Marathon Partners' Mario Cibelli updates the Remitly Thesis $RELY

In this episode of Yet Another Value Podcast, host Andrew Walker welcomes back Mario Cibelli of Marathon Partners for his fifth appearance. This time, they revisit Remitly (RELY), a name Mario originally pitched a year ago on podcast #266. The stock has seen ups and downs since, prompting a fresh look at its fundamentals, growth trajectory, and competitive standing—especially against players like Wise. The duo explores key risks including stablecoin disruption, regulatory dynamics, fraud prevention, and recent product launches like Remitly One and Remitly Business. Mario also explains why he believes the market misunderstands Remitly’s valuation and long-term potential.

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[00:00:00] Intro: Mario returns, Remitly focus

[00:02:15] Fifth time guest, same topic

[00:03:18] Quick disclaimer, start discussion

[00:04:51] Remitly vs. Wise comparison

[00:09:26] Market concerns despite guidance

[00:14:16] Stablecoin threat deeply discussed

[00:20:15] Conversion costs with stablecoins

[00:24:55] Fraud handling, hidden barrier

[00:28:50] AML/KYC as entry barrier

[00:32:17] Remitly potentially stablecoin beneficiary

[00:35:15] Stablecoins: trend or transformation?

[00:38:19] If Remitly fails, what happened?

[00:42:44] Growth, valuation, market misunderstanding

[00:44:16] New products: Remitly One, Business

[00:48:44] Personal plan boosts repeat use

[00:50:26] Closing thoughts, insider selling discussed

[00:57:35] Narrative shift, comp valuation contrast

[58:14:00] Sign-off and exclusive shirt chat

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