0001782170-23-000010 | 10-K | XBRL Viewer

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2022
Equity [Abstract]
Common Stock	Common Stock As of December 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 December 31, 2022 and December 31, 2021, no dividends have been declared or paid by the Company. Donation to Remitly Philanthropy Fund In July 2021, the Company’s board of directors approved the reservation of up to 1,819,609 shares of common stock (which was approximately 1.0% of the fully diluted capitalization as of June 30, 2021) that the Company may issue to or for the benefit of a 501(c)(3) nonprofit foundation or a similar charitable organization pursuant to the Company’s Pledge 1% commitment in equal installments over ten years. On September 10, 2021, the Company executed the stock donation agreement, pursuant to which it would issue the first installment of the Pledge 1% commitment to Remitly Philanthropy Fund, a donor advised fund that will be administered on its behalf by Rockefeller Philanthropy Advisors, Inc., on the day after consummation of the IPO. The Company donated 181,961 shares of its common stock to Remitly Philanthropy Fund on September 28, 2022 and 2021, respectively, pursuant to the stock donation agreement, and in connection with the Pledge 1% campaign, which publicly acknowledges the Company’s intent to give back and increase social impact, in order to sustainably fund a portion of its corporate social responsibility goals and further its mission to expand financial inclusion for immigrants. The Company recorded a charge of $2.0 million and $6.9 million to ‘General and Administrative Expenses’ within the Consolidated Statements of Operations based on the closing price of its common stock as reported on the Nasdaq Global Select Market (the “NASDAQ”) on September 28, 2022 and 2021, respectively. Warrants In connection with a previous Credit Agreement, the Company issued stock warrants to purchase shares of common stock with terms of ten years, exercisable at any time, and exercise prices ranging from $0.054 to $0.64 per share, subject to standard anti-dilution adjustments. The warrants were recorded as additional paid-in capital and capitalized as debt issuance costs on the Consolidated Balance Sheets. On September 24, 2021, the holders of these stock warrants provided a notice of exercise and on September 30, 2021, warrants to purchase 256,250 shares of common stock were exercised in a cashless exercise, pursuant to the terms of the original warrant agreement, resulting in the issuance of 254,014 shares. There were no warrants outstanding as of December 31, 2022

- 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.

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+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Increase of Authorized Shares Reserved for Issuance under Equity Plan In January 2023, there was an increase in the shares reserved for issuance under the 2021 Plan, in accordance with the 5% automatic increase provision, effective January 1, 2023. In January 2023, there was an increase in the shares reserved for issuance under the 2021 ESPP Plan, in accordance with the 1% automatic increase provision, effective January 1, 2023. Acquisition of Rewire Research and Development Ltd. The Company completed the acquisition of Rewire on January 5, 2023 as discussed in Part I, Item 1 of this Annual Report on Form 10-K. The preliminary acquisition date fair value of consideration transferred is approximately $77.0 million which includes the fair value of cash and equity issued, or to be issued, to selling shareholders. Approximately $12.0 million of these proceeds were held back at closing for any potential indemnity claims, which will be released after a 15-month holdback period, subject to any deductions, the majority of which will be settled in cash. Expected synergies from the acquisition include both revenue synergies, as a result of potential new customer acquisition, and cost synergies, in operating Rewire’s business leveraging Remitly’s global network. The Company recognized transaction costs of $3.5 million in the year ended December 31, 2022 for the acquisition of Rewire, which is included within ‘General and administrative expenses’ within the Consolidated Statements of Operations. The accounting for the business combination, including the final purchase price and the purchase price allocation, has not yet been completed, and as such, further disclosure has been omitted.

Net Loss Per Common Share

12 Months Ended

Dec. 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.


	Years Ended December 31,
(in thousands, except share and per share amounts)	2022		2021		2020
Numerator:
Net loss	$	(114,019)	$	(38,756)	$	(32,564)


Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	167,774,123		60,728,748		21,459,062
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.68)	$	(0.64)	$	(1.52)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the periods presented because the impact of including them would have been antidilutive:


	December 31,
	2022	2021	2020
Redeemable convertible preferred stock	—	—	127,082,605
Common stock warrants	—	—	256,250
Stock options outstanding	15,988,268	23,386,942	21,034,424
RSUs outstanding(1)	23,366,355	3,496,611	437,369
ESPP	1,350,486	735,282	—
Shares subject to repurchase	130,929	456,294	1,888,322
Total	40,836,038	28,075,129	150,698,970

(1) A portion of these RSUs were subject to a performance-based vesting condition until September 22, 2021. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for details on these awards.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s primary source of revenue is generated from its remittance business. Revenue is earned from transaction fees charged to customers and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company's currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 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, the disbursement method chosen by the customer, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided.

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

The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as transaction expenses within the 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:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Deferred revenue, beginning of the period	$	1,212	$	1,105	$	137
Deferred revenue, end of the period	1,108		1,212		1,105
Change in deferred revenue during the period	$	(104)	$	107	$	968

Revenue recognized during the year ended December 31, 2022 and 2021 from amounts included in deferred revenue at the beginning of the period were $0.6 million and $0.3 million, respectively. Revenue recognized during the year ended December 31, 2020 includes substantially all amounts included in deferred revenue at the beginning of each respective year.

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 Consolidated Balance Sheets as the performance obligations are expected to be fulfilled within the next year.

Sales Incentives

During the years ended December 31, 2022, 2021, and 2020, payments made to customers resulted in reductions to revenue of $24.8 million, $18.1 million, and $15.7 million, respectively, and charges to sales and marketing expense of $17.6 million, $12.0 million, and $9.8 million, respectively.

Revenue by Geography

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
United States	$	472,754	$	338,190	$	199,011
Canada	80,142		56,916		29,871
Rest of world	100,664		63,499		28,074
Total revenue	$	653,560	$	458,605	$	256,956

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

- 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.

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+ Details

401(k) Defined Contribution Plan (Details) - USD ($)	12 Months Ended
401(k) Defined Contribution Plan (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 300,000	$ 200,000
Defined Contribution Plan, Cost	600,000	400,000	0
Profit-sharing
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, profit sharing	$ 0	$ 0	$ 0

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements There were no financial assets and liabilities that were measured at fair value as of December 31, 2022 and 2021. The Company previously invested approximately $80.0 million of its cash and cash equivalents into a Level 2 term deposit during the three months ended March 31, 2022, which had an original maturity of three months or less at the time of purchase. Upon maturity, in the three months ended June 30, 2022, the Company re-invested approximately $50.0 million, into a new term deposit, that was subsequently liquidated during the nine months ended September 30, 2022. 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. If these financial instruments were measured at fair value in the financial statements, they would be classified as Level 2. Other than as described above, there were no transfers between Level 1 and Level 2 during the years ended December 31, 2022, 2021, and 2020.

- 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

Related Party Arrangements (Details) $ in Millions	3 Months Ended	12 Months Ended
Related Party Arrangements (Details) $ in Millions	Mar. 31, 2022 shares	Dec. 31, 2022 shares	Dec. 31, 2021 USD ($) employee
Related Party Transaction [Line Items]
Stock options exercised (in shares)		5,379,722
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%

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation

Basis of PresentationThe accompanying 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 financial reporting.

Principles of Consolidation

Principles of ConsolidationThe 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 Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the 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 Consolidated Financial Statements.

Cash and Cash Equivalents

The Company holds its cash and cash equivalents with financial institutions throughout the world, which management assesses to be of high credit quality. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents, so long as the Company has legal title to such amounts held in these accounts. Amounts that are held in accounts for which the Company does not have legal title to are recorded separately on the Consolidated Balance Sheets, typically as disbursement prefunding balances. Cash and cash equivalents consist of cash on hand and various deposit accounts.

Restricted Cash

Restricted CashRestricted cash primarily consists of cash collateral that the Company maintains with various payment processors in connection with its contractual obligation. The Company has relationships with certain payment processors that are responsible for processing the Company’s incoming customer payments. These processors require the Company to maintain certain restricted cash balances as collateral throughout the term of the processor arrangement. Restricted cash has been classified as a non-current asset on the Consolidated Balance Sheets as it is not expected to be released within one year of the balance sheet date.

Disbursement Prefunding

The Company maintains relationships with disbursement partners in various countries. These partners are responsible for disbursing funds to recipients. The Company may maintain prefunding balances with these disbursement partners so that they are able to fulfill customer requests. The Company is exposed to the risk of loss in the event the Company’s disbursement partners fail, for any reason, to disburse funds to recipients according to the Company’s instructions. However, historical losses for the disbursement funding accounts have been immaterial.

The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted.

Customer Funds Receivable

Customer Funds Receivable When customers fund their transactions using credit cards or debit cards, there is a clearing period before the cash is received by the Company from the payment processors of usually one business day. Similarly, when customers provide bank information and authorization for the Company to receive funds via electronic funds transfer, the transactions are submitted via batch and received in cash usually in one to three business days. These card and electronic funds are treated as a receivable from the bank until the cash is received by the Company. Included in customer funds receivable are amounts due from customers from the Company’s business-to-business remittance services. The Company evaluates the collectability of its customer funds receivable on a number of factors, including historical losses, aging, payment processor risks, and forecasted losses. At December 31, 2022 and 2021, the Company’s reserve recorded for uncollectible customer funds receivable was immaterial. The Reserve for Transaction Losses, which includes fraud losses, is further discussed in Note 14. Commitments and Contingencies.

Foreign Currency Translation

The functional currencies of the Company’s international subsidiaries includes, but is not limited to the Canadian dollar, Euro, and British pound. The functional currency of the Company’s international subsidiaries in Poland and Nicaragua is the U.S. dollar. The results of operations for the Company’s international subsidiaries, with functional currencies other than the U.S. dollar, are translated from the local currency into U.S. dollars using the average exchange rates during each period. All assets and liabilities are translated using exchange rates at the end of each period. All equity transactions and certain assets are translated using historical rates. The Consolidated Financial Statements are presented in U.S. dollars.

Fair Value of Financial Instruments

The Company establishes the fair value of its certain assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which to transact and the market-based risk. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value within the Consolidated Financial Statements on a recurring basis. The carrying values of cash equivalents, disbursement prefunding, customer funds receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities, and customer liabilities approximate their respective fair values due to their relative short maturities.

Fair value principles require disclosures regarding the manner in which fair value is determined for assets and liabilities and establishes a three-tiered fair value hierarchy into which these assets and liabilities must be grouped, based upon significant levels of inputs as follows:

Level 1Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3Inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

Concentration of Credit Risk

Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines.

Property and Equipment, Net

Property and equipment is stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included within the Consolidated Statements of Operations in the period of disposition. Maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense in the period incurred.

Leases

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company adopted ASU No. 2016-02 “Leases - Topic 842” (“ASC 842”) and all subsequent ASUs that modified ASC 842 on January 1, 2020 and elected to apply the guidance to the comparative period. The Company’s lease commitments consist primarily of real estate property under various non-cancellable operating leases that expire between 2023 and 2025. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index. If, at lease inception, the Company considers the exercise of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability.

The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date.

ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The lease liability is recognized at commencement date based on the present value of lease payments over the lease term. The ROU asset is initially measured at cost, which is based on the lease liability adjusted for lease prepayments, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in most of its leases is not readily determinable, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company utilized certain practical expedients and policy elections available under the lease accounting standard. The Company has elected to combine lease and non-lease components as a single lease component for its real estate leases. The Company also elected not to recognize ROU assets and lease liabilities on its Consolidated Balance Sheets for leases that have a lease term of 12 months or less. The Company recognizes lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is the non-cancelable term adjusted for any renewal and termination options that are considered reasonably certain. Operating leases are included in ‘Operating lease right-of-use assets’, ‘Operating lease liabilities’, and ‘Operating lease liabilities, non-current’ on the Consolidated Balance Sheets.

Business Combinations and Asset Acquisitions

The Company evaluates acquisitions to determine if they meet the definition of a business. If the acquisition does meet the definition of a business, it is accounted for as a business combination. For a business combination, assets acquired and liabilities assumed are generally recorded at their fair value at the date of acquisition. Any excess of the fair value of consideration transferred for the business, over the fair values of the identifiable assets acquired and liabilities assumed is recognized as goodwill.

Acquisitions that do not meet the criteria to be accounted for as a business combination are accounted for as an asset acquisition. In an asset acquisition, the cost of the acquisition, including transaction costs, is allocated to the acquired assets and assumed liabilities based upon their relative fair values as of the acquisition date, and no goodwill is recognized.

Transaction costs related to business combinations are expensed as incurred and are included in ‘General and Administrative Expenses’ within the Consolidated Statements of Operations. Transaction costs primarily include external legal, accounting, valuation, and due diligence costs, as well as advisory and other professional services fees necessary to integrate acquired businesses. Transaction costs totaled $3.8 million for the year ended December 31, 2022. Such costs are primarily related to the Company’s acquisition of Rewire completed on January 5, 2023.

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the carrying value of the asset. If impairment exists, the asset is written down to its estimated fair value.

Customer Liabilities

Customer Liabilities The Company recognizes transactions processed from customers but not yet disbursed to recipients as ‘Customer liabilities’ on the accompanying Consolidated Balance Sheets. Customer liabilities are typically funds in-transit and the duration is typically one to two days. The Reserve for Transaction Losses, which includes disbursement losses

Trade Settlement Liabilities

Trade Settlement Liabilities The Company’s trade settlement liability represents the total of book overdrafts and disbursement postfunding liabilities owed to its disbursement partners. Book overdrafts are created when the sum of outstanding checks related to a specific bank account are in excess of funds on deposit for the respective bank account. Disbursement postfunding liabilities are created when the sum of customer transactions related to a specific account held with a disbursement partner are in excess of funds on deposit for the respective account. Book overdrafts and disbursement postfunding liabilities are included within ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. See Note 15. Accrued Expenses and Other Current Liabilities for the book overdrafts and disbursement postfunding liabilities balances. The Company’s policy is to report the change in book overdrafts and postfunding liabilities as an operating activity in the Consolidated Statements of Cash Flows based on the underlying nature of the transactions.

Revenue Recognition and Sales Incentives

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 for a given customer is reduced to zero. Those additional incentive costs that would have caused the customer level revenue to be negative are classified as advertising expenses and are included as a component of ‘Marketing expenses’ within the Consolidated Statements of Operations. In addition, referral credits given to a referrer are classified as marketing expenses.

Revenue

(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.

Deferred Revenue

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Deferred revenue, beginning of the period	$	1,212	$	1,105	$	137
Deferred revenue, end of the period	1,108		1,212		1,105
Change in deferred revenue during the period	$	(104)	$	107	$	968

Transaction Expenses and Customer Support and Operations

Transaction Expenses Transaction expenses include fees paid to disbursement partners for paying funds to the recipient, provisions for transaction losses and fees paid to payment processors for funding transactions. Transaction expenses also include credit losses, chargebacks, fraud prevention, fraud management tools and compliance tools.

Customer Support and Operations

Customer support and operations expenses consist primarily of personnel-related expenses associated with the Company’s customer support and operations organization, including salaries, benefits, and stock-based compensation, as well as third-party costs for customer support services, and travel and related office expenses. This includes the Company’s customer service teams which directly support the Company’s customers, consisting of online support and call centers, and other costs incurred to support the Company’s customers, including related telephony costs to support these teams, customer protection and risk teams, and investments in tools to effectively service the Company’s customers, and increased customer self-service capabilities. Customer support and operations expenses also include corporate communication costs and professional services fees.

Reserve for Transaction Losses

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 Consolidated Balance Sheets. The provision for transaction losses is included as a component of ‘Transaction expenses’ within the Consolidated Statements of Operations.

Marketing

Marketing expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses. Marketing expenses also include personnel-related expenses associated with the Company’s marketing organization, including salaries, benefits, and stock-based compensation, promotions, costs for software subscription services dedicated for use by the Company’s marketing organization, outside services contracted for marketing purposes, and legal fees.

Advertising

Advertising ExpenseAdvertising expenses are charged to operations as incurred and are included as a component of ‘Marketing Expenses’ within the Consolidated Statements of Operations.

Technology and Development

Technology and development expenses consist primarily of personnel-related expenses for employees involved in the research, design, development and maintenance of both new and existing products and services, including salaries, benefits and stock-based compensation, and legal fees. Technology and development expenses also include professional services fees and costs for software subscription services dedicated for use by the Company’s technology and development teams, as well as other company wide technology tools. Technology and development expenses also include product and engineering teams used to support the development of both internal infrastructure and internal-use software, to the extent such costs don't qualify for capitalization. Technology and development costs are generally expensed as incurred and do not include software development costs which qualify for capitalization as internal-use software. The amortization of internal-use software costs which were capitalized in accordance with ASC 350-40, Intangibles - Goodwill and Other-Internal-Use Software, are separately presented under the caption ‘Depreciation and amortization’ within the Consolidated Statements of Operations.

General and Administrative

General and AdministrativeGeneral and administrative expenses consist primarily of personnel-related expenses for the Company’s finance, legal, corporate development, human resources, facilities, administrative personnel, and other leadership functions, including salaries, benefits and stock-based compensation expense. General and administrative expenses also include professional services fees, software subscriptions, facilities, indirect taxes, legal fees, and other corporate expenses, including acquisition and integration expenses. Such expenses primarily include external legal, accounting, valuation, and due diligence costs, as well as advisory and other professional services fees necessary to integrate acquired businesses.

Capitalized Internal-Use Software Costs and Capitalized Cloud Computing Arrangements

Capitalized Internal-Use Software Costs

The Company accounts for software development costs incurred in connection with its internal-use software in accordance with ASC 350-40, Intangibles - Goodwill and Other-Internal-Use Software. Costs incurred in the preliminary stages of development are expensed as incurred. Once an app has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use.

Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Capitalized Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by a third-party vendor. The Company adopted this new standard prospectively during the fiscal year ended December 31, 2021. For cloud computing arrangements that meet the definition of a service contract, the Company capitalizes implementation costs incurred during the application development stage as a prepaid expense or an other non-current asset and amortizes the costs on a straight-line basis over the term of the associated hosting arrangement and recognized as an operating expense within the Consolidated Statements of Operations. The classification of the expense is determined based on the nature of the hosting arrangement to which the implementation costs relate. Costs related to data conversion, training and other maintenance activities are expensed as incurred. Implementation costs for cloud computing arrangements that meet the definition of a software license are accounted for consistent with software developed or obtained for internal use as detailed further above.

Segment and Geographic Information

Segment and Geographic InformationThe 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. See Note 3. Revenue and Note 4. Property and Equipment for information related to the Company’s geographic information for revenue and long-lived assets, respectively

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is computed using the two-class method required for participating securities. Prior to the automatic conversion of all of its redeemable convertible preferred stock outstanding into common stock upon the completion of the IPO, the Company considered all series of the Company’s redeemable convertible preferred stock and early exercised stock options to be participating securities, as the holders of such stock have the right to receive dividends on a pari passu basis in the event that a dividend is declared on the common stock. Upon completion of the IPO, all of the Company’s redeemable convertible preferred stock was converted to common stock. After the IPO, the Company’s early exercised stock options continue to be participating in nature.

Under the two-class method, basic net loss per share is computed by dividing net loss adjusted to include deemed dividends on redeemable convertible preferred stock by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shares by the weighted-average number of common shares determined for the basic earnings per share plus the dilutive effect of stock options, restricted stock units (“RSUs”), warrants and redeemable convertible preferred stock.

Stock-Based Compensation

Equity Incentive Plans and Employee Stock Purchase Plans

The Company grants equity awards under its equity incentive plans, as well as its employee stock purchase plan.

Equity Plans

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, 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 addition, in September 2021, the Company adopted the Remitly Global, Inc. 2021 ESPP (the “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.

Fair Value Assumptions

The Company measures stock-based compensation expense for both stock options granted under its equity incentive plans, and purchase rights issued under its ESPP, by calculating the estimated fair value of each employee and nonemployee award at the grant date or modification date by applying the Black-Scholes option pricing model (the “model”). The model utilizes the fair market value of the Company’s common stock at the measurement date, the expected or contractual term of the option, the expected stock price volatility, risk-free interest rate, and expected dividend yield of the common stock. Stock-based compensation for restricted stock units are measured based on the fair market value of the Company’s common stock on the date of grant.

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 Company calculates the expected term based on the average period the options are expected to remain outstanding using the simplified method, generally calculated as the midpoint of the requisite service period and the contractual term of the award.

The Company bases its estimate of expected volatility on the historical volatility of comparable companies from a representative peer group selected based on industry, financial, and market capitalization data.

The Company’s expected dividend yield is zero as it has not declared nor paid any dividends during the years ended December 31, 2022, 2021, and 2020 and does not currently expect to do so in the future. The risk-free interest rate used in the model is based on the implied yield currently available in the U.S. Treasury securities at maturity with an equivalent term.

Stock-based Compensation Expense Recognition

Stock-based compensation expense is generally recognized on a straight-line basis over the requisite service period, which is typically the vesting period of the respective award; however, in some instances, the vesting percentages differ throughout the service period. In all instances, the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is legally vested (i.e., the “floor” pursuant to ASC 718). Forfeitures are recognized in the period in which they occur.

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 nonemployees, 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 Company’s 2011 and 2021 equity plans allow for early exercise of employee stock options whereby the option holder is allowed to exercise prior to vesting. The consideration received for an early exercise of an option is considered to be a deposit of the exercise price, and the related dollar amount is recorded as a liability and reflected in ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. This liability is reclassified to additional paid-in capital as the awards vest. Any unvested shares are subject to repurchase by the Company at their original exercise price.

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 is being 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.

Employee Stock Purchase Plan

The ESPP provides for 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 grant date for accounting purposes is generally the first date of each offering period and expense is recognized over the requisite service period, which is considered to be the 24-month 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.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included within the Consolidated Financial Statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the Consolidated Financial Statements and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that these assets are believed more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations.

Tax benefits for uncertain tax positions are based upon management’s evaluation of the information available at the reporting date. The Company recognizes and measures uncertain tax positions in accordance with GAAP, pursuant to which it only recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The benefit for positions meeting the recognition threshold is measured as the largest benefit more likely than not of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company’s policy is to recognize interest and penalties related to income taxes as a component of provision for income taxes.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements (“ASU”)

In June 2016, the FASB issued ASU No. 2016-13 and related updates, 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. Given the Company’s recent loss of emerging growth company status on December 31, 2022, the new standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within that fiscal year with early adoption permitted. As such this ASU was adopted on a prospective basis as of the first quarter of 2022. The adoption did not have a significant impact on the Company’s Consolidated Financial Statements and disclosures.

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. This ASU was adopted on a prospective basis on January 1, 2022. The Company assessed the impact of the guidance to its Consolidated Financial Statements for the year ended December 31, 2022 and concluded that the standard did not have a material impact on its financial statements.

Accounting Pronouncements Not Yet Adopted

In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" ("ASU 2021-08"). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, Revenue from contracts with customers (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current U.S. GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 will result in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under ASU Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022 for public entities and December 15, 2023 for all other entities, with early adoption permitted. The Company is currently evaluating the impact of this ASU on its Consolidated Financial Statements.

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable. The Company does not believe any of these accounting pronouncements have had, or will have, a material impact on the Consolidated Financial Statements or disclosures.

Debt (Details)		1 Months Ended	12 Months Ended
Debt (Details)	Sep. 13, 2021 USD ($)	Nov. 30, 2020 USD ($) businessDay	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 12, 2021 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding			$ 22,300,000	$ 18,900,000
Repayments of long-term debt			384,000	0	$ 0
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			227,700,000	$ 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

401(k) Defined Contribution Plan	12 Months Ended
401(k) Defined Contribution Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
401(k) Defined Contribution Plan	401(k) Defined Contribution PlanThe 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 pretax 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 to the 401(k) plan during the year ended December 31, 2022 and $0.2 million to the 401(k) plan during each of the years ended December 31, 2021 and 2020, 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 years ended December 31, 2022, 2021 or 2020. The Company has a retirement savings plan based on the provisions of Republic Act (R.A.) 7641, The Retirement Pay Law, under Philippines Law. The Company does not contribute to the retirement savings plan. The Company incurred costs of $0.6 million and $0.4 million for the retirement savings plan for the years ended December 31, 2022 and 2021, respectively. The Company incurred no costs for the retirement savings plan for the year ended December 31, 2020.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
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+ Details

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (114,019)	$ (38,756)	$ (32,564)
Other comprehensive income (loss):
Foreign currency translation adjustments	(996)	(338)	557
Comprehensive loss	$ (115,015)	$ (39,094)	$ (32,007)

- Definition

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

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+ Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 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:


	December 31,
(in thousands)	2022		2021
Trade settlement liability(1)	$	26,266	$	18,924
ESPP employee contributions	1,926		1,551
Accrued transaction expense	15,878		12,639
Accrued marketing expense	11,394		10,788
Reserve for transaction losses	3,762		3,134
Accrued salaries and benefits	4,026		2,923
Other accrued expenses	24,500		16,724
Total	$	87,752	$	66,683

The trade settlement liability amount represents the total of book overdrafts and disbursement postfunding liabilities owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies to the Consolidated Financial Statements for further discussion.

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets at fair value	$ 0			$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		$ 50,000,000	$ 80,000,000

Leases - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Tenant improvement allowance	$ 0	$ 1,800,000

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Beginning balance	$	3,134	$	3,250	$	798
Provisions for transaction losses	42,496		29,596		19,663
Losses incurred, net of recoveries	(41,868)		(29,712)		(17,211)
Ending balance	$	3,762	$	3,134	$	3,250

- 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

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) segment period shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2011 shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share-based compensation expense			$ 95,293,000	$ 17,016,000	$ 5,264,000
Restricted cash			99,000	51,000
Acquisition related costs			3,800,000	0	0
Long-lived asset impairment charges			0	0	0
Advertising expense			139,300,000	102,900,000	$ 62,000,000
Implementation cost capitalized, additions			2,400,000	1,100,000
Implementation costs, amortization expense			$ 794,000	$ 187,000
Number of operating segments \| segment			1
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share-based compensation expense		$ 4,400,000
2021 Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock reserved for issuance, annual increase percentage	5.00%
Number of shares authorized \| shares	25,000,000
Number of additional shares authorized \| shares	552,736
Common stock, reserved (in shares) \| shares	25,552,736		10,890,112	23,599,005
Equity Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares authorized \| shares						43,899,677
ESPP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of purchase periods \| period			4
Purchase period			6 months
Consecutive offering period			24 months
Maximum employee contribution rate			15.00%
ESPP purchase price of common stock, percent of market price			85.00%
ESPP \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consecutive offering period			27 months
ESPP \| 2021 ESPP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock reserved for issuance, annual increase percentage	1.00%
Number of shares authorized \| shares	3,500,000
Common stock, reserved (in shares) \| shares			4,762,721	3,500,000
Maximum number of shares available over award term \| shares	35,000,000
Stock options outstanding
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cliff vesting period			1 year
Exercisable period			10 years
Exercisable period, termination of service			3 months
Stock options outstanding \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			2 years
Stock options outstanding \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			4 years
Performance sares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			4 years
Cliff vesting period			1 year
Share-based compensation expense, accelerated cost	$ 1,100,000
Capitalized internal-use software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life			3 years

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 1,212	$ 1,105	$ 137
Deferred revenue, end of the period	1,108	1,212	1,105
Change in deferred revenue during the period	$ (104)	$ 107	$ 968

Stock-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Shares Available for Issuance

As of December 31, 2022 and December 31, 2021, 10,890,112 and 23,599,005 equity incentive awards remain available for issuance under the 2021 Plan, respectively.

As of December 31, 2022, 4,762,721 shares of common stock remain available for issuance under the ESPP. As of December 31, 2021, there were no issuances of shares under the ESPP, therefore all 3,500,000 shares of common stock remained available for issuance.

Stock Options

The following is a summary of the Company’s stock option activity during the year ended December 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	166,113	11.15
Exercised	(5,379,722)	2.15			43,975
Forfeited	(2,185,065)	5.08
Balances as of December 31, 2022	15,988,268	4.11		6.79	119,467
Vested and exercisable as of December 31, 2022	9,963,250	2.53		6.01	88,859
Vested and expected to vest as of December 31, 2022	16,074,197	$	4.11	6.80	$	120,057

_________________

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

The fair value of each employee stock option granted during the years ended December 31, 2022, 2021, and 2020 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2022		2021		2020
Risk-free interest rates	2.86%		0.32% to 1.19%		0.30% to 1.47%
Expected term (in years)	6.1 years		3.5 to 6.8 years		5.0 to 6.6 years
Volatility	64.0%		37.8% to 50.5%		37.3% to 54.0%
Dividend rate	—	%	—	%	—	%

The weighted-average grant date fair value of options granted during the years ended December 31, 2022, 2021, and 2020 was $6.78, $5.22, and $1.10, respectively. The aggregate grant-date fair value of options vested for the years ended December 31, 2022, 2021, and 2020 was $11.7 million, $7.3 million, and $5.4 million, respectively. The intrinsic value of options exercised for the years ended December 31, 2022, 2021, and 2020 was $44.0 million, $72.2 million, and $2.4 million, respectively.

Restricted Stock Units

Restricted stock unit activity, including PRSUs, during the year ended December 31, 2022 was as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022	3,372,585	$	24.83
Granted	24,527,052	10.65
Vested	(2,955,066)	14.32
Cancelled/forfeited	(1,578,216)	16.24
Unvested at December 31, 2022	23,366,355	$	11.86

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 years ended December 31, 2022, 2021, and 2020 was $10.65, $27.16, and $3.54, respectively. The aggregate grant-date fair value of RSUs, including PRSUs, vested for the years ended December 31, 2022 and 2021 was $42.3 million and $0.6 million, respectively. The aggregate grant-date fair value of RSUs, including PRSUs, vested for the year ended December 31, 2020 was inconsequential.

Employee Stock Purchase Plan

The offering period that commenced on September 22, 2021, for which the accounting grant date was met in October 2021, ended on February 28, 2022, due to a decline in the Company’s stock price at the end of the purchase period, triggering a new offering period, as required by the ESPP plan documents. A new 24-month offering period commenced on March 1, 2022. This event was accounted for as a modification under U.S. GAAP in the first quarter of 2022, whereby the fair value of the ESPP offering was measured immediately before and after modification, resulting in incremental stock-based compensation expense of $3.6 million, which will be recognized over the new offering period, which is deemed to be the requisite service period. In addition, a subsequent 24-month offering commenced on September 1, 2022.

The fair value of the ESPP offerings was estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings during the years ended December 31, 2022 and 2021, as well as updated valuation information as of the modification date, for any offerings for which a modification occurred, requiring incremental expense to be measured at the modification date:

Years Ended December 31,

2022

2021

Risk-free interest rates

0.60% to 3.48%

0.06% to 0.30%

Expected term (in years)

0.5 to 2.0 years

0.4 to 1.9 years

Volatility

58.3% to 73.0%

37.7% to 56.0%

Dividend rate

—

As the March 1, 2022 offering was accounted for as a modification to the October 2021 offering, the ESPP was fair valued immediately before and after modification on March 1, 2022 to assess the incremental fair value provided as a result of the modification. The inputs to the incremental fair value are included in the table above.

The Company’s ESPP began in 2021, therefore there were no awards were granted under the ESPP during the year ended December 31, 2020.

Stock-Based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included within the Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 4. Property and Equipment, was as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Customer support and operations	$	816	$	153	$	22
Marketing	10,512		2,325		869
Technology and development	46,420		6,931		2,130
General and administrative	37,545		7,607		2,243
Total	$	95,293	$	17,016	$	5,264

As of December 31, 2022, the total unamortized compensation cost related to all non-vested equity awards, including options, RSUs, and PRSUs was $258.8 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.9 years. As of December 31, 2022, the total unrecognized compensation expense related to the ESPP was $4.3 million, which is expected to be amortized over the next 1.7 years.

The Company did not record a material income tax benefit related to stock-based compensation expense and stock option exercises, during the years ended December 31, 2022, 2021, and 2020, 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.

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying 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 financial reporting.

Principles of Consolidation

The 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.

Out-of-Period Adjustment

The Consolidated Financial Statements include an adjustment of $4.4 million to stock-based compensation expense and additional paid-in capital, to correct for an error identified by management during the preparation of the prior quarter’s financial statements for the three months ended June 30, 2022. This adjustment is to reflect the straight-lining of expense over the full service period for graded-vested stock-based compensation awards under ASC 718, and relates to prior annual fiscal periods. Management has determined that this error was not material to the historical financial statements in any individual period or in the aggregate and did not result in the previously issued financial statements being materially misstated. Additionally, although the impact to the three months ended June 30, 2022 was considered material, the impact to results for the year ended December 31, 2022 is not material. As such, management recorded the correction as an out-of-period adjustment in the three months ended June 30, 2022, as disclosed in the Quarterly Report on Form 10-Q for the three months ended June 30, 2022. Substantially all of the cumulative adjustment was related to stock-based compensation for personnel who support the Company’s general and administrative functions and was recorded to ‘General and administrative expenses’ within the Consolidated Statements of Operations.

Use of Estimates

The preparation of the accompanying Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the 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 Consolidated Financial Statements.

Cash and Cash Equivalents

Restricted Cash

Restricted cash primarily consists of cash collateral that the Company maintains with various payment processors in connection with its contractual obligation. The Company has relationships with certain payment processors that are responsible for processing the Company’s incoming customer payments. These processors require the Company to maintain certain restricted cash balances as collateral throughout the term of the processor arrangement. As of both December 31, 2022 and 2021, the Company had $0.1 million of restricted cash.

Restricted cash has been classified as a non-current asset on the Consolidated Balance Sheets as it is not expected to be released within one year of the balance sheet date.

Disbursement Prefunding

The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted.

Customer Funds Receivable

When customers fund their transactions using credit cards or debit cards, there is a clearing period before the cash is received by the Company from the payment processors of usually one business day. Similarly, when customers provide bank information and authorization for the Company to receive funds via electronic funds transfer, the transactions are submitted via batch and received in cash usually in one to three business days. These card and electronic funds are treated as a receivable from the bank until the cash is received by the Company. Included in customer funds receivable are amounts due from customers from the Company’s business-to-business remittance services. The Company evaluates the collectability of its customer funds receivable on a number of factors, including historical losses, aging, payment processor risks, and forecasted losses. At December 31, 2022 and 2021, the Company’s reserve recorded for uncollectible customer funds receivable was immaterial. The Reserve for Transaction Losses, which includes fraud losses, is further discussed in Note 14. Commitments and Contingencies.

Foreign Currency Translation

Fair Value of Financial Instruments

Level 1Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3Inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash or customer funds receivable in the years ended December 31, 2022, 2021, and 2020.

For the years ended December 31, 2022, 2021, and 2020, no individual customer represented 10% or more of the Company’s total revenues. As of December 31, 2022 and December 31, 2021, no individual customer represented 10% or more of the Company’s customer funds receivable.

Property and Equipment, Net

Property and equipment is stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Leases

During the years ended December 31, 2022, 2021, and 2020, the Company did not have any material finance leases.

Business Combinations and Asset Acquisitions

Impairment of Long-Lived Assets

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. When such events occur, management determines whether there has been impairment by comparing the anticipated undiscounted future net cash flows to the carrying value of the asset. If impairment exists, the asset is written down to its estimated fair value. During the years ended December 31, 2022, 2021, and 2020, no material impairment of long-lived assets was recorded.

Customer Liabilities

The Company recognizes transactions processed from customers but not yet disbursed to recipients as ‘Customer liabilities’ on the accompanying Consolidated Balance Sheets. Customer liabilities are typically funds in-transit and the duration is typically one to two days. The Reserve for Transaction Losses, which includes disbursement losses, is further discussed in Note 14. Commitments and Contingencies.

Trade Settlement Liabilities

The Company’s trade settlement liability represents the total of book overdrafts and disbursement postfunding liabilities owed to its disbursement partners. Book overdrafts are created when the sum of outstanding checks related to a specific bank account are in excess of funds on deposit for the respective bank account. Disbursement postfunding liabilities are created when the sum of customer transactions related to a specific account held with a disbursement partner are in excess of funds on deposit for the respective account. Book overdrafts and disbursement postfunding liabilities are included within ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. See Note 15. Accrued Expenses and Other Current Liabilities for the book overdrafts and disbursement postfunding liabilities balances. The Company’s policy is to report the change in book overdrafts and postfunding liabilities as an operating activity in the Consolidated Statements of Cash Flows based on the underlying nature of the transactions.

Revenue Recognition

See Note 3. Revenue for information related to the Company’s revenue recognition policy.

Sales Incentives

Transaction Expenses

Transaction expenses include fees paid to disbursement partners for paying funds to the recipient, provisions for transaction losses and fees paid to payment processors for funding transactions. Transaction expenses also include credit losses, chargebacks, fraud prevention, fraud management tools and compliance tools. See Note 14. Commitments and Contingencies for a rollforward of the Company’s reserve for transaction losses for the years ended December 31, 2022, 2021, and 2020.

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 Consolidated Balance Sheets. The provision for transaction losses is included as a component of ‘Transaction expenses’ within the Consolidated Statements of Operations.

Customer Support and Operations

Marketing

Advertising Expense

Advertising expenses are charged to operations as incurred and are included as a component of ‘Marketing Expenses’ within the Consolidated Statements of Operations. Advertising expenses are used primarily to attract new customers. Advertising expenses totaled $139.3 million, $102.9 million and $62.0 million during the years ended December 31, 2022, 2021, and 2020, respectively.

Technology and Development

General and Administrative

General and administrative expenses consist primarily of personnel-related expenses for the Company’s finance, legal, corporate development, human resources, facilities, administrative personnel, and other leadership functions, including salaries, benefits and stock-based compensation expense. General and administrative expenses also include professional services fees, software subscriptions, facilities, indirect taxes, legal fees, and other corporate expenses, including acquisition and integration expenses. Such expenses primarily include external legal, accounting, valuation, and due diligence costs, as well as advisory and other professional services fees necessary to integrate acquired businesses.

Capitalized Internal-Use Software Costs

Capitalized Cloud Computing Arrangements

Segment and Geographic 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. See Note 3. Revenue and Note 4. Property and Equipment for information related to the Company’s geographic information for revenue and long-lived assets, respectively.

Net Loss Per Share Attributable to Common Stockholders

Stock-Based Compensation

Equity Incentive Plans and Employee Stock Purchase Plans

The Company grants equity awards under its equity incentive plans, as well as its employee stock purchase plan.

Equity Plans

Fair Value Assumptions

Stock-based Compensation Expense Recognition

Stock Options

Restricted Stock Units

Employee Stock Purchase Plan

Income Taxes

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements (“ASU”)

Accounting Pronouncements Not Yet Adopted

Redeemable Convertible Preferred Stock	12 Months Ended
Redeemable Convertible Preferred Stock	Dec. 31, 2022
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Prior to the Company’s IPO, the Company had 127,410,631 shares of redeemable convertible preferred stock outstanding. Upon completion of the IPO, all shares of redeemable convertible preferred stock were automatically converted into an equivalent number of shares of common stock on a one-to-one basis and their carrying value of $390.7 million was reclassified into stockholders’ equity. As of December 31, 2022, there were no shares of redeemable convertible preferred stock issued and outstanding. In addition, in 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 rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	21.00%	21.00%	21.00%
State income tax, net of federal benefit	4.06%	11.37%	2.93%
Increase in valuation allowance	(24.08%)	(66.51%)	(26.26%)
Stock-based compensation	0.92%	31.08%	0.00%
U.S. tax on foreign earnings	(2.03%)	0.00%	0.00%
Other	(0.79%)	0.29%	(1.37%)
Effective income tax rate	(0.92%)	(2.77%)	(3.70%)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in thousands)	2022		2021
Trade settlement liability(1)	$	26,266	$	18,924
ESPP employee contributions	1,926		1,551
Accrued transaction expense	15,878		12,639
Accrued marketing expense	11,394		10,788
Reserve for transaction losses	3,762		3,134
Accrued salaries and benefits	4,026		2,923
Other accrued expenses	24,500		16,724
Total	$	87,752	$	66,683

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2022 country
Subsidiary, Sale of Stock [Line Items]
Number of countries in which entity operates (over) \| country			170
Consideration received, net \| $	$ 305.2
Stock issuance costs \| $	$ 20.8
Preferred stock reclassified into stockholders' equity (in shares)	127,410,631	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

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Years Ended December 31,
(in thousands, except share and per share amounts)	2022		2021		2020
Numerator:
Net loss	$	(114,019)	$	(38,756)	$	(32,564)


Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	167,774,123		60,728,748		21,459,062
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.68)	$	(0.64)	$	(1.52)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31,
	2022	2021	2020
Redeemable convertible preferred stock	—	—	127,082,605
Common stock warrants	—	—	256,250
Stock options outstanding	15,988,268	23,386,942	21,034,424
RSUs outstanding(1)	23,366,355	3,496,611	437,369
ESPP	1,350,486	735,282	—
Shares subject to repurchase	130,929	456,294	1,888,322
Total	40,836,038	28,075,129	150,698,970

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0.00%	0.00%	0.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0.00%	0.00%
Minimum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	2.86%	0.32%	0.30%
Expected term (in years)		3 years 6 months	5 years
Volatility		37.80%	37.30%
Minimum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	0.60%	0.06%
Expected term (in years)	6 months	4 months 24 days
Volatility	58.30%	37.70%
Maximum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates		1.19%	1.47%
Expected term (in years)	6 years 1 month 6 days	6 years 9 months 18 days	6 years 7 months 6 days
Volatility	64.00%	50.50%	54.00%
Maximum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	3.48%	0.30%
Expected term (in years)	2 years	1 year 10 months 24 days
Volatility	73.00%	56.00%

Property and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Capitalized internal-use software	$	14,072	$	9,022
Computer and office equipment	6,177		4,700
Furniture and fixtures	2,056		1,445
Leasehold improvements	7,036		6,655
Projects in process	722		533
	30,063		22,355
Less: Accumulated depreciation and amortization	(18,517)		(13,106)
Property and equipment, net	$	11,546	$	9,249

Depreciation and amortization expense related to property and equipment was $6.7 million, $5.3 million and $4.1 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Capitalized Internal-Use Software Costs

There has been no impairment of previously capitalized costs during the years ended December 31, 2022, 2021, and 2020.

The Company capitalized $5.2 million, $2.9 million and $2.3 million for internal-use software costs during the years ended December 31, 2022, 2021, and 2020, respectively. The Company capitalized $1.8 million of stock-based compensation costs to internal-use software for the year ended December 31, 2022. The Company capitalized inconsequential amounts of stock-based compensation costs to internal-use software during the years ended December 31, 2021 and 2020, respectively. The Company recorded amortization expense of $3.3 million, $2.5 million and $1.6 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Capitalized Cloud Computing Arrangements

The Company capitalized $2.4 million and $1.1 million related to the implementation of cloud computing arrangements during the years ended December 31, 2022 and 2021, respectively and recorded amortization expense of $0.8 million and $0.2 million during the years ended December 31, 2022 and 2021, respectively.

As of December 31, 2022, capitalized costs, net of accumulated amortization, were approximately $2.5 million, of which $1.3 million was recorded within ‘Prepaid expenses and other current assets’ and $1.2 million was recorded within ‘Other noncurrent assets, net’ on the Company's Consolidated Balance Sheets.

As of December 31, 2021, capitalized costs, net of accumulated amortization, were approximately $0.9 million, of which $0.4 million was recorded within ‘Prepaid expenses and other current assets’ and $0.5 million was recorded within ‘Other noncurrent assets, net’ on the Company's Consolidated Balance Sheets.

Amortization expense related to cloud computing arrangements for the years ended December 31, 2022 and 2021 were as follows:


	December 31,
(in thousands)	2022		2021
Technology and development	$	616	$	165
General and administrative	178		22
Total amortization	$	794	$	187

The following table summarizes the Company’s long-lived assets based on geography, which consist of property and equipment, net and operating lease right-of-use assets:


	December 31,
(in thousands)	2022		2021
United States	$	12,560	$	7,523
Europe	2,754		125
Nicaragua	1,860		2,534
United Kingdom	1,369		2,229
Philippines	1,084		1,928
Rest of world	594		212
Total long-lived assets	$	20,221	$	14,551

Consolidated Statements of Redeemable Converted 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, 2019	117,788,521
Temporary equity, beginning balance at Dec. 31, 2019	$ 302,873
Redeemable Convertible Preferred Stock
Issuance of Series F redeemable convertible preferred stock, net of issuance costs (in shares)	9,294,084
Issuance of Series F redeemable convertible preferred stock, net of issuance costs	$ 84,834
Temporary equity, ending balance (in shares) at Dec. 31, 2020	127,082,605
Temporary equity, ending balance at Dec. 31, 2020	$ 387,707
Beginning balance (in shares) at Dec. 31, 2019		22,425,112
Beginning balance at Dec. 31, 2019	(186,796)	$ 2	$ 1,292	$ 34	$ (188,124)
Stockholders' Equity
Issuance of common stock upon exercise of stock options and vesting of early exercised options, and vesting restricted stock units (in shares)		1,864,794
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	2,212		2,212
Stock-based compensation expense	5,262		5,262
Other comprehensive loss	557			557
Net loss	(32,564)				(32,564)
Ending balance (in shares) at Dec. 31, 2020		24,289,906
Ending balance at Dec. 31, 2020	$ (211,329)	$ 2	8,766	591	(220,688)
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	$ 2,980
Conversion of redeemable convertible preferred stock to common stock in connection with direct listing (in shares)	(127,410,631)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	$ (390,687)
Temporary equity, ending balance (in shares) at Dec. 31, 2021	0
Temporary equity, ending balance at Dec. 31, 2021	$ 0
Stockholders' Equity
Repayment of non-recourse promissory note	3,060		3,060
Issuance of common stock upon exercise of stock options and vesting of early exercised options, and vesting restricted stock units (in shares)		4,495,889
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	7,421	$ 1	7,420
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)		127,410,631
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	390,687	$ 13	390,674
Issuance of common stock upon initial public offering and private placements, net of offering costs, underwriting discounts and commissions (in shares)		7,581,395
Issuance of common stock upon initial public offering and private placements, net of offering costs, underwriting discounts and commissions	305,191		305,191
Donation of common stock (in shares)		181,961
Donation of common stock	6,933		6,933
Issuance of common stock upon exercise of warrants (in shares)		254,014
Issuance of common (in shares)		25,759
Issuance of common stock	169
Stock-based compensation expense	17,290		17,290
Other comprehensive loss	(338)			(338)
Net loss	(38,756)				(38,756)
Ending balance (in shares) at Dec. 31, 2021		164,239,555
Ending balance at Dec. 31, 2021	$ 480,328	$ 16	739,503	253	(259,444)
Temporary equity, ending balance (in shares) at Dec. 31, 2022	0
Temporary equity, ending balance at Dec. 31, 2022	$ 0
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)		379,674
Issuance of common stock in connection with ESPP	3,516		3,516
Issuance of common stock upon exercise of stock options and vesting of early exercised options, and vesting restricted stock units (in shares)		8,458,814
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	12,271	$ 1	12,270
Donation of common stock (in shares)		181,961
Donation of common stock	1,972		1,972
Taxes paid related to net shares settlement of equity awards (in shares)		(9,139)
Taxes paid related to net shares settlement of equity awards	(99)		(99)
Issuance of common stock			169
Stock-based compensation expense	97,114		97,114
Other comprehensive loss	(996)			(996)
Net loss	(114,019)				(114,019)
Ending balance (in shares) at Dec. 31, 2022		173,250,865
Ending balance at Dec. 31, 2022	$ 480,087	$ 17	$ 854,276	$ (743)	$ (373,463)

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 300,635	$ 403,262
Disbursement prefunding	158,055	119,627
Customer funds receivable, net	191,402	67,215
Prepaid expenses and other current assets	19,327	17,448
Total current assets	669,419	607,552
Restricted cash	99	51
Property and equipment, net	11,546	9,249
Operating lease right-of-use assets	8,675	5,302
Other noncurrent assets, net	6,214	3,510
Total assets	695,953	625,664
Current liabilities
Accounts payable	6,794	1,210
Customer liabilities	111,075	70,483
Accrued expenses and other current liabilities	87,752	66,683
Operating lease liabilities	3,521	3,240
Total current liabilities	209,142	141,616
Operating lease liabilities, noncurrent	5,674	2,907
Other noncurrent liabilities	1,050	813
Total liabilities	215,866	145,336
Commitments and contingencies (Note 14)
Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of December 31, 2022 and 2021; 173,250,865 and 164,239,555 shares issued and outstanding, as of December 31, 2022 and 2021, respectively	17	16
Additional paid-in capital	854,276	739,503
Accumulated other comprehensive (loss) income	(743)	253
Accumulated deficit	(373,463)	(259,444)
Total stockholders’ equity	480,087	480,328
Liabilities and Equity, Total	$ 695,953	$ 625,664

Commitment and Contingencies

12 Months Ended

Dec. 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 December 31, 2022 and 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 December 31, 2022 and 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 the Company’s business and industry. The Company’s assessment of probability includes consideration of recent inquiries, potential or actual self-disclosure, and applicability of tax rules. As a result of this assessment, management accrued an estimated liability of approximately $6.0 million and $3.8 million as of December 31, 2022 and 2021, respectively, reflecting the amount that the Company believes is probable and estimable. The estimated liability is recorded within ‘Accrued expenses and other current liabilities’ on the Company's Consolidated Balance Sheets. Although the Company believes its indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits or settlements could be materially different than the amounts recorded.

Reserve for Transaction Losses

The table below summarizes the Company’s reserve for transaction losses for the years ended December 31, 2022, 2021, and 2020:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Beginning balance	$	3,134	$	3,250	$	798
Provisions for transaction losses	42,496		29,596		19,663
Losses incurred, net of recoveries	(41,868)		(29,712)		(17,211)
Ending balance	$	3,762	$	3,134	$	3,250

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 30,063	$ 22,355
Less: Accumulated depreciation and amortization	(18,517)	(13,106)
Property and equipment, net	11,546	9,249
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,072	9,022
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	6,177	4,700
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,056	1,445
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	7,036	6,655
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 722	$ 533

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 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 170 countries, helping customers send money internationally in a quick, reliable, and more cost-effective manner, by leveraging digital channels and supporting cross-border transmissions across the globe. Unless otherwise expressly stated or the context otherwise requires, the terms “Remitly” and the “Company” within these notes to the 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.

Redeemable Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares
Temporary Equity Disclosure [Abstract]
Preferred stock reclassified into stockholders' equity (in shares)	127,410,631	127,410,631
Conversion ratio	1
Preferred stock reclassified into stockholders' equity \| $	$ 390,700	$ 390,687
Preferred stock, issued (in shares)			0
Preferred stock, outstanding (in shares)		0	0	127,082,605	117,788,521
Preferred stock, authorized (in shares)	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40822
Entity Registrant Name	Remitly Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2301143
Entity Address, Address Line One	1111 Third Avenue,
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Seattle,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	888
Local Phone Number	736-4859
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	RELY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 906.7
Entity Common Stock, Shares Outstanding		174,189,759
Entity Central Index Key	0001782170
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	The information required by Part III (Items 10, 11, 12, 13, and 14) is incorporated by reference from the registrant’s Definitive Proxy Statement for its 2023 Annual Meeting to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 95,293	$ 17,016	$ 5,264
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	816	153	22
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	10,512	2,325	869
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	46,420	6,931	2,130
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 37,545	$ 7,607	$ 2,243

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement [Abstract]

Revenue

$ 653,560

$ 458,605

$ 256,956

Costs and expenses

Marketing

^[1]

170,970

120,906

73,804

Technology and development

^[1]

138,719

64,093

40,777

General and administrative

^[1]

131,250

70,941

31,656

Depreciation and amortization

6,724

5,256

4,060

Total costs and expenses

774,596

498,327

286,139

Loss from operations

(121,036)

(39,722)

(29,183)

Interest income

4,149

140

273

Interest expense

(1,302)

(1,256)

(1,189)

Other income (expense), net

5,213

3,125

(1,302)

Loss before provision for income taxes

(112,976)

(37,713)

(31,401)

Provision for income taxes

1,043

1,163

Net loss

$ (114,019)

$ (38,756)

$ (32,564)

Net loss per share attributable to common stockholders:

Basic (in dollars per share)

$ (0.68)

$ (0.64)

$ (1.52)

Diluted (in dollars per share)

$ (0.68)

$ (0.64)

$ (1.52)

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

Basic (in shares)

167,774,123

60,728,748

21,459,062

Diluted (in shares)

167,774,123

60,728,748

21,459,062

Transaction expenses

Cost of revenue

^[1]

$ 258,827

$ 191,606

$ 110,414

Customer support and operations

Cost of revenue

^[1]

$ 68,106

$ 45,525

$ 25,428

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

Property and Equipment - Schedule of Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 20,221	$ 14,551
United States
Property, Plant and Equipment [Line Items]
Long-lived assets	12,560	7,523
Europe
Property, Plant and Equipment [Line Items]
Long-lived assets	2,754	125
Nicaragua
Property, Plant and Equipment [Line Items]
Long-lived assets	1,860	2,534
United Kingdom
Property, Plant and Equipment [Line Items]
Long-lived assets	1,369	2,229
Philippines
Property, Plant and Equipment [Line Items]
Long-lived assets	1,084	1,928
Rest of world
Property, Plant and Equipment [Line Items]
Long-lived assets	$ 594	$ 212

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company leases office space in all of its locations under non-cancelable operating leases with various expiration dates through 2025. Tenant improvement allowance received for the leases in place as of December 31, 2022 totaled $1.8 million, which were received in cash in a prior period. There were no new tenant improvement allowances received during the year ended December 31, 2022.

The components of lease expense, lease term, and discount rate for operating leases were as follows:


	Years Ended December 31,
	2022			2021			2020
Operating lease expense (in thousands)	$	4,732		$	3,824		$	3,202
Weighted-average remaining lease term (in years)	2.1			2.2			2.6
Weighted-average discount rate	4.7		%	5.0		%	5.8		%

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Cash payments, net of receipts, included in the measurement of operating lease liabilities – operating cash flows	$	4,472	$	3,538	$	3,315

The following table represents the maturity of lease liabilities as of December 31, 2022 (in thousands):


Year Ending December 31,
2023	$	3,902
2024	4,556
2025	1,311
2026	—
2027 and Thereafter	—
Total lease payments	9,769
Less: Imputed interest	(574)
Present value of operating lease liabilities	$	9,195

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Unvested, beginning balance (in shares)	3,372,585
Granted (in shares)	24,527,052
Vested (in shares)	2,955,066
Cancelled/forfeited (in shares)	(1,578,216)
Unvested, ending balance (in shares)	23,366,355	3,372,585
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 24.83
Granted (in dollars per share)	10.65	$ 27.16	$ 3.54
Vested (in dollars per share)	14.32
Cancelled/forfeited (in dollars per share)	16.24
Unvested, ending balance (in dollars per share)	$ 11.86	$ 24.83

Leases - Schedule of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease expense (in thousands)	$ 4,732	$ 3,824	$ 3,202
Weighted-average remaining lease term (in years)	2 years 1 month 6 days	2 years 2 months 12 days	2 years 7 months 6 days
Weighted-average discount rate	4.70%	5.00%	5.80%
Cash payments, net of receipts, included in the measurement of operating lease liabilities – operating cash flows	$ 4,472	$ 3,538	$ 3,315

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax benefit (expense)
Federal	$ 0	$ 0	$ 2
State	(9)	(257)	(132)
Foreign	(2,449)	(1,650)	(1,019)
Total current tax expense	(2,458)	(1,907)	(1,149)
Deferred tax benefit (expense)
Federal	0	0	0
State	0	0	0
Foreign	1,415	864	(14)
Total deferred tax benefit (expense)	1,415	864	(14)
Provision for income taxes	$ (1,043)	$ (1,043)	$ (1,163)

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Net operating loss carryforwards	$ 58,798	$ 67,253
Accrued expenses	2,270	2,561
Stock-based compensation	13,508	4,272
Operating lease liabilities	1,156	642
Capitalized research costs	28,605	0
Other	2,442	1,865
Gross deferred tax assets	106,779	76,593
Deferred tax liabilities
Fixed assets and intangible assets	(311)	(112)
Operating lease right-of-use assets	(1,076)	(485)
Other	(1,720)	(848)
Gross deferred tax liabilities	(3,107)	(1,445)
Valuation allowance	(101,446)	(74,244)	$ (49,159)	$ (40,913)
Net deferred tax assets	$ 2,226	$ 904

Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ (116,272)	$ (46,241)	$ (35,542)
Foreign	3,296	8,528	4,141
Loss before provision for income taxes	$ (112,976)	$ (37,713)	$ (31,401)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Property and Equipment - Schedule of Hosting Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Implementation costs, amortization expense	$ 794	$ 187
Technology and development
Property, Plant and Equipment [Line Items]
Implementation costs, amortization expense	616	165
General and administrative
Property, Plant and Equipment [Line Items]
Implementation costs, amortization expense	$ 178	$ 22

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Lease Costs and Supplemental Cash Flow Information

The components of lease expense, lease term, and discount rate for operating leases were as follows:


	Years Ended December 31,
	2022			2021			2020
Operating lease expense (in thousands)	$	4,732		$	3,824		$	3,202
Weighted-average remaining lease term (in years)	2.1			2.2			2.6
Weighted-average discount rate	4.7		%	5.0		%	5.8		%

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Cash payments, net of receipts, included in the measurement of operating lease liabilities – operating cash flows	$	4,472	$	3,538	$	3,315

Schedule of Lease Liability Maturity

The following table represents the maturity of lease liabilities as of December 31, 2022 (in thousands):


Year Ending December 31,
2023	$	3,902
2024	4,556
2025	1,311
2026	—
2027 and Thereafter	—
Total lease payments	9,769
Less: Imputed interest	(574)
Present value of operating lease liabilities	$	9,195

Debt	12 Months Ended
Debt	Dec. 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 noncurrent assets, net’ on the Consolidated Balance Sheets, 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 continues 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 within the 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 December 31, 2022 and December 31, 2021, 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 December 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 December 31, 2022 and December 31, 2021, the Company had no outstanding borrowings under the New Revolving Credit Facility. As of December 31, 2022 and December 31, 2021, the Company had $22.3 million and $18.9 million, respectively, in issued, but undrawn, standby letters of credit. As of December 31, 2022 and December 31, 2021, the Company had unused borrowing capacity of $227.7 million and $231.1 million, respectively, under the New Revolving Credit Facility. 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Increase in valuation allowance	$ 27,202,000	$ 25,085,000	$ 8,246,000
Unrecognized tax benefits	0	0	$ 0
Unrecognized tax benefits, penalties and accrued interest	0	$ 0
US
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	230,300,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 128,700,000

Subsequent Events (Details) - USD ($)		12 Months Ended
Subsequent Events (Details) - USD ($)	Jan. 05, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2023	Sep. 30, 2021
Subsequent Event [Line Items]
Acquisition related costs		$ 3,800,000	$ 0	$ 0
Rewire
Subsequent Event [Line Items]
Acquisition related costs		$ 3,500,000
Subsequent event \| Rewire
Subsequent Event [Line Items]
Business acquisition, consideration	$ 77,000,000
Business acquisition, consideration held back	$ 12,000,000
Business acquisition, holdback period	15 months
2021 Plan
Subsequent Event [Line Items]
Common stock reserved for issuance, annual increase percentage						5.00%
2021 Plan \| Subsequent event
Subsequent Event [Line Items]
Common stock reserved for issuance, annual increase percentage					5.00%
2021 ESPP \| ESPP
Subsequent Event [Line Items]
Common stock reserved for issuance, annual increase percentage						1.00%
2021 ESPP \| ESPP \| Subsequent event
Subsequent Event [Line Items]
Common stock reserved for issuance, annual increase percentage					1.00%

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Capitalized internal-use software	$	14,072	$	9,022
Computer and office equipment	6,177		4,700
Furniture and fixtures	2,056		1,445
Leasehold improvements	7,036		6,655
Projects in process	722		533
	30,063		22,355
Less: Accumulated depreciation and amortization	(18,517)		(13,106)
Property and equipment, net	$	11,546	$	9,249

Schedule of Hosting Arrangements

Amortization expense related to cloud computing arrangements for the years ended December 31, 2022 and 2021 were as follows:


	December 31,
(in thousands)	2022		2021
Technology and development	$	616	$	165
General and administrative	178		22
Total amortization	$	794	$	187

Schedule of Long-Lived Assets by Geographic Area

The following table summarizes the Company’s long-lived assets based on geography, which consist of property and equipment, net and operating lease right-of-use assets:


	December 31,
(in thousands)	2022		2021
United States	$	12,560	$	7,523
Europe	2,754		125
Nicaragua	1,860		2,534
United Kingdom	1,369		2,229
Philippines	1,084		1,928
Rest of world	594		212
Total long-lived assets	$	20,221	$	14,551

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue recognized, deferred revenue	$ 0.6	$ 0.3
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	24.8	18.1	$ 15.7
Sales and marketing expense
Disaggregation of Revenue [Line Items]
Sales incentives	$ 17.6	$ 12.0	$ 9.8

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options Outstanding
Beginning balance (in shares)	23,386,942
Granted (in shares)	166,113
Exercised (in shares)	(5,379,722)
Forfeited (in shares)	(2,185,065)
Ending balance (in shares)	15,988,268	23,386,942
Vested and exercisable (in shares)	9,963,250
Vested and expected to vest (in shares)	16,074,197
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 3.70
Granted (in dollars per share)	11.15
Exercised (in dollars per share)	2.15
Forfeited (in dollars per share)	5.08
Ending balance (in dollars per share)	4.11	$ 3.70
Vested and exercisable (in dollars per share)	2.53
Vested and expected to vest (in dollars per share)	$ 4.11
Weighted-Average Remaining Contractual Life (Years)
Outstanding	6 years 9 months 14 days	7 years 7 months 28 days
Vested and exercisable	6 years 3 days
Vested and expected to vest	6 years 9 months 18 days
Aggregate Intrinsic Value
Outstanding	$ 119,467	$ 395,676
Exercised	43,975	$ 72,200	$ 2,400
Vested and exercisable	88,859
Vested and expected to vest	$ 120,057

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (114,019)	$ (38,756)	$ (32,564)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	6,724	5,256	4,060
Stock-based compensation expense, net	95,293	17,016	5,264
Donation of common stock	1,972	6,933	0
Other	356	452	2
Changes in operating assets and liabilities:
Disbursement prefunding	(38,428)	(18,069)	(69,719)
Customer funds receivable	(126,942)	(17,282)	(20,028)
Prepaid expenses and other assets	(4,598)	(12,559)	(1,959)
Operating lease right-of-use assets	3,763	2,780	2,376
Accounts payable	5,535	(3,035)	4,044
Customer liabilities	42,979	16,097	(29,073)
Accrued expenses and other liabilities	26,298	26,071	25,935
Operating lease liabilities	(4,073)	(3,295)	(2,547)
Net cash used in operating activities	(105,140)	(18,391)	(114,209)
Cash flows from investing activities
Purchases of property and equipment	(3,679)	(1,956)	(2,064)
Capitalized internal-use software costs	(3,382)	(2,578)	(2,306)
Cash paid for acquisition, net of acquired cash and cash equivalents	(248)	0	0
Net cash used in investing activities	(7,309)	(4,534)	(4,370)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering and private placements, net of offering costs, underwriting discounts and commissions	0	305,191	0
Repayment of non-recourse promissory note	0	3,060	0
Proceeds from issuance of Series E and F convertible preferred stock, net of issuance costs	0	2,980	84,834
Proceeds from exercise of stock options	11,554	8,345	2,382
Payment of debt issuance costs	0	(1,373)	0
Proceeds from (repayments of) revolving credit facility borrowings, net	0	(80,000)	35,000
Taxes paid related to net share settlement of equity awards	(99)	0	0
Repayment of long-term debt	(384)	0	0
Net cash provided by financing activities	11,071	238,203	122,216
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(1,201)	(40)	918
Net (decrease) increase in cash, cash equivalents and restricted cash	(102,579)	215,238	4,555
Cash, cash equivalents, and restricted cash at beginning of period	403,313	188,075	183,520
Cash, cash equivalents, and restricted cash at end of period	300,734	403,313	188,075
Supplemental disclosure of cash flow information
Cash paid for interest	906	934	1,061
Cash paid for income taxes	2,282	756	421
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	7,441	2,532	1,523
Vesting of early exercised options	716	482	185
Noncash issuance of common stock in connection with ESPP	3,516	0	0
Stock-based compensation expense capitalized to internal-use software	1,821	0	0
IPO and debt issuance costs incurred but not yet paid	0	2,287	0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	0	390,687	0
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	300,635	403,262	186,694
Restricted cash	99	51	1,381
Total cash, cash equivalents and restricted cash	$ 300,734	$ 403,313	$ 188,075

Leases - Schedule of Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 3,902
2024	4,556
2025	1,311
2026	0
2027 and Thereafter	0
Total lease payments	9,769
Less: Imputed interest	(574)
Present value of operating lease liabilities	$ 9,195

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenue

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
Deferred revenue, beginning of the period	$	1,212	$	1,105	$	137
Deferred revenue, end of the period	1,108		1,212		1,105
Change in deferred revenue during the period	$	(104)	$	107	$	968

Schedule of Revenue by Geographic Area

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


	Years Ended December 31,
(in thousands)	2022		2021		2020
United States	$	472,754	$	338,190	$	199,011
Canada	80,142		56,916		29,871
Rest of world	100,664		63,499		28,074
Total revenue	$	653,560	$	458,605	$	256,956

Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	40,836,038	28,075,129	150,698,970
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Vested (in shares)	2,955,066
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	0	127,082,605
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	0	0	256,250
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	15,988,268	23,386,942	21,034,424
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	23,366,355	3,496,611	437,369
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	1,350,486	735,282	0
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	130,929	456,294	1,888,322

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of loss before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
United States	$	(116,272)	$	(46,241)	$	(35,542)
Foreign	3,296		8,528		4,141
Loss before provision for income taxes	$	(112,976)	$	(37,713)	$	(31,401)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Current tax benefit (expense)
Federal	$	—	$	—	$	2
State	(9)		(257)		(132)
Foreign	(2,449)		(1,650)		(1,019)
Total current tax expense	(2,458)		(1,907)		(1,149)
Deferred tax benefit (expense)
Federal	—		—		—
State	—		—		—
Foreign	1,415		864		(14)
Total deferred tax benefit (expense)	1,415		864		(14)
Provision for income taxes	$	(1,043)	$	(1,043)	$	(1,163)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:


	Years Ended December 31,
	2022	2021	2020
Federal income taxes at statutory rate	21.00 %	21.00 %	21.00 %
State income tax, net of federal benefit	4.06	11.37	2.93
Increase in valuation allowance	(24.08)	(66.51)	(26.26)
Stock-based compensation	0.92	31.08	—
U.S. tax on foreign earnings	(2.03)	—	—
Other	(0.79)	0.29	(1.37)
Effective income tax rate	(0.92) %	(2.77) %	(3.70) %

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:


	As of December 31,
(in thousands)	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	58,798	$	67,253
Accrued expenses	2,270		2,561
Stock-based compensation	13,508		4,272
Operating lease liabilities	1,156		642
Capitalized research costs	28,605		—
Other	2,442		1,865
Gross deferred tax assets	106,779		76,593

Deferred tax liabilities
Fixed assets and intangible assets	(311)		(112)
Operating lease right-of-use assets	(1,076)		(485)
Other	(1,720)		(848)
Gross deferred tax liabilities	(3,107)		(1,445)

Valuation allowance	(101,446)		(74,244)
Net deferred tax assets	$	2,226	$	904

Summary of Valuation Allowance

The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2022, 2021, and 2020, respectively:


	Years Ended December 31,
(in thousands)	2022		2021		2020

Balance at the beginning of the period	$	74,244	$	49,159	$	40,913

Charged to net income	27,202		25,085		8,246



Balance at the end of the period	$	101,446	$	74,244	$	49,159

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Trade settlement liability(1)	$ 26,266	$ 18,924
ESPP employee contributions	1,926	1,551
Accrued transaction expense	15,878	12,639
Accrued marketing expense	11,394	10,788
Accrued salaries and benefits	4,026	2,923
Other accrued expenses	24,500	16,724
Total	87,752	66,683
Transaction losses
Loss Contingencies [Line Items]
Reserve for transaction losses	$ 3,762	$ 3,134	$ 3,250	$ 798

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements There were no new significant related party transactions for the year ended December 31, 2022. The Company entered into promissory note agreements in October 2018 which were fully repaid in August 2021. The promissory note agreements were entered into 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 nonrecourse 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 within the 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.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Seattle, Washington

Commitment and Contingencies - Narrative (Details)	Dec. 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
Indirect Taxation
Loss Contingencies [Line Items]
Loss contingency accrual	$ 6,000,000	$ 3,800,000

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 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 year ended December 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	166,113	11.15
Exercised	(5,379,722)	2.15			43,975
Forfeited	(2,185,065)	5.08
Balances as of December 31, 2022	15,988,268	4.11		6.79	119,467
Vested and exercisable as of December 31, 2022	9,963,250	2.53		6.01	88,859
Vested and expected to vest as of December 31, 2022	16,074,197	$	4.11	6.80	$	120,057

_________________

(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


	Years Ended December 31,
	2022		2021		2020
Risk-free interest rates	2.86%		0.32% to 1.19%		0.30% to 1.47%
Expected term (in years)	6.1 years		3.5 to 6.8 years		5.0 to 6.6 years
Volatility	64.0%		37.8% to 50.5%		37.3% to 54.0%
Dividend rate	—	%	—	%	—	%

Schedule of Restricted Stock Award Activity

Restricted stock unit activity, including PRSUs, during the year ended December 31, 2022 was as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2022	3,372,585	$	24.83
Granted	24,527,052	10.65
Vested	(2,955,066)	14.32
Cancelled/forfeited	(1,578,216)	16.24
Unvested at December 31, 2022	23,366,355	$	11.86

Schedule of ESPP Valuation Assumptions

Years Ended December 31,

2022

2021

Risk-free interest rates

0.60% to 3.48%

0.06% to 0.30%

Expected term (in years)

0.5 to 2.0 years

0.4 to 1.9 years

Volatility

58.3% to 73.0%

37.7% to 56.0%

Dividend rate

—

Schedule of Share-based Compensation Expense


	Years Ended December 31,
(in thousands)	2022		2021		2020
Customer support and operations	$	816	$	153	$	22
Marketing	10,512		2,325		869
Technology and development	46,420		6,931		2,130
General and administrative	37,545		7,607		2,243
Total	$	95,293	$	17,016	$	5,264

Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 74,244	$ 49,159	$ 40,913
Increase in valuation allowance	27,202	25,085	8,246
Balance at the end of the period	$ 101,446	$ 74,244	$ 49,159

Net Loss Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net loss	$ (114,019)	$ (38,756)	$ (32,564)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	167,774,123	60,728,748	21,459,062
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	167,774,123	60,728,748	21,459,062
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.68)	$ (0.64)	$ (1.52)
Diluted (in dollars per share)	$ (0.68)	$ (0.64)	$ (1.52)

- 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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+ Details

- Definition

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

+ References

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
United States	$	(116,272)	$	(46,241)	$	(35,542)
Foreign	3,296		8,528		4,141
Loss before provision for income taxes	$	(112,976)	$	(37,713)	$	(31,401)

The components of the provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2022		2021		2020
Current tax benefit (expense)
Federal	$	—	$	—	$	2
State	(9)		(257)		(132)
Foreign	(2,449)		(1,650)		(1,019)
Total current tax expense	(2,458)		(1,907)		(1,149)
Deferred tax benefit (expense)
Federal	—		—		—
State	—		—		—
Foreign	1,415		864		(14)
Total deferred tax benefit (expense)	1,415		864		(14)
Provision for income taxes	$	(1,043)	$	(1,043)	$	(1,163)

A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:


	Years Ended December 31,
	2022	2021	2020
Federal income taxes at statutory rate	21.00 %	21.00 %	21.00 %
State income tax, net of federal benefit	4.06	11.37	2.93
Increase in valuation allowance	(24.08)	(66.51)	(26.26)
Stock-based compensation	0.92	31.08	—
U.S. tax on foreign earnings	(2.03)	—	—
Other	(0.79)	0.29	(1.37)
Effective income tax rate	(0.92) %	(2.77) %	(3.70) %

As of December 31, 2022, the Company has U.S. net operating loss (“NOL”) carryforwards of $230.3 million and state NOL carryforwards of $128.7 million. Such NOL carryforwards will begin to expire between 2032 and 2042. NOL carryforwards are subject to possible limitation should a change in ownership of the Company occur, as defined by Internal Revenue Code Section 382.

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:


	As of December 31,
(in thousands)	2022		2021
Deferred tax assets
Net operating loss carryforwards	$	58,798	$	67,253
Accrued expenses	2,270		2,561
Stock-based compensation	13,508		4,272
Operating lease liabilities	1,156		642
Capitalized research costs	28,605		—
Other	2,442		1,865
Gross deferred tax assets	106,779		76,593

Deferred tax liabilities
Fixed assets and intangible assets	(311)		(112)
Operating lease right-of-use assets	(1,076)		(485)
Other	(1,720)		(848)
Gross deferred tax liabilities	(3,107)		(1,445)

Valuation allowance	(101,446)		(74,244)
Net deferred tax assets	$	2,226	$	904

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 net change in the total valuation allowance was an increase of $27.2 million, $25.1 million, and $8.2 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2022, 2021, and 2020, respectively:


	Years Ended December 31,
(in thousands)	2022		2021		2020

Balance at the beginning of the period	$	74,244	$	49,159	$	40,913

Charged to net income	27,202		25,085		8,246



Balance at the end of the period	$	101,446	$	74,244	$	49,159

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and internationally. As of December 31, 2022, tax years 2012 through 2022 remain open for examination by taxing authorities.

The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon its evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized. The Company had no uncertain tax positions during the years ended December 31, 2022, 2021, and 2020.

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. In the years ended December 31, 2022 and 2021, the Company did not have any accrued interest or penalties associated with any unrecognized tax benefits.

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted by the United States on March 27, 2020. The CARES Act did not have a material impact on the Company’s provision for income taxes for the years ended December 31, 2022, 2021, and 2020.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA made several changes to the U.S. tax code effective after December 31, 2022, including, but not limited to, a 15% minimum tax on large corporations with average annual financial statement income of more than $1 billion for a three tax-year period and a 1% excise tax on public company stock buybacks, which will be accounted for in treasury stock. The Company does not expect these changes to have a material impact on its provision for income taxes or financial statements.

- 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.

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+ Details

Property and Equipment - Narrative (Details) - USD ($)	12 Months Ended
Property and Equipment - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation and amortization	$ 6,700,000	$ 5,300,000	$ 4,100,000
Stock-based compensation expense capitalized to internal-use software	1,821,000	0	0
Implementation cost capitalized, additions	2,400,000	1,100,000
Implementation costs, amortization expense	794,000	187,000
Capitalized cost, net	2,500,000	900,000
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,300,000	400,000
Other non-current assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,200,000	500,000
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Depreciation and amortization	3,300,000	2,500,000	1,600,000
Impairment of property and equipment	0	0	0
Property and equipment capitalized	5,200,000	$ 2,900,000	$ 2,300,000
Stock-based compensation expense capitalized to internal-use software	$ 1,800,000

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Property and Equipment

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Property and equipment, net consisted of the following:


	December 31,
(in thousands)	2022		2021
Capitalized internal-use software	$	14,072	$	9,022
Computer and office equipment	6,177		4,700
Furniture and fixtures	2,056		1,445
Leasehold improvements	7,036		6,655
Projects in process	722		533
	30,063		22,355
Less: Accumulated depreciation and amortization	(18,517)		(13,106)
Property and equipment, net	$	11,546	$	9,249

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 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)	173,250,865	164,239,555
Common stock, outstanding (in shares)	173,250,865	164,239,555

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - Transaction losses - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,134	$ 3,250	$ 798
Provisions for transaction losses	42,496	29,596	19,663
Losses incurred, net of recoveries	(41,868)	(29,712)	(17,211)
Ending balance	$ 3,762	$ 3,134	$ 3,250

Common Stock (Details)				1 Months Ended	12 Months Ended
Common Stock (Details)	Sep. 28, 2022 USD ($)	Sep. 30, 2021 shares	Sep. 28, 2021 USD ($) shares	Jul. 31, 2021 shares	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Common stock, authorized (in 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
Donation of common stock \| $	$ 2,000,000		$ 6,900,000		$ 1,972,000	$ 6,933,000	$ 0
Warrant term					10 years
Number of securities called by warrants (in shares)					256,250
Issuance of common stock upon exercise of warrants (in shares)		254,014
Warrants outstanding (in shares)					0	0
Minimum
Class of Stock [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares					$ 0.054
Maximum
Class of Stock [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares					$ 0.64
Pledge 1%
Class of Stock [Line Items]
Common stock, reserved (in shares)				1,819,609
Common stock, reserved, percent of fully-diluted capitalization				1.00%
Common stock, pledged term				10 years
Pledge 1% \| Multifaceted social good program
Class of Stock [Line Items]
Stock donated (in shares)			181,961

Revenue - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 653,560	$ 458,605	$ 256,956
United States
Disaggregation of Revenue [Line Items]
Revenue	472,754	338,190	199,011
Canada
Disaggregation of Revenue [Line Items]
Revenue	80,142	56,916	29,871
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	$ 100,664	$ 63,499	$ 28,074

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock-Based Compensation - Narrative (Details)		1 Months Ended	3 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details)	Mar. 01, 2022 USD ($)	Sep. 30, 2021 USD ($) shares	Mar. 31, 2022 shares	Dec. 31, 2022 USD ($) period $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, options granted (in dollars per share) \| $ / shares				$ 6.78	$ 5.22	$ 1.10
Aggregate grant-date fair value, options				$ 11,700,000	$ 7,300,000	$ 5,400,000
Intrinsic value of options exercised				43,975,000	72,200,000	2,400,000
Tax benefit, stock-based compensation expense				0	0	0
Tax benefit, exercise of stock-based awards				$ 0	$ 0	$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares) \| shares		25,552,736		10,890,112	23,599,005
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental cost	$ 3,600,000
Number of purchase periods \| period				4
Purchase period				6 months
Consecutive offering period				24 months
Maximum employee contribution rate				15.00%
ESPP purchase price of common stock, percent of market price				85.00%
Unamortized compensation cost				$ 4,300,000
Unamortized compensation cost, recognition period				1 year 8 months 12 days
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period				27 months
ESPP \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares) \| shares				4,762,721	3,500,000
Number of shares issued \| shares					0
Performance sares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, accelerated cost		$ 1,100,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued \| shares			124,026
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares				$ 10.65	$ 27.16	$ 3.54
Weighted-average aggregate grant date fair value, vested				$ 42,300,000	$ 600,000
Vested (in shares) \| shares				2,955,066
Granted (in shares) \| shares				24,527,052
Unamortized compensation cost				$ 258,800,000
Unamortized compensation cost, recognition period				2 years 10 months 24 days