Yet Another Value Podcast Marathon Partners' Mario Cibelli updates the Remitly Thesis $RELY
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Oct 20, 2025 Mario Cibelli, an investor at Marathon Partners and a returning guest, dives deep into Remitly's journey. He contrasts Remitly with competitors like Wise and discusses how market fears surrounding stablecoins could affect its growth. The conversation explores risks like fraud and regulatory hurdles, alongside new product introductions like Remitly One. Mario argues that the market might misinterpret Remitly's long-term potential and highlights how narrative shapes its valuation compared to peers.
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Digital Remittance Category Killer
- Remitly is a 100% digital remittance platform serving frequent, small cross-border transfers and competes with legacy players like Western Union.
- Its unit economics and scale make it a low-cost producer poised for a profit inflection as losses reverse into EBITDA gains.
Why Wise Isn’t A Direct Competitor
- Wise and Remitly serve different use cases: Wise favors larger, low-take-rate transfers while Remitly focuses on small, frequent sends with higher per-transaction revenue.
- Competition may occur at the margins but each company has different payout modalities and operational muscle.
Stablecoin Narrative Versus Fundamentals
- Market fear centers on stablecoins making remittances cheap and commoditized, dragging terminal multiples far lower.
- Cibelli argues this narrative is overblown and that Remitly's improving margins and EBITDA inflection justify a higher valuation.