In short: Deiya. A holding — "a Western Union killer… a digitally native player, much more enhanced experience, cheaper fees." Purely migrant remittances, and the moat is mindshare rather than price: migrants "are not just going to try to find a lowcost solution — trust is a huge deal for them, branding is a huge deal for them," which is what defends the take rate as it drifts down "a bip here, a bip there." Send volume growing 30–40% a year with revenue up 25%, plus a long runway as cash remittances electronify. Rides Visa/Mastercard rails on 90%+ of transactions rather than owning its own infrastructure.
Remitly does one thing: it lets migrants send money home from a phone. That is the business Western Union built on physical storefronts, and Deiya's shorthand is that Remitly is "a Western Union killer" — cheaper, trackable, and native to the device the customer already carries.
The interesting part is why he thinks its fees hold up. In most commodity businesses the cheapest provider wins and margins collapse. But migrants sending money to family are not shopping purely on price — they're deciding whether they trust a company with cash their relatives are depending on, and they pick brands they recognise and hear about within their own community. That mindshare is why Remitly's take rate slips only a basis point at a time rather than falling off a cliff, while volume grows 30–40% a year and revenue 25%.
There's also a long runway that has nothing to do with taking share from rivals: an enormous amount of remittance money is still physical cash walked into a branch, and every year some of it moves onto a phone for the first time. The tradeoff versus Wise is that Remitly rides Visa and Mastercard's rails for over 90% of its transactions rather than owning the pipes — cheaper to build, but it pays a toll.
59:53So migrants, they're not like your typical customer. They really understand that market well. They're not just going to try to find a lowcost solution. Trust is a huge deal for them. Branding is a huge deal for them. So having that mind share in the migrant community is going to help defend their take rate.
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