In short: Deiya — the disrupted incumbent in the Remitly thesis, named only as the loser. Remitly is "a Western Union killer… much more enhanced experience, cheaper fees, and has really eroded Western Union's business model," and the migrant walking into a branch with cash to send to "grandma in Mexico" is the volume still being electronified away from it.
Western Union is the incumbent in migrant remittances: a global network of physical agent locations where someone hands over cash and a relative collects it somewhere else. That network was the moat for a century, because there was no other way to do it.
It is also the thing being disintermediated. A phone app does the same job at lower cost with a tracking screen, and Deiya says Remitly "has really eroded Western Union's business model." He isn't making a detailed forecast about the stock — he's describing which side of a migration he wants to own. The cash still walked into branches today is the pool that keeps draining toward the apps.
59:21borders. Remittly is purely a migrant remittance provider, so air hole. It's really a Western Union killer is how you can think about Remilli, like a digitally native player, much more enhanced experience, cheaper fees, and has really eroded Western Union's business model and they really have built mind share with migrants.
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