In early November 2025, Remitly Global reported third-quarter results that beat its own outlook on every headline metric: revenue of $419.5 million (up 25% year over year), send volume of $19.5 billion (up 35% from $14.5 billion), and 8.9 million quarterly active customers (up 21%). Net income jumped to $8.8 million from $1.9 million a year earlier, and adjusted EBITDA reached $61.2 million, up 29%. The company raised its full-year 2025 revenue and adjusted EBITDA guidance.
The quarter was notable for what it said about the digital remittance market's two-speed reality. In the same weeks that Banco de México data showed remittances to Mexico falling for a sixth consecutive month, a digital-first challenger grew volume 35%. The overall pie was flat-to-shrinking on some major corridors — but digital providers kept taking share from cash agents and banks.
+35% — Year-over-year growth in Remitly send volume in Q3 2025 — $19.5 billion, versus $14.5 billion a year earlier (Remitly Q3 2025 earnings release (SEC Form 8-K), November 2025)
Remitly's Q3 2025 earnings release, filed with the SEC in November 2025, showed volume growing faster than revenue (35% vs 25%) — meaning the average cost per dollar sent continued to fall, whether through pricing, mix shift toward larger transactions, or both. That is the same take-rate compression dynamic visible at Wise, and it is structural: digital providers compete on unit costs that cash-agent networks cannot match.
Active customers grew 21% to 8.9 million, with revenue per customer rising — evidence that Remitly's expansion beyond its original US→Mexico and US→Philippines corridors into seasoned, higher-value customers is working. Profitability inflected meaningfully: net income of $8.8 million versus $1.9 million a year earlier, a reminder that scale in payments eventually pays.
Management raised full-year 2025 guidance on both revenue and adjusted EBITDA. Coverage by StockTitan and Investing.com noted the stock reaction was tempered by an EPS presentation miss, but the operating trajectory — volume, customers, margin — was unambiguous.
Remitly's 35% volume growth landed in a quarter when the largest single corridor in the world — US to Mexico — was contracting. Banxico data showed Mexico-bound remittances down 5% year over year in Q3 2025, part of a year that would end with the first annual decline since 2013. Remitly grew anyway, by winning share from higher-cost channels and diversifying corridors.
For senders, this competitive intensity is the good news. The World Bank's Q3 2025 Remittance Prices Worldwide report put the average cost of a digital remittance at 4.59%, versus 7.30% for non-digital channels. Every customer who moves from a cash agent to a digital app — or from a digital app to a crypto rail — pushes the market's average cost down.
| Provider | Type | All-in vs mid-market | Recipient gets (PHP) |
|---|---|---|---|
| Xoom | Traditional | −1.94% (beats mid-market) | 62,741 |
| WorldRemit | Traditional | −0.04% (beats mid-market) | 61,573 |
| Binance P2P | Crypto | +0.14% | 61,464 |
| Coins.ph | Crypto | +0.22% | 61,409 |
| MoneyGram | Traditional | +0.48% | 61,254 |
Remitly's growth is built substantially on promotional pricing for new customers and competitive express tiers — which means the corridor-level price war is real and ongoing. Senders benefit most by exploiting it: introductory rates, fee-free first transfers, and rate promotions rotate across Remitly, Wise, WorldRemit, and Xoom continuously.
The deeper trend is that every provider's cost base is being squeezed toward the floor set by instant-payment schemes and stablecoin rails. Whether you use a digital MTO or a crypto off-ramp, checking the live all-in cost — what your recipient actually receives — before each transfer captures the value this competition creates.
Compare live rates across 360+ corridors on RemitRoutes · methodology.