Unconventional Value on Remitly Global, Inc.

Gallagher increased his investment in Remitly as its cross-border remittance volumes continued to grow above 30% while operating leverage became increasingly visible. Incremental operating margins exceeded 45% in the prior two quarters, supporting the case that continued scale can translate volume growth into substantially higher profitability. He expects Remitly to keep taking share from expensive banks, non-digital incumbents and sub-scale fintech competitors, while ultimately growing toward mature margins above 20%. He also believes stablecoins are more likely to improve Remitly's payment rails than disintermediate the company.