borrowing capacity test within ASC 470-50, Debt — Modification and Extinguishment, on a lender-by-lender basis, resulting in the capitalization of $1.4 million of new debt issuance costs incurred in connection with the New Revolving Credit Facility during the third quarter of 2021. Such amounts were capitalized and recorded within other non-current assets, net on the condensed consolidated balance sheet, and will be amortized to interest expense over the term of the New Revolving Credit Facility. The Company previously had $0.5 million of unamortized debt issuance costs associated with its existing Revolving Credit Facility. As a result of the debt modification analysis, the Company will continue to amortize $0.4 million of unamortized debt issuance costs over the term of the New Revolving Credit Facility. The remaining $0.1 million was expensed as a debt extinguishment cost within interest expense in the condensed consolidated statements of operations during the third quarter of 2021. The New Revolving Credit Facility was used to refinance its existing 2020 Credit Agreement. The New Revolving Credit Facility has a maturity date of September 13, 2026. Borrowings under the New Revolving Credit Facility accrue interest at a floating rate per annum equal to, at the Company’s option, (1) the Alternate Base Rate (defined in the New Revolving Credit Facility as the rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect for such day plus 0.50% and (c) the Adjusted LIBO Rate plus 1.00%, subject to a floor of 1.00% plus 0.50% or (2) the Adjusted LIBO Rate (subject to a floor of 0.00%) plus 1.50%. Such interest is payable (a) with respect to Alternate Base Rate loans, the last day of each March, June, September and December and (b) with respect to Adjusted LIBO Rate loans, at the end of each applicable interest period, but in no event less frequently than every three months. In addition, an unused commitment fee, which accrues at a rate per annum equal to 0.25% of the unused portion of the revolving commitments, is payable on the last day of each March, June, September and December. The New Revolving Credit Facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the ability to dispose of assets, merge with other entities, incur indebtedness, grant liens, pay dividends or make other distributions to holders of its capital stock, make investments, enter into restrictive agreements or engage in transactions with affiliates. As of March 31, 2022, financial covenants in the New Revolving Credit Facility include (1) a requirement to maintain a minimum Adjusted Quick Ratio of 1.50:1.00, which is tested quarterly and (2) a requirement to maintain a minimum Liquidity of $100.0 million, which is tested quarterly. The Company was in compliance with all financial covenants under the New Revolving Credit Facility as of March 31, 2022 and December 31, 2021. The obligations under the New Revolving Credit Facility are guaranteed by the material domestic subsidiaries of Remitly Global, Inc., subject to customary exceptions, and are secured by substantially all of the assets of the borrowers and guarantors thereunder, subject to customary exceptions. Amounts of borrowings under the New Revolving Credit Facility may fluctuate depending upon transaction volumes and seasonality. As of March 31, 2022 and December 31, 2021, the Company had no outstanding borrowings under the New Revolving Credit Facility. As of both March 31, 2022 and December 31, 2021, the Company had $18.9 million in issued, but undrawn, standby letters of credit. The Company had unused borrowing capacity of $231.1 million under the New Revolving Credit Facility as of both March 31, 2022 and December 31, 2021. 2020 Credit Agreement Since 2013, the Company had access to a variable rate credit facility. In November 2020, Remitly Global, Inc. and Remitly, Inc., a wholly owned subsidiary of Remitly Global, Inc., as borrower, further modified its then-existing credit agreement (the “2020 Credit Agreement”). Following such modification, the 2020 Credit Agreement provided Remitly, Inc. with access up to $150.0 million in revolving credit facility borrowings (including a $30.0 million letter of credit sub-facility) with a maturity date of November 16, 2023. As noted above, in September 2021, the New Revolving Credit Facility was used to refinance the 2020 Credit Agreement. As a result of the refinancing, the 2020 Credit Agreement was terminated and all amounts outstanding, including any accrued interest, were repaid in full. Borrowings under the 2020 Credit Agreement were subject to mandatory repayment within 20 business days in an amount necessary to reduce the borrowings, in the aggregate, to an amount less than the Company’s customer funds account maintained with the lender. Interest on borrowings under the 2020 Credit Agreement accrued at a floating rate per annum equal to (i) ABR (defined in the 2020 Credit Agreement as the rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) 3.25% and (c) the Federal Funds Effective Rate in effect for such day plus 0.50% plus (ii) 1.0%. In addition, an unused revolving line facility fee accrued at a floating rate per annum equal to 0.40% of the unused portion of the line, payable monthly. The 2020 Credit Agreement contained customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability to dispose of assets, merge with or acquire other entities, incur indebtedness, pay dividends, incur encumbrances, make distributions to holders of its capital stock, make investments or engage in transactions with affiliates. Defined events of default included the occurrence of a Material Adverse Effect (as defined in the 2020 Credit Agreement) on the business or financial condition of the Company. Financial covenants included (1) a requirement to maintain a minimum Adjusted Quick Ratio of 1.50:1.00, which was tested monthly and (2) a requirement to maintain minimum trailing twelve month Consolidated Adjusted EBITDA (as defined in the 2020 Credit Agreement), which was tested quarterly. The obligations under the 2020 Credit Agreement were guaranteed by the material subsidiaries of Remitly Global, Inc., subject to customary exceptions, and were secured by substantially all of the assets of the borrowers and guarantors thereunder, other than intellectual property.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	28,814,908	150,878,363
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	127,410,631
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	256,250
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	21,596,404	20,692,111
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	5,476,101	617,696
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,379,019	0
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	363,384	1,901,675

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 444,605	$ 403,262
Disbursement prefunding	57,177	119,627
Customer funds receivable, net	81,702	67,215
Prepaid expenses and other current assets	23,413	17,448
Total current assets	606,897	607,552
Restricted cash	51	51
Property and equipment, net	9,671	9,249
Operating lease right-of-use assets	7,272	5,302
Other non-current assets, net	3,645	3,510
Total assets	627,536	625,664
Current liabilities
Accounts payable	6,048	1,210
Customer liabilities	80,926	70,483
Accrued expenses and other current liabilities	60,001	66,683
Operating lease liabilities	3,590	3,240
Total current liabilities	150,565	141,616
Operating lease liabilities, non-current	4,362	2,907
Other non-current liabilities	1,106	813
Total liabilities	156,033	145,336
Commitments and Contingencies (Note 14)
Stockholders' equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of March 31, 2022 and December 31, 2021 both; 166,138,369 and 164,239,555 shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively	17	16
Additional paid-in capital	753,983	739,503
Accumulated other comprehensive income	257	253
Accumulated deficit	(282,754)	(259,444)
Total stockholders' equity	471,503	480,328
Total liabilities and stockholders' equity	$ 627,536	$ 625,664

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2022

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 months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
(in thousands)	2022		2021
Beginning balance	$	3,134	$	3,250
Provisions for transaction losses	10,590		7,576
Losses incurred, net of recoveries	(9,905)		(8,047)
Ending balance	$	3,819	$	2,779

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

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+ Details

Income Taxes (Details) - USD ($)	3 Months Ended
Income Taxes (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	(2.30%)	(5.00%)
Uncertain tax positions	$ 0	$ 0

401(k) Defined Contribution Plan	3 Months Ended
401(k) Defined Contribution Plan	Mar. 31, 2022
Retirement Benefits [Abstract]
401(k) Defined Contribution Plan	401(k) Defined Contribution Plan The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all domestic employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes discretionary matching contributions that are funded in the following year. The Company matches 50% of the first 3% of compensation that a participant contributes to the 401(k) plan, up to a maximum of $1,000 per plan year. The Company contributed $0.3 million and $0.2 million to the 401(k) plan during each of the three months ended March 31, 2022 and 2021, respectively, which represents the current period contribution for the prior plan year. The Company may also make discretionary profit-sharing contributions. No profit-sharing contributions were made during the three months ended March 31, 2022 and 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Revenue

3 Months Ended

Mar. 31, 2022

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 who are sending remittances and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company's currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects

to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) Revenue from Contracts with Customers (Topic 606), 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, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided.

The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component.

The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as transaction expenses in the condensed consolidated statements of operations. The Company does not have any capitalized contract acquisition costs.

Deferred Revenue

The deferred revenue balances from contracts with customers were as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Deferred revenue, beginning of the period	$	1,212	$	1,105
Deferred revenue, end of the period	1,068		1,111
Change in deferred revenue during the period	(144)		6

Revenue recognized during the three month periods ended March 31, 2022 and 2021 from amounts included in deferred revenue at the beginning of the period were $0.5 million and $0.3 million, respectively.

Deferred revenue represents amounts received from customers for which the performance obligations are not yet fulfilled. Deferred revenue is primarily included within accrued expenses and other current liabilities on the condensed consolidated balance sheets as the performance obligations are expected to be fulfilled within the next year.

Sales Incentives

The Company provides sales incentives to customers in a variety of forms, which includes promotions, discounts, and other sales incentives. Cash incentives given to customers 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. In addition, referral credits given to a referrer are classified as marketing expenses.

During the three months ended March 31, 2022 and 2021, payments made to customers resulted in reductions to revenue of $4.9 million and $4.3 million, respectively, and charges to sales and marketing expense of $3.7 million and $2.9 million, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/topic&trid=49130388

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-Name Accounting Standards Codification
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+ Details

Property and Equipment - Schedule of Hosting Arrangements (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 119
Technology and development
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	110
General and administrative
Property, Plant and Equipment [Line Items]
Internal-use software costs, amortization	$ 9

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

The following table presents information about the Company’s financial assets and liabilities that are measured at fair value and indicates the fair value hierarchy of the valuation inputs used as of March 31, 2022:









	As of March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents
Term deposits	$	—	$	80,029	$	—	$	80,029
Total assets	$	—	$	80,029	$	—	$	80,029

Term deposits as of March 31, 2022 were classified as cash equivalents on the Company’s condensed consolidated balance sheet, as such amounts were considered highly liquid and have an original maturity of three months of less at the time of purchase. The carrying value of term deposits approximated their respective fair value due to the short maturity of the amounts. For further information on the Company’s Cash and Cash Equivalents and Fair Value of Financial Instruments policies, see Note 2, “Basis of Presentation and Summary of Significant Accounting Policies”, in the notes to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The carrying values of certain financial instruments, including disbursement prefunding, customer funds receivable, accounts payable, accrued expenses and other current liabilities, customer liabilities and borrowings approximate their respective fair values due to their relative short maturities and are excluded from the fair value table above. If these financial instruments were measured at fair value in the financial statements, they would be classified as Level 2. There are no other financial assets and liabilities that are measured at fair value as of March 31, 2022.

There were no financial assets and liabilities that are measured at fair value as of December 31, 2021.

There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2022 and 2021, other than the investment of our cash and cash equivalents into a term deposit in the first quarter of 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Subsequent Events (Details) $ in Millions	May 04, 2022 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Lease not yet commenced, estimated total payment amount	$ 6

Stock-Based Compensation - Narrative (Details)		1 Months Ended	3 Months Ended
Stock-Based Compensation - Narrative (Details)	Mar. 01, 2022 USD ($)	Sep. 30, 2021 USD ($) shares	Mar. 31, 2022 USD ($) period $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2011 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)			0
Weighted-average grant date fair value, options granted (in dollars per share) \| $ / shares				$ 2.69
Aggregate grant-date fair value, options \| $			$ 2,900,000	$ 1,400,000
Intrinsic value of options exercised \| $			12,606,000	2,600,000
Tax benefit, stock-based compensation expense \| $			0	0
Tax benefit, exercise of stock-based awards \| $			$ 0	$ 0
Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized					43,899,677
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		25,000,000
Number of additional shares authorized		552,736
Common stock, reserved (in shares)		25,552,736
Common stock reserved for issuance, annual increase percentage		5.00%
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares)			29,925,304
Cliff vesting period			1 year
Exercisable period			10 years
Exercisable period, termination of service			3 months
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Performance sares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Cliff vesting period			1 year
Share-based compensation expense, accelerated cost \| $		$ 1,100,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares			$ 13.06	$ 4.95
Number of shares issued			124,026
Granted (in shares)			2,480,410	0
Weighted-average aggregate grant date fair value, vested \| $			$ 500,000
Vested (in shares)			81,060	0
Unamortized compensation cost \| $			$ 141,300,000
Unamortized compensation cost, recognition period			3 years 2 months 12 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of purchase periods \| period			4
Purchase period			6 months
Consecutive offering period			24 months
Plan modification, incremental cost \| $	$ 3,600,000
Maximum employee contribution rate			15.00%
ESPP purchase price of common stock, percent of market price			85.00%
Unamortized compensation cost \| $			$ 6,500,000
Unamortized compensation cost, recognition period			1 year 10 months 24 days
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period			27 months
ESPP \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		3,500,000
Common stock, reserved (in shares)			4,940,182
Common stock reserved for issuance, annual increase percentage		1.00%
Maximum number of shares available over award term		35,000,000

Segment and Geographical Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment and Geographical Information

The Company determines operating segments based on how its chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company’s CODM is its Chief Executive Officer, who reviews the Company’s operating results on a consolidated basis. The Company operates as one segment. Based on the information provided to and reviewed by the Company’s CODM, the Company believes that the nature, amount, timing, and uncertainty of its revenue and how it is affected by economic factors are most appropriately depicted through the Company’s primary geographical locations. Revenues recorded by the Company are substantially all from the Company’s single performance obligation which are earned from similar services for which the nature of associated fees and the related revenue recognition models are substantially the same.

The following table presents the Company’s revenue disaggregated by primary geographical location:


	Three Months Ended March 31,
(in thousands)	2022		2021
United States	$	99,357	$	67,619
Canada	17,279		11,081
Rest of world	19,378		12,356
Total revenue	$	136,014	$	91,056

Revenue is attributed to the country in which the sending customer is located.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (23,310)	$ (7,770)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	1,517	1,245
Stock-based compensation expense, net	9,594	1,522
Other	83	7
Changes in operating assets and liabilities:
Disbursement prefunding	62,450	34,425
Customer funds receivable	(14,453)	(11,298)
Prepaid expenses and other assets	(6,221)	(5,165)
Operating lease right-of-use assets	807	661
Accounts payable	4,857	8,474
Customer liabilities	10,257	48,390
Accrued expenses and other liabilities	(4,362)	(6,740)
Operating lease liabilities	(969)	(835)
Net cash provided by operating activities	40,250	62,916
Cash flows from investing activities
Purchases of property and equipment	(872)	(265)
Capitalized internal-use software costs	(753)	(933)
Net cash used in investing activities	(1,625)	(1,198)
Cash flows from financing activities
Proceeds from issuance of Series F convertible preferred stock, net of issuance costs	0	3,000
Proceeds from exercise of stock options	2,601	1,126
Repayments of revolving credit facility borrowings, net	0	(15,000)
Net cash provided by (used in) financing activities	2,601	(10,874)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	117	84
Net increase in cash, cash equivalents and restricted cash	41,343	50,928
Cash, cash equivalents, and restricted cash at beginning of period	403,313	188,075
Cash, cash equivalents, and restricted cash at end of period	444,656	239,003
Supplemental disclosure of cash flow information
Cash paid for interest	227	192
Cash paid for income taxes	605	46
Supplemental disclosure of non-cash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	2,830	0
Vesting of early exercised options	205	53
Non-cash issuance shares through Employee Stock Purchase Plan	1,882	0
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	444,605	238,502
Restricted Cash and Cash Equivalents	51	501
Total cash, cash equivalents and restricted cash	$ 444,656	$ 239,003

Net Loss Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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 March 31,
(in thousands, except share and per share amounts)	2022		2021
Numerator:


Net loss attributable to common stockholders	$	(23,310)	$	(7,770)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	164,391,753		22,711,379
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.14)	$	(0.34)

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:


	March 31,
	2022	2021
Redeemable convertible preferred stock	—	127,410,631
Common stock warrants	—	256,250
Stock options outstanding	21,596,404	20,692,111
RSUs outstanding(1)	5,476,101	617,696
ESPP	1,379,019	—
Shares subject to repurchase	363,384	1,901,675
Total	28,814,908	150,878,363

(1) A portion of these RSUs were subject to a performance-based vesting condition until September 22, 2021. See Note 10 for details on these awards.

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Number of Shares
Unvested, beginning balance (in shares)	3,372,585
Granted (in shares)	2,480,410	0
Vested (in shares)	(81,060)	0
Cancelled/forfeited (in shares)	(295,834)
Unvested, ending balance (in shares)	5,476,101
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 24.83
Granted (in dollars per share)	13.06	$ 4.95
Vested (in dollars per share)	6.33
Cancelled/forfeited (in dollars per share)	14.36
Unvested, ending balance (in dollars per share)	$ 20.34

401(k) Defined Contribution Plan (Details) - USD ($)	3 Months Ended
401(k) Defined Contribution Plan (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employer match	50.00%
Employer matching contribution, percent of employees' gross pay	3.00%
Maximum annual employer contributions per employee	$ 1,000
Employer contribution	300,000	$ 200,000
Profit-sharing
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, profit sharing	$ 0	$ 0

Redeemable Convertible Preferred Stock

3 Months Ended

Mar. 31, 2022

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred StockIn connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 50,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with right and preferences, including voting rights, designated from time to time by the Company’s board of directors.

As of December 31, 2021 and March 31, 2022, there were no shares of redeemable convertible preferred stock issued and outstanding.

Property and Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	March 31,		December 31,
(in thousands)	2022		2021
Capitalized internal-use software	$	10,103	$	9,022
Computer and office equipment	5,086		4,700
Furniture and fixtures	1,457		1,445
Leasehold improvements	6,646		6,655
Projects in Process	383		533
	23,675		22,355
Less: Accumulated depreciation and amortization	(14,004)		(13,106)
Property and equipment, net	$	9,671	$	9,249

Depreciation and amortization expense related to property and equipment was $1.5 million and $1.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

Capitalized Internal-Use Software Costs

There has been no impairment of previously capitalized costs during the three months ended March 31, 2022 and 2021.

The Company capitalized $1.1 million and $0.9 million for internal-use software costs for three month periods ended March 31, 2022 and 2021, respectively. The Company capitalized $0.3 million and $0.1 million of stock-based compensation costs to internal-use software during the three months ended March 31, 2022 and 2021, respectively. The Company recorded amortization expense of $0.7 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively.

Capitalized Cloud Computing Arrangements

The Company capitalized $0.4 million related to the implementation of cloud computing arrangements and recorded amortization expense of $0.1 million during the three months ended March 31, 2022. As of March 31, 2022, capitalized costs, net of accumulated amortization, were approximately $1.2 million, of which $0.4 million was recorded within prepaid expenses and other current assets and $0.8 million was recorded within other non-current assets, net in the Company's condensed consolidated balance sheet.

Amortization expense related to cloud computing arrangements for the three months ended March 31, 2022 was as follows:


	March 31,
(in thousands)	2022
Technology and development	$	110
General and administrative	9
Total amortization	$	119

The Company assessed the impact of the guidance to its consolidated financial statements for the three months ended and as of March 31, 2021 and concluded that the standard did not have a material impact on its financial statements.

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate		0.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0.00%
Minimum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates		0.32%
Expected term		3 years 6 months
Volatility		38.00%
Minimum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	0.60%
Expected term	6 months
Volatility	61.00%
Maximum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates		0.82%
Expected term		6 years 1 month 6 days
Volatility		41.40%
Maximum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	1.31%
Expected term	2 years
Volatility	73.00%

Common Stock (Details)	3 Months Ended
Common Stock (Details)	Mar. 31, 2022 USD ($) vote $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
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

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn May 4, 2022, the Company amended and renewed the lease for its corporate headquarters in Seattle, Washington. This renewal will commence on January 1, 2023 and expire on June 30, 2025. Total incremental estimated cash payments that will be made over the course of this lease agreement approximate $6 million.

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - Transaction losses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,134	$ 3,250
Provisions for transaction losses	10,590	7,576
Losses incurred, net of recoveries	(9,905)	(8,047)
Ending balance	$ 3,819	$ 2,779

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
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 were (2.3)% and (5.0)% for the three months ended March 31, 2022 and 2021, respectively. The difference between the effective tax rate and the U.S. federal statutory rate of 21% in both periods was primarily the result of foreign income taxed at different rates and changes in the U.S. valuation allowance. The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold. The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and internationally. As of March 31, 2022, tax years 2011 through 2021 remain open for examination by taxing authorities. The Company has applied ASC 740, Income Taxes, and has determined that it has no uncertain tax positions both during the three months ended March 31, 2022 and 2021. The Company recognizes interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity during the three months ended March 31, 2022:


	Stock Options
(in thousands, except share and per share amounts)	Number of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balances as of January 1, 2022	23,386,942	$	3.70	7.66	$	395,676
Granted	—	—
Exercised	(1,491,515)	1.72			12,606
Forfeited	(299,023)	3.97
Balances as of March 31, 2022	21,596,404	3.84		7.52	133,570
Vested and exercisable as of March 31, 2022	10,179,554	2.02		6.43	79,746
Vested and expected to vest as of March 31, 2022	21,914,788	$	3.82	7.52	$	135,807

_________________

(1)The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

Schedule of Stock Option Valuation Assumptions

Three Months Ended March 31,

2021

Risk-free interest rates

0.32% to 0.82%

Expected term

3.5 to 6.1 years

Volatility

38.0% to 41.4%

Dividend rate

—%

Schedule of Restricted Stock Award Activity

Restricted stock unit activity, including PRSUs, during the three months ended March 31, 2022 is as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022	3,372,585	$	24.83
Granted	2,480,410	13.06
Vested	(81,060)	6.33
Cancelled/forfeited	(295,834)	14.36
Unvested at March 31, 2022	5,476,101	20.34

Schedule of ESPP Valuation Assumptions

The fair value of ESPP offerings was estimated at the date of each offering using the Black-Scholes option-pricing model with the following assumptions during the quarter ended March 31, 2022:

Three Months Ended March 31,

2022

Risk-free interest rates

0.60% to 1.31%

Expected term

0.5 to 2.0 years

Volatility

61.0% to 73.0%

Dividend rate

—

Schedule of Share-based Compensation Expense


	Three Months Ended March 31,
(in thousands)	2022		2021
Customer support and operations	$	93	$	8
Marketing	1,032		285
Technology and development	4,072		590
General and administrative	4,397		639
Total	$	9,594	$	1,522

Fair Value Measurements (Details) - Recurring - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Assets
Total assets	$ 80,029,000	$ 0
Term deposits
Assets
Cash and cash equivalents	80,029,000
Level 1
Assets
Total assets	0
Level 1 \| Term deposits
Assets
Cash and cash equivalents	0
Level 2
Assets
Total assets	80,029,000
Level 2 \| Term deposits
Assets
Cash and cash equivalents	80,029,000
Level 3
Assets
Total assets	0
Level 3 \| Term deposits
Assets
Cash and cash equivalents	$ 0

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 9,594	$ 1,522
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	93	8
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,032	285
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	4,072	590
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 4,397	$ 639

Commitment and Contingencies - Narrative (Details)	Mar. 31, 2022 USD ($) claim	Dec. 31, 2021 USD ($)
Indemnification agreement
Loss Contingencies [Line Items]
Loss contingency, number of claims \| claim	0
Loss contingency accrual	$ 0	$ 0
VAT Inquiry from Ireland Revenue
Loss Contingencies [Line Items]
Loss contingency accrual, current		$ 3,800,000

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP and therefore the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the historical audited annual consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K, for the year ended December 31, 2021. 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 months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021, or for any other future annual or interim period. Principles of Consolidation The condensed consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in 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 including the estimated fair value per share of common stock, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, and capitalization of software development costs. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the condensed consolidated financial statements. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Philippines and Mexico. 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 months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, no individual customer represented 10% or more of the Company’s total revenue or customer funds receivable. Advertising Advertising expenses are charged to operations as incurred and are included as a component of marketing expenses. Advertising expenses also include additional incentive costs that would have caused the customer level revenue to be negative. Advertising expenses totaled $34.5 million and $22.5 million during the three months ended March 31, 2022 and 2021, respectively, and are used primarily to attract new customers. 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” in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. There have been no significant changes to these policies during the three months ended March 31, 2022, except as noted below. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements (“ASU”) In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which modifies ASC 740 to simplify the accounting for income taxes. The ASU’s amendments are based on changes that were suggested by stakeholders as part of the FASB’s simplification initiative (i.e., the Board’s effort to reduce the complexity of accounting standards while maintaining or enhancing the helpfulness of information provided to financial statement users). ASU 2019-12 removes certain exceptions related to the approach for intra period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The new standard is effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company adopted this ASU on a prospective basis in the first quarter of 2022. The adoption of this ASU did not have a significant impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other-Internal-Use Software (Subtopic 350-40),Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. Under existing U.S. GAAP, there is diversity in practice in accounting for the costs of implementing cloud computing arrangements (CCA) that are service contracts. The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The standard also requires the presentation of the amortization of the capitalized implementation costs in the same line item in the consolidated statements of comprehensive loss as the fees associated with the hosting arrangement. The new standard is effective for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021 with early adoption permitted. This ASU was adopted on a prospective basis for the fiscal year ended December 31, 2021. The Company assessed the impact of the guidance to its consolidated financial statements for the three months ended and as of March 31, 2021 and concluded that the standard did not have a material impact on its financial statements. See Note 4. for further disclosure of the ongoing impact of ASU 2018-15 to the Company’s condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU replaces the existing incurred loss impairment methodology that recognizes credit losses when a probable loss has been incurred with new methodology pursuant to which loss estimates are based upon lifetime expected credit losses. The amendments in this ASU require a financial asset that is measured at amortized cost to be presented at the net amount expected to be collected. The consolidated statements of operations would then reflect the measurement of credit losses for newly recognized financial assets as well as changes to the expected credit losses that have taken place during the reporting period. The change in allowance recognized as a result of adoption will occur through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the ASU is adopted. The new standard is effective for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year with early adoption permitted. The Company is currently assessing the impact of the guidance on its consolidated financial statements. There are new accounting pronouncements issued by the FASB that we have adopted or will adopt, as applicable. We do not believe any of these accounting pronouncements have had, or will have, a material impact on our consolidated financial statements or disclosures.

Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Revenue

$ 136,014

$ 91,056

Costs and expenses

Marketing

^[1]

40,621

26,116

Technology and development

^[1]

23,575

11,644

General and administrative

^[1]

23,342

10,882

Depreciation and amortization

1,517

1,245

Total costs and expenses

159,188

99,628

Loss from operations

(23,174)

(8,572)

Interest income

Interest expense

(313)

(259)

Other income, net

669

1,426

Loss before provision for income taxes

(22,782)

(7,400)

Provision for income taxes

528

370

Net loss attributable to common stockholders

$ (23,310)

$ (7,770)

Net loss per share attributable to common stockholders:

Basic (in dollars per share)

$ (0.14)

$ (0.34)

Diluted (in dollars per share)

$ (0.14)

$ (0.34)

Weighted-average shares used in computing net loss per share attributable to common stockholders:

Basic (in shares)

164,391,753

22,711,379

Diluted (in shares)

164,391,753

22,711,379

Transaction expenses

Costs and expenses

Cost of revenue

^[1]

$ 56,263

$ 41,110

Customer support and operations

Costs and expenses

Cost of revenue

^[1]

$ 13,870

$ 8,631

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

Commitment and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Guarantees and Indemnification

In the ordinary course of business to facilitate sales of its services, the Company has entered into agreements with, among others, suppliers, and partners that include guarantees or indemnity provisions. The Company also enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions, therefore no such amounts have been accrued as of March 31, 2022 and December 31, 2021.

Litigation and Loss Contingencies

Litigation

From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, threatened claims, breach of contract claims, and other matters. The Company accrues estimates for resolution of legal and other contingencies when losses are probable and estimable. Although the results of litigation and claims are inherently unpredictable, the Company believes that there was not at least a reasonable possibility that it had incurred a material loss with respect to such loss contingencies, as of March 31, 2022 and December 31, 2021.

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 U.S. 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 our business and industry. Our assessment of probability includes consideration of recent inquiries, potential or actual self-disclosure, and applicability of tax rules driven by the growth in our business. As a result of this assessment, management accrued an estimated liability of approximately $3.8 million as of December 31, 2021, reflecting the amount that the Company believes is probable and estimable. There was no change to the estimated liability as of March 31, 2022. The estimated liability is recorded within accrued expenses and other current liabilities on the Company's condensed consolidated balance sheets. Although the Company believes its indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits or settlements could be materially different than the amounts recorded, and such differences could be material.

Reserve for Transaction Losses

The Company is exposed to transaction losses including chargebacks, unauthorized credit card use, fraud associated with customer transactions and other non-fraud related losses. The Company establishes reserves for such losses based on historical trends and any specific risks identified in processing customer transactions. This reserve is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. The provision for transaction losses is included as a component of transaction expenses on the condensed consolidated statements of operations and comprehensive loss.

The table below summarizes the Company’s reserve for transaction losses for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
(in thousands)	2022		2021
Beginning balance	$	3,134	$	3,250
Provisions for transaction losses	10,590		7,576
Losses incurred, net of recoveries	(9,905)		(8,047)
Ending balance	$	3,819	$	2,779

Segment and Geographical Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Area

The following table presents the Company’s revenue disaggregated by primary geographical location:


	Three Months Ended March 31,
(in thousands)	2022		2021
United States	$	99,357	$	67,619
Canada	17,279		11,081
Rest of world	19,378		12,356
Total revenue	$	136,014	$	91,056

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue recognized, deferred revenue	$ 0.5	$ 0.3
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	4.9	4.3
Sales and marketing expense
Disaggregation of Revenue [Line Items]
Sales incentives	$ 3.7	$ 2.9

Debt (Details)		1 Months Ended	3 Months Ended
Debt (Details)	Sep. 13, 2021 USD ($)	Nov. 30, 2020 USD ($) businessDay	Sep. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 12, 2021 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding				$ 18,900,000	$ 18,900,000
Line of credit \| Revolving credit facility \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000
Debt issuance costs, gross	$ 1,400,000
Debt issuance costs, net				$ 400,000
Unused commitment fee percentage	0.25%
Adjusted quick ratio				1.50
Minimum liquidity				$ 100,000,000
Outstanding borrowings				0	0
Remaining borrowing capacity				$ 231,100,000	$ 231,100,000
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| NYFRB Rate
Debt Instrument [Line Items]
Variable rate, base	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 1.00% Floor
Debt Instrument [Line Items]
Variable rate, base	1.00%
Floor rate	1.00%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable rate, spread on variable rate	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 0.00% Floor
Debt Instrument [Line Items]
Floor rate	0.00%
Variable rate, spread on variable rate	1.50%
Line of credit \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 150,000,000
Debt issuance costs, net						$ 500,000
Write off of debt issuance cost			$ 100,000
Unused commitment fee percentage		0.40%
Repayment terms, maximum days to repay \| businessDay		20
Base rate		3.25%
Line of credit \| Revolving credit facility \| Credit Agreement \| Fed Funds Effective Rate
Debt Instrument [Line Items]
Variable rate, base		0.50%
Variable rate, spread on variable rate		1.00%
Line of credit \| Letter of credit \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000
Line of credit \| Letter of credit \| Credit Agreement
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 30,000,000

Related Party Arrangements (Details) $ in Millions	3 Months Ended	8 Months Ended
Related Party Arrangements (Details) $ in Millions	Mar. 31, 2022 shares	Aug. 31, 2021 USD ($) employee shares
Related Party Transaction [Line Items]
Stock options exercised (in shares)	1,491,515
Affiliated entity
Related Party Transaction [Line Items]
Number of executive employees \| employee		2
Stock options exercised (in shares)		1,800,000
Related party promissory note receivable \| $		$ 3.1
Related party interest rate		2.83%

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 23,675	$ 22,355
Less: Accumulated depreciation and amortization	(14,004)	(13,106)
Property and equipment, net	9,671	9,249
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,103	9,022
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	5,086	4,700
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,457	1,445
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,646	6,655
Projects in Process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 383	$ 533

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Remitly Global, Inc. (the “Company” or “Remitly”) was incorporated in the State of Delaware in October 2018 and is headquartered in Seattle, Washington, with various other global office locations. Remitly is a leading digital financial services provider for immigrants and their families in over 160 countries, helping customers send money internationally in a quick, reliable, and more cost-effective manner, by leveraging digital channels and supporting cross-border transmissions across the globe. Unless otherwise expressly stated or the context otherwise requires, the terms “Remitly” and the “Company” in these notes to the condensed consolidated financial statements refer to Remitly Global, Inc. and its wholly-owned subsidiaries. Initial Public Offering and Private Placement In September 2021, the Company completed its initial public offering (the “IPO”), in which the Company issued and sold 7,000,000 shares of its common stock at $43.00 per share. Concurrently, 5,162,777 shares were sold by certain of the Company’s existing stockholders. In addition, the Company issued 581,395 shares of common stock to an existing stockholder in a private placement at the same offering price as the IPO. The Company received net proceeds of $305.2 million for the IPO and private placement, after deducting underwriting discounts and other fees of $20.8 million. In connection with the IPO, 127,410,631 shares of outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of common stock on a one-to-one basis.

Segment and Geographical Information - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 136,014	$ 91,056
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	99,357	67,619
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	17,279	11,081
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 19,378	$ 12,356

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (23,310)	$ (7,770)
Other comprehensive income (loss):
Foreign currency translation adjustments	4	(32)
Comprehensive loss	$ (23,306)	$ (7,802)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 1,212	$ 1,105
Deferred revenue, end of the period	1,068	1,111
Change in deferred revenue during the period	$ (144)	$ 6

Net Loss Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Three Months Ended March 31,
(in thousands, except share and per share amounts)	2022		2021
Numerator:


Net loss attributable to common stockholders	$	(23,310)	$	(7,770)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	164,391,753		22,711,379
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.14)	$	(0.34)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	March 31,
	2022	2021
Redeemable convertible preferred stock	—	127,410,631
Common stock warrants	—	256,250
Stock options outstanding	21,596,404	20,692,111
RSUs outstanding(1)	5,476,101	617,696
ESPP	1,379,019	—
Shares subject to repurchase	363,384	1,901,675
Total	28,814,908	150,878,363

(1) A portion of these RSUs were subject to a performance-based vesting condition until September 22, 2021. See Note 10 for details on these awards.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements









	As of March 31, 2022
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash and cash equivalents
Term deposits	$	—	$	80,029	$	—	$	80,029
Total assets	$	—	$	80,029	$	—	$	80,029

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details