0001782170-24-000037 | 10-K | XBRL Viewer

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Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options Outstanding
Beginning balance (in shares)	15,988,268
Exercised (in shares)	(4,530,975)
Forfeited (in shares)	(655,897)
Ending balance (in shares)	10,801,396	15,988,268
Vested and exercisable (in shares)	8,427,373
Vested and expected to vest (in shares)	10,765,053
Weighted-Average Exercise Price
Beginning balance (in dollars per share)	$ 4.11
Exercised (in dollars per share)	3.02
Forfeited (in dollars per share)	5.96
Ending balance (in dollars per share)	4.46	$ 4.11
Vested and exercisable (in dollars per share)	3.17
Vested and expected to vest (in dollars per share)	$ 4.48
Weighted-Average Remaining Contractual Life (Years)
Outstanding	5 years 10 months 13 days	6 years 9 months 14 days
Vested and exercisable	5 years 5 months 4 days
Vested and expected to vest	5 years 10 months 17 days
Aggregate Intrinsic Value
Outstanding	$ 161,603	$ 119,467
Exercised	69,472	$ 43,975	$ 72,208
Vested and exercisable	136,938
Vested and expected to vest	$ 160,880

Revenue - Schedule of Revenue by Geographic Area (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 944,285	$ 653,560	$ 458,605
United States
Disaggregation of Revenue [Line Items]
Revenue	631,746	472,754	338,190
Canada
Disaggregation of Revenue [Line Items]
Revenue	113,310	80,142	56,916
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	$ 199,229	$ 100,664	$ 63,499

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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+ Details

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s primary source of revenue is generated from its remittance business. Revenue is earned from transaction fees charged to customers and the foreign exchange spreads earned between the foreign exchange rate offered to customers and the foreign exchange rate on the Company's currency purchases. Revenue is recognized when control of these services is transferred to the Company’s customers, which is the time the funds have been delivered to the intended recipient in an amount that reflects the consideration the Company expects to be entitled to in exchange for services provided. The Company accounts for revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, which includes the following steps:

(1)identification of the contract with a customer;

(2)identification of the performance obligations in the contract;

(3)determination of the transaction price;

(4)allocation of the transaction price to the performance obligations in the contract; and

(5)recognition of revenue when, or as, the Company satisfies a performance obligation.

Customers engage the Company to perform one integrated service —collect the customer’s money and deliver funds to the intended recipient in the currency requested. Payment is generally due from the customer upfront upon initiation of a transaction, when the customer simultaneously agrees to the Company’s terms and conditions.

Revenue is derived from each transaction and varies based on the funding method chosen by the customer, the size of the transaction, the currency to be ultimately disbursed, the rate at which the currency was purchased, the disbursement method chosen by the customer, and the countries to which the funds are transferred. The Company’s contract with customers can be terminated by the customer without a termination penalty up until the time the funds have been delivered to the intended recipient. Therefore, the Company’s contracts are defined at the transaction level and do not extend beyond the service already provided.

The Company’s service comprises a single performance obligation to complete transactions for the Company’s customers. Using compliance and risk assessment tools, the Company performs a transaction risk assessment on individual transactions to determine whether a transaction should be accepted. When the Company accepts a transaction and processes the designated payment method of the customer, the Company becomes obligated to its customer to complete the payment transaction, at which time a receivable is recorded, along with a corresponding customer liability. None of the Company’s contracts contain a significant financing component.

The Company recognizes transaction revenue on a gross basis as it is the principal for fulfilling payment transactions. As the principal to the transaction, the Company controls the service of completing payments on its payment platform. The Company bears primary responsibility for the fulfillment of the payment service, is the merchant of record, contracts directly with its customers, controls the product specifications, and defines the value proposition of its services. The Company is also responsible for providing customer support. Further, the Company has full discretion over determining the fee charged to its customers, which is independent of the cost it incurs in instances where it may utilize payment processors or other financial institutions to perform services on its behalf. These fees paid to payment processors and other financial institutions are recognized as ‘Transaction expenses’ within the Consolidated Statements of Operations. The Company does not have any capitalized contract acquisition costs.

Deferred Revenue

The deferred revenue balances from contracts with customers were as follows for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Deferred revenue, beginning of the period	$	1,108	$	1,212	$	1,105
Deferred revenue, end of the period	1,124		1,108		1,212

Revenue recognized from amounts included in deferred revenue at the beginning of the period	$	806	$	632	$	349

Deferred revenue represents amounts received from customers for which the performance obligations are not yet fulfilled. Deferred revenue is primarily included within ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets, as the performance obligations are expected to be fulfilled within the next year.

Sales Incentives

The following table presents the Company’s sales incentives for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Reduction to revenue	$	32,584	$	24,796	$	18,135
Marketing expenses(1)	18,974		17,638		12,014
Total sales incentives	$	51,558	$	42,434	$	30,149

__________________

(1) Sales incentives that are charged to marketing expenses are included in Advertising expenses as disclosed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies.

Revenue by Geography

The following table presents the Company’s revenue disaggregated by primary geographical location for the years ended December 31, 2023, 2022, and 2021, attributed to the country in which the sending customer is located:


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	631,746	$	472,754	$	338,190
Canada	113,310		80,142		56,916
Rest of world	199,229		100,664		63,499
Total revenue	$	944,285	$	653,560	$	458,605

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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-Topic 606
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segment period shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2011 shares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock-based compensation expense, net			$ 136,967,000	$ 95,293,000	$ 17,016,000
Share-based compensation expense			136,967,000	95,293,000	17,016,000
Acquisition related costs			2,100,000	3,800,000	0
Long-lived asset impairment charges			0	0	0
Advertising expense			$ 181,300,000	139,300,000	102,900,000
Number of operating segments \| segment			1
Implementation cost capitalized, additions			$ 3,339,000	2,350,000	1,139,000
Implementation costs, amortization expense			$ 1,784,000	$ 794,000	$ 187,000
Dividend rate			0.00%	0.00%	0.00%
Dividend payments			$ 0	$ 0	$ 0
Revision of Prior Period, Error Correction, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Share-based compensation expense		$ 4,400,000
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Stock-based compensation expense, net				$ 3,500,000	$ 0
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer liability, period in transit			1 day
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Customer liability, period in transit			2 days
2021 Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock reserved for issuance, annual increase percentage	5.00%
Number of shares authorized \| shares	25,000,000
Number of additional shares authorized \| shares	552,736
Common stock, reserved (in shares) \| shares	25,552,736
Equity Plan
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of shares authorized \| shares						43,899,677
ESPP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of purchase periods \| period			4
Purchase period			6 months
Consecutive offering period			24 months
Maximum employee contribution rate			15.00%
ESPP purchase price of common stock, percent of market price			85.00%
Dividend rate			0.00%	0.00%	0.00%
ESPP \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consecutive offering period			27 months
ESPP \| 2021 ESPP
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock reserved for issuance, annual increase percentage	1.00%
Number of shares authorized \| shares	3,500,000
Common stock, reserved (in shares) \| shares			5,863,655
Maximum number of shares available over award term \| shares	35,000,000
Stock options outstanding
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Common stock, reserved (in shares) \| shares			10,821,542
Dividend rate				0.00%	0.00%
Cliff vesting period			1 year
Exercisable period			10 years
Exercisable period, termination of service			3 months
Stock options outstanding \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			2 years
Stock options outstanding \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			4 years
Performance sares
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Vesting period			4 years
Cliff vesting period			1 year
Share-based compensation expense, accelerated cost	$ 1,100,000
Capitalized internal-use software
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life			3 years

Commitment and Contingencies - Schedule of Purchase Commitment Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 18,453
2025	17,977
2026	7,500
2027	0
2028	0
Thereafter	0
Total future minimum payments	$ 43,930

Revenue - Schedule of Deferred Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning of the period	$ 1,108	$ 1,212	$ 1,105
Deferred revenue, end of the period	1,124	1,108	1,212
Revenue recognized from amounts included in deferred revenue at the beginning of the period	$ 806	$ 632	$ 349

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Tax benefit, stock-based compensation expense	$ 2,900,000	$ 0	$ 0
Tax benefit, exercise of stock-based awards	2,900,000	0	0
Increase in valuation allowance	73,400,000	27,200,000	25,100,000
Unrecognized tax benefits	15,578,000	0	0	$ 0
Unrecognized tax benefits that would impact effective tax rate	4,200,000
Liability for uncertainty in income taxes	4,200,000	0	0
Uncertain tax positions accrued	0	$ 0	$ 0
US
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	210,700,000
Net operating loss carryforwards, subject to expiration	202,400,000
US \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	21,200,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	169,000,000
State \| Research Tax Credit Carryforward
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	700,000
Foreign Tax Authority \| Israel
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	25,700,000
Foreign Tax Authority \| United Kingdom
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,400,000
Foreign Tax Authority \| Japan
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 500,000

Leases - Schedule of Lease Costs and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease expense (in thousands)	$ 6,409	$ 4,732	$ 3,824
Weighted-average remaining lease term (in years)	2 years 2 months 12 days	2 years 1 month 6 days	2 years 2 months 12 days
Weighted-average discount rate	5.40%	4.70%	5.00%
Cash payments, net included in the measurement of operating lease liabilities – operating cash flows	$ 5,415	$ 4,472	$ 3,538

Common Stock (Details)		1 Months Ended	12 Months Ended
Common Stock (Details)	Sep. 28, 2021 shares	Jul. 31, 2021 shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Class of Stock [Line Items]
Common stock, authorized (in shares)			725,000,000	725,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Voting rights, number of votes \| vote			1
Dividends declared, paid and unpaid \| $			$ 0	$ 0
Donation of common stock \| $			$ 4,600,000	$ 1,972,000	$ 6,933,000
Warrant term			10 years
Number of securities called by warrants (in shares)			256,250
Issuance of common stock upon exercise of warrants (in shares)			254,014
Warrants outstanding (in shares)			0	0
Minimum
Class of Stock [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			$ 0.054
Maximum
Class of Stock [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares			$ 0.64
Pledge 1%
Class of Stock [Line Items]
Common stock, reserved (in shares)		1,819,609
Common stock, reserved, percent of fully-diluted capitalization		1.00%
Common stock, pledged term		10 years
Pledge 1% \| Multifaceted social good program
Class of Stock [Line Items]
Stock donated (in shares)	181,961

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	(74,776)	$	(116,272)	$	(46,241)
Foreign	(37,162)		3,296		8,528
Loss before provision for income taxes	$	(111,938)	$	(112,976)	$	(37,713)

The components of the provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current tax benefit (expense)
Federal	$	—	$	—	$	—
State	(376)		(9)		(257)
Foreign	(6,365)		(2,449)		(1,650)
Total current tax expense	(6,741)		(2,458)		(1,907)
Deferred tax benefit (expense)
Federal	—		—		—
State	—		—		—
Foreign	839		1,415		864
Total deferred tax benefit	839		1,415		864
Provision for income taxes	$	(5,902)	$	(1,043)	$	(1,043)

A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:


	Years Ended December 31,
	2023	2022	2021
Federal income taxes at statutory rate	21.00 %	21.00 %	21.00 %
State income tax, net of federal benefit	8.71	4.06	11.37
Increase in valuation allowance	(59.69)	(24.08)	(66.51)
Stock-based compensation	16.70	0.92	31.08
U.S. tax on foreign earnings	—	(2.03)	—
Tax charges from integration of acquired companies	(6.57)	—	—
Research tax credits	14.98	—	—
Other	(0.40)	(0.79)	0.29
Effective income tax rate	(5.27) %	(0.92) %	(2.77) %

As of December 31, 2023, the Company has U.S. net operating loss (“NOL”) carryforwards of $210.7 million, of which $202.4 million will begin to expire between 2032 and 2037, and state NOL carryforwards of $169.0 million, which begin to expire between 2032 and 2043. NOL carryforwards are subject to possible limitation should a change in ownership of the Company occur, as defined by Internal Revenue Code Section 382. As of December 31, 2023, the Company has foreign net operating loss (“NOL”) carryforwards in Israel, the United Kingdom, and Japan of $25.7 million, $2.4 million, and $0.5 million, respectively. The NOLs related to Israel and the United Kingdom do not expire, and the NOLs related to Japan will begin to expire in 2030.

As of December 31, 2023, the Company had Federal research and development credit carryforwards of $21.2 million, which begin to expire in 2041, and State research and development credit carryforwards of $0.7 million, which do not expire.

The total income tax benefit related to stock-based compensation expense and stock option exercises was $2.9 million for the year ended December 31, 2023. The Company did not record a material income tax benefit related to stock-based compensation expense and stock option exercises during the years ended December 31, 2022 and 2021 since the Company maintained a full valuation allowance against its net deferred tax assets in the jurisdictions where material stock-compensation expense charges were incurred, and stock option exercises occurred.

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:


	As of December 31,
(in thousands)	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	58,901	$	58,798
Accrued expenses	4,326		2,270
Stock-based compensation	15,623		13,508
Operating lease liabilities	1,041		1,156
Capitalized research costs	69,279		28,605
Intangible assets	10,846		—
Research tax credits	17,341		—
Other	2,748		2,442
Gross deferred tax assets	180,105		106,779

Deferred tax liabilities
Fixed assets and intangible assets	(1,321)		(311)
Operating lease right-of-use assets	(756)		(1,076)
Other	—		(1,720)
Gross deferred tax liabilities	(2,077)		(3,107)

Valuation allowance(1)	(174,863)		(101,446)
Net deferred tax assets(2)	$	3,165	$	2,226

_________________

(1) The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold.

(2) The net deferred tax asset as of December 31, 2023 and 2022 was recorded within ‘Other noncurrent assets, net’ on the Company’s Consolidated Balance Sheets.

The net change in the total valuation allowance was an increase of $73.4 million, $27.2 million, and $25.1 million for the years ended December 31, 2023, 2022, and 2021, respectively. The change in valuation allowance as of December 31, 2023 and 2022 was primarily related to an increase in capitalized costs under IRC Sec 174 and certain credit carryforwards, offset by the utilization of U.S. federal and state net operating losses. The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2023, 2022, and 2021, respectively:


	Years Ended December 31,
(in thousands)	2023		2022		2021

Balance at the beginning of the period	$	101,446	$	74,244	$	49,159

Charged to net income	67,030		27,202		25,085
Charged to other accounts	6,387		—		—


Balance at the end of the period	$	174,863	$	101,446	$	74,244

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and internationally. As of December 31, 2023, tax years 2012 through 2023 remain open for examination by taxing authorities.

The calculation of the Company’s tax obligations involves dealing with uncertainties in the application of complex tax laws and regulations. ASC 740, Income Taxes, provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the basis of the technical merits. The Company has assessed its income tax positions and recorded tax benefits for all years subject to examination, based upon its evaluation of the facts, circumstances and information available at each period end. For those tax positions where the Company has determined there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is determined there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized.

The following represents the changes in the Company’s unrecognized income tax benefits for the years ended December 31, 2023, 2022, and 2021, respectively:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Balance at the beginning of the period	$	—	$	—	$	—
Increases related to tax positions taken during the current year	11,438		—		—
Increases related to tax positions taken during prior years	4,140		—		—
Balance at the end of the period	$	15,578	$	—	$	—

During the year ended December 31, 2023 the Company recorded a $15.6 million uncertain tax position including the impact of intercompany transactions not anticipated to recur, of which $4.2 million would impact the annual effective tax rate if recognized and the remainder would offset against an adjustment to the valuation allowance. Although it is reasonably possible that over the next 12-month period the Company could experience changes in its unrecognized tax position as a result of tax examinations or settlement activities, the Company does not anticipate any material change to its unrecognized tax position over the next 12 months. As of December 31, 2023, $4.2 million of uncertain tax positions were recorded within ‘Other noncurrent liabilities’ on the Consolidated Balance Sheets. The Company had no uncertain tax positions during the years ended December 31, 2022 and 2021.

The Company recognizes interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expense. In the years ended December 31, 2023, 2022, and 2021, the Company did not have material accrued interest or penalties associated with any unrecognized tax benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Business Combinations - Schedule of Consideration Transferred (Details) - USD ($) $ in Thousands		12 Months Ended
	Jan. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity		$ 11,899	$ 0	$ 0
Rewire
Business Acquisition [Line Items]
Cash paid to selling shareholders	$ 56,398
Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services	7,216
Holdback liability to be settled in cash and Company equity	11,899
Effective settlement of pre-existing net receivable owed to the Company	2,401
Total consideration transferred	$ 77,914

Net Loss Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	35,394,333	40,836,038	28,075,129
Stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	10,801,396	15,988,268	23,386,942
RSUs outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	23,555,665	23,366,355	3,496,611
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	791,226	1,350,486	735,282
Shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	8,657	130,929	456,294
Service-based vesting
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	104,080	0	0
Business Acquisition, Equity Issuable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation (in shares)	133,309	0	0

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies [Line Items]
Trade settlement liability	$ 58,950	$ 26,266
Accrued cost of revenue	18,500	15,878
Accrued marketing expense	13,633	11,394
Holdback liability	12,990	0
Accrued salary, benefits, and related taxes	10,251	4,026
Accrued taxes and taxes payable	9,259	8,288
Reserve for transaction losses	3,359	3,762
Other accrued expenses	15,295	16,212
Total	145,802	87,752
Transaction losses
Loss Contingencies [Line Items]
ESPP employee contributions	3,565	1,926
Reserve for transaction losses	3,359	3,762	$ 3,134	$ 3,250
Indirect Taxation
Loss Contingencies [Line Items]
Loss contingency accrual	$ 6,400	$ 6,000

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 42,440	$ 30,063
Less: Accumulated depreciation and amortization	(26,430)	(18,517)
Property and equipment, net	16,010	11,546
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	23,195	14,072
Computer and office equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,529	6,177
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,636	2,056
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,080	7,036
Projects in process
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 0	$ 722

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Seattle, Washington

Goodwill and Intangible Assets - Narrative (Details) - USD ($)		12 Months Ended
	Jan. 05, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Goodwill adjustments		$ 0
Amortization of intangible assets		4,900,000	$ 0	$ 0
Intangible assets, net		$ 16,642,000	$ 0
Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	3 years
Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted Average Estimated Remaining Useful Life (in years)	5 years

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following is a summary of the Company’s stock option activity during the year ended December 31, 2023:


	Stock Options
(in thousands, except share and per share data)	Number of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balances as of January 1, 2023	15,988,268	$	4.11	6.79	$	119,467

Exercised	(4,530,975)	3.02			69,472
Forfeited	(655,897)	5.96
Balances as of December 31, 2023	10,801,396	4.46		5.87	161,603
Vested and exercisable as of December 31, 2023	8,427,373	3.17		5.43	136,938
Vested and expected to vest as of December 31, 2023	10,765,053	$	4.48	5.88	$	160,880

_________________

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

Schedule of Stock Option Valuation Assumptions

The fair value of each employee stock option granted during the years ended December 31, 2022 and 2021 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2022		2021
Risk-free interest rates	2.86%		0.32% to 1.19%
Expected term	6.1 years		3.5 to 6.8 years
Volatility	64.0%		37.8% to 50.5%
Dividend rate	—	%	—	%

Schedule of Restricted Stock Award Activity

Restricted stock unit activity during the year ended December 31, 2023 was as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2023	23,366,355	$	11.86
Granted	12,799,630	17.48
Vested	(9,453,441)	11.96
Cancelled/forfeited	(3,156,879)	13.37
Unvested at December 31, 2023	23,555,665	$	14.67

The following is a summary of the Company’s restricted stock unit activity during the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Weighted-average grant date fair value of RSUs granted	$	17.48	$	10.65	$	27.16
Aggregate grant-date fair value of RSUs vested	113,024		42,317		629

Schedule of ESPP Valuation Assumptions

The fair value of the ESPP offerings described above were estimated using the Black-Scholes option-pricing model as of the respective offering dates, using the following assumptions. These assumptions represent the grant date fair value inputs for new offerings which commenced during the years ended December 31, 2023, 2022 and 2021, as well as updated valuation information as of the modification date for any offerings for which a modification occurred during the periods presented herein:

Years Ended December 31,

2023

2022

2021

Risk-free interest rates

4.81% to 5.40%

0.60% to 3.48%

0.06% to 0.30%

Expected term (in years)

0.5 to 2.0 years

0.4 to 1.9 years

Volatility

47.8% to 65.2%

58.3% to 73.0%

37.7% to 56.0%

Dividend rate

—

Schedule of Share-based Compensation Expense

Stock-based compensation expense for stock options, RSUs, PRSUs, and the ESPP, included within the Consolidated Statements of Operations, net of amounts capitalized to internal-use software, as described in Note 5. Property and Equipment, was as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Customer support and operations	$	1,404	$	816	$	153
Marketing	16,165		10,512		2,325
Technology and development	74,967		46,420		6,931
General and administrative	44,431		37,545		7,607
Total	$	136,967	$	95,293	$	17,016

Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax benefit (expense)
Federal	$ 0	$ 0	$ 0
State	(376)	(9)	(257)
Foreign	(6,365)	(2,449)	(1,650)
Total current tax expense	(6,741)	(2,458)	(1,907)
Deferred tax benefit (expense)
Federal	0	0	0
State	0	0	0
Foreign	839	1,415	864
Total deferred tax benefit	839	1,415	864
Provision for income taxes	$ (5,902)	$ (1,043)	$ (1,043)

Property and Equipment - Capitalized Internal-Use Software Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Stock-based compensation expense capitalized to internal-use software	$ 3,132	$ 1,821	$ 0
Depreciation and amortization	8,300	6,700	5,300
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Property and equipment capitalized	9,379	5,203	2,852
Stock-based compensation expense capitalized to internal-use software	3,132	1,821	0
Depreciation and amortization	$ 4,529	$ 3,332	$ 2,480

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Property and equipment, net consisted of the following as of December 31, 2023 and 2022:


	December 31,
(in thousands)	2023		2022
Capitalized internal-use software	$	23,195	$	14,072
Computer and office equipment	8,529		6,177
Furniture and fixtures	2,636		2,056
Leasehold improvements	8,080		7,036
Projects in process	—		722
Total gross property and equipment	42,440		30,063
Less: Accumulated depreciation and amortization	(26,430)		(18,517)
Property and equipment, net	$	16,010	$	11,546

The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Total capitalized internal-use software costs(1)	$	9,379	$	5,203	$	2,852
Stock-based compensation costs capitalized to internal-use software	3,132		1,821		—
Amortization expense(2)	4,529		3,332		2,480

_________

(1) Amounts are inclusive of stock-based compensation costs capitalized denoted below.

(2) Amounts are included within ‘Depreciation and amortization’ within the Company’s Consolidated Statements of Operations.

Schedule of Hosting Arrangements

The following table presents the Company’s capitalized costs related to the implementation of cloud computing arrangements, including amortization expense recognized, for the years ended December 31, 2023, 2022 and 2021:


	December 31,
(in thousands)	2023		2022		2021
Total capitalized cloud computing arrangement costs	$	3,339	$	2,350	$	1,139

Technology and development	$	1,547	$	616	$	165
General and administrative	237		178		22
Total amortization expense	$	1,784	$	794	$	187

The following table presents the Company’s total capitalized cloud computing arrangement costs, net of accumulated amortization, on the Company's Consolidated Balance Sheets for the years ended December 31, 2023 and 2022:


	December 31,
(in thousands)	2023		2022
Prepaid expenses and other current assets	$	2,220	$	1,289
Other noncurrent assets, net	1,811		1,186
Total capitalized cloud computing arrangement costs, net	$	4,031	$	2,475

Schedule of Long-Lived Assets by Geographic Area

The following table presents the Company’s long-lived assets based on geography, which consist of property and equipment, net and operating lease right-of-use assets for the years ended December 31, 2023 and 2022:


	December 31,
(in thousands)	2023		2022
United States	$	15,901	$	12,560
Israel	5,128		—
Europe	1,712		2,754
Nicaragua	973		1,860
United Kingdom	767		1,369
Philippines	348		1,084
Rest of world	706		594
Total long-lived assets	$	25,535	$	20,221

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Details)	Dec. 31, 2023
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Computer and office equipment
Property, Plant and Equipment [Line Items]
Estimated useful life	3 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Estimated useful life	5 years

Consolidated Statements of Redeemable Converted Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	IPO	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Temporary equity, beginning balance (in shares) at Dec. 31, 2020	127,082,605
Temporary equity, beginning balance at Dec. 31, 2020	$ 387,707
Redeemable Convertible Preferred Stock
Issuance of Series F redeemable convertible preferred stock, net of issuance costs (in shares)	328,026
Issuance of Series F redeemable convertible preferred stock, net of issuance costs	$ 2,980
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)	(127,410,631)
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	$ (390,687)
Temporary equity, ending balance (in shares) at Dec. 31, 2021	0
Temporary equity, ending balance at Dec. 31, 2021	$ 0
Beginning balance (in shares) at Dec. 31, 2020			24,289,906
Beginning balance at Dec. 31, 2020	(211,329)		$ 2		$ 8,766		$ 591	$ (220,688)
Stockholders' Equity
Repayment of non-recourse promissory note	3,060				3,060
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)			4,495,889
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	7,421		$ 1		7,420
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)			127,410,631
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	390,687		$ 13		390,674
Issuance of common stock (in shares)			25,759	7,581,395
Issuance of common stock	169	$ 305,191			169	$ 305,191
Donation of common stock (in shares)			181,961
Donation of common stock	6,933				6,933
Issuance of common stock upon exercise of warrants (in shares)			254,014
Stock-based compensation expense	17,290				17,290
Other comprehensive income	(338)						(338)
Net loss	(38,756)							(38,756)
Ending balance (in shares) at Dec. 31, 2021			164,239,555
Ending balance at Dec. 31, 2021	$ 480,328		$ 16		739,503		253	(259,444)
Temporary equity, ending balance (in shares) at Dec. 31, 2022	0
Temporary equity, ending balance at Dec. 31, 2022	$ 0
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)			379,674
Issuance of common stock in connection with ESPP	3,516				3,516
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)			8,458,814
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	12,271		$ 1		12,270
Donation of common stock (in shares)			181,961
Donation of common stock	1,972				1,972
Taxes paid related to net shares settlement of equity awards (in shares)			(9,139)
Taxes paid related to net shares settlement of equity awards	(99)				(99)
Stock-based compensation expense	97,114				97,114
Other comprehensive income	(996)						(996)
Net loss	(114,019)							(114,019)
Ending balance (in shares) at Dec. 31, 2022			173,250,865
Ending balance at Dec. 31, 2022	$ 480,087		$ 17		854,276		(743)	(373,463)
Temporary equity, ending balance (in shares) at Dec. 31, 2023	0
Temporary equity, ending balance at Dec. 31, 2023	$ 0
Stockholders' Equity
Issuance of common stock in connection with ESPP (in shares)			631,574
Issuance of common stock in connection with ESPP	$ 6,132				6,132
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)	4,530,975		14,009,751
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units	$ 14,667		$ 2		14,665
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition (in shares)			104,080
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581				581
Donation of common stock (in shares)			181,961
Donation of common stock	4,600				4,600
Issuance of common stock for acquisition consideration (in shares)			590,838
Issuance of common stock for acquisition consideration	$ 6,635				6,635
Issuance of common stock upon exercise of warrants (in shares)	254,014
Taxes paid related to net shares settlement of equity awards (in shares)			(333,117)
Taxes paid related to net shares settlement of equity awards	$ (6,702)				(6,702)
Stock-based compensation expense	140,099				140,099
Other comprehensive income	1,078						1,078
Net loss	(117,840)							(117,840)
Ending balance (in shares) at Dec. 31, 2023			188,435,952
Ending balance at Dec. 31, 2023	$ 529,337		$ 19		$ 1,020,286		$ 335	$ (491,303)

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

The supplemental disclosures of cash flow information consisted of the following:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Supplemental disclosure of cash flow information
Cash paid for interest	$	1,653	$	906	$	934
Cash paid for income taxes	5,305		2,282		756
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	5,954	$	7,441	$	2,532
Vesting of early exercised options	377		716		482

Stock-based compensation expense capitalized to internal-use software	3,132		1,821		—
Issuance of common stock for acquisition consideration	6,635		—		—
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581		—		—
Amounts held back for acquisition consideration	11,899		—		—
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	2,401		—		—
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	—		—		390,687

IPO and debt issuance costs incurred but not yet paid	—		—		2,287

Commitment and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Purchase Commitments

The Company routinely enters into marketing and advertising contracts, software subscriptions or other service arrangements, including cloud infrastructure arrangements, and compliance-application related arrangements that contractually obligate us to purchase services, including minimum service quantities, unless given notice of cancellation based on the applicable terms of the agreements. Most contracts are typically cancellable within a period of less than one year, although some of the larger software or cloud service subscriptions require multi-year commitments. The purchase commitments presented in the table below include amounts that are fixed with noncancellable minimum purchase terms with remaining terms in excess of one year. Obligations under contracts that are cancellable or with remaining terms of twelve months or less are excluded.

As of December 31, 2023, the future minimum payments under the purchase commitments were as follows:


(in thousands)	Amount
2024	$	18,453
2025	17,977
2026	7,500
2027	—
2028 and thereafter	—
Total future minimum payments	$	43,930

Guarantees and Indemnification

In the ordinary course of business to facilitate sales of its services, the Company has entered into agreements with, among others, suppliers and partners that include guarantees or indemnity provisions. The Company also enters into indemnification agreements with its officers and directors, and the Company’s certificate of incorporation and bylaws include similar indemnification obligations to its officers and directors. To date, there have been no claims under any indemnification provisions; therefore, no such amounts have been accrued as of December 31, 2023 and 2022.

Litigation and Loss Contingencies

Litigation

From time to time, the Company may be a party to litigation and subject to claims incident to the ordinary course of business, including intellectual property claims, labor and employment claims, threatened claims, breach of contract claims, and other matters. The Company accrues estimates for resolution of legal and other contingencies when losses are probable, as defined under GAAP, and estimable. Although the results of litigation and claims are inherently unpredictable, the Company does not believe that there was a reasonable possibility that it had incurred a material loss with respect to such loss contingencies as of December 31, 2023 and 2022.

Indirect taxes

The Company is subject to indirect taxation in various states and foreign jurisdictions in which it conducts business. The Company continually evaluates those jurisdictions in which indirect tax obligations exist to determine whether a loss is probable, as defined under GAAP, and the amount can be estimated. Determination of whether a loss is probable, and an estimate can be made, is a complex undertaking and takes into account the judgment of management, third-party research, and the potential outcome of negotiation and interpretations by regulators and courts, among other information. Such assessments include consideration of management’s evaluation of domestic and international tax laws and regulations, external legal advice, and the extent to which they may apply to the Company’s business and industry. The Company’s assessment of probability includes consideration of recent inquiries, potential or actual self-disclosure, and applicability of tax rules. As a result of this assessment, management accrued an estimated liability of approximately $6.4 million and $6.0 million as of December 31, 2023 and 2022, respectively, reflecting the amount that the Company believes is probable and estimable. The estimated liability is recorded within ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. Although the Company believes its indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits or settlements could be materially different than the amounts recorded.

Reserve for Transaction Losses

The table below summarizes the Company’s reserve for transaction losses for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Beginning balance	$	3,762	$	3,134	$	3,250
Provisions for transaction losses	38,553		42,496		29,596
Losses incurred, net of recoveries	(38,956)		(41,868)		(29,712)
Ending balance	$	3,359	$	3,762	$	3,134

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities
Net loss	$ (117,840)	$ (114,019)	$ (38,756)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,118	6,724	5,256
Stock-based compensation expense, net	136,967	95,293	17,016
Donation of common stock	4,600	1,972	6,933
Other	713	356	452
Changes in operating assets and liabilities:
Disbursement prefunding	(31,778)	(38,428)	(18,069)
Customer funds receivable	(183,422)	(126,942)	(17,282)
Prepaid expenses and other assets	(13,035)	(4,598)	(12,559)
Operating lease right-of-use assets	5,186	3,763	2,780
Accounts payable	27,559	5,535	(3,035)
Customer liabilities	61,718	42,979	16,097
Accrued expenses and other liabilities	47,357	22,782	26,071
Operating lease liabilities	(4,733)	(4,073)	(3,295)
Net cash used in operating activities	(53,590)	(108,656)	(18,391)
Cash flows from investing activities
Purchases of property and equipment	(2,857)	(3,679)	(1,956)
Capitalized internal-use software costs	(6,247)	(3,382)	(2,578)
Cash paid for acquisition, net of acquired cash, cash equivalents, and restricted cash	(40,933)	(248)	0
Net cash used in investing activities	(50,037)	(7,309)	(4,534)
Cash flows from financing activities
Proceeds from exercise of stock options	14,288	11,554	8,345
Proceeds from issuance of common stock in connection with ESPP	6,132	3,516	0
Proceeds from revolving credit facility borrowings	764,000	0	0
Repayments of revolving credit facility borrowings	(634,000)	0	(80,000)
Taxes paid related to net share settlement of equity awards	(6,702)	(99)	0
Repayment of assumed indebtedness	(17,068)	(384)	0
Proceeds from issuance of common stock upon initial public offering and private placements, net of offering costs, underwriting discounts and commissions	0	0	305,191
Repayment of non-recourse promissory note	0	0	3,060
Proceeds from issuance of Series E and F convertible preferred stock, net of issuance costs	0	0	2,980
Payment of debt issuance costs	0	0	(1,373)
Net cash provided by financing activities	126,650	14,587	238,203
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash	1,272	(1,201)	(40)
Net increase (decrease) in cash, cash equivalents, and restricted cash	24,295	(102,579)	215,238
Cash, cash equivalents, and restricted cash at beginning of period	300,734	403,313	188,075
Cash, cash equivalents, and restricted cash at end of period	325,029	300,734	403,313
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	323,710	300,635	403,262
Restricted cash included in prepaid expenses and other current assets	774	0	0
Restricted cash included in other noncurrent assets, net	545	99	51
Total cash, cash equivalents, and restricted cash	$ 325,029	$ 300,734	$ 403,313

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	725,000,000	725,000,000
Common stock, issued (in shares)	188,435,952	173,250,865
Common stock, outstanding (in shares)	188,435,952	173,250,865

Income Taxes - Schedule of Income (Loss) before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (74,776)	$ (116,272)	$ (46,241)
Foreign	(37,162)	3,296	8,528
Loss before provision for income taxes	$ (111,938)	$ (112,976)	$ (37,713)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 25
-Paragraph 1
-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The Company leases office space in all of its locations under noncancellable operating leases with various expiration dates through 2027.

The components of lease expense, lease term, and discount rate for operating leases were as follows:


	Years Ended December 31,
	2023			2022			2021
Operating lease expense (in thousands)	$	6,409		$	4,732		$	3,824
Weighted-average remaining lease term (in years)	2.2			2.1			2.2
Weighted-average discount rate	5.4		%	4.7		%	5.0		%

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Cash payments, net included in the measurement of operating lease liabilities – operating cash flows	$	5,415	$	4,472	$	3,538

The following table represents the maturity of lease liabilities as of December 31, 2023:


(in thousands)	Amount
2024	$	6,465
2025	2,673
2026	1,359
2027	745
2028 and thereafter	—
Total lease payments	11,242
Less: Imputed interest	(733)
Present value of operating lease liabilities	$	10,509

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business Description of Business Remitly Global, Inc. (the “Company” or “Remitly”) was incorporated in the State of Delaware in October 2018 and is headquartered in Seattle, Washington, with various other global office locations. Remitly, Inc. was founded and incorporated in the State of Delaware in 2011, which is now a wholly owned subsidiary of Remitly Global, Inc. Remitly is a leading digital financial services provider for immigrants, their families, and other global citizens in over 170 countries, helping customers send money internationally in a quick, reliable, and more cost-effective manner, by leveraging digital channels and supporting cross-border transmissions across the globe. Unless otherwise expressly stated or the context otherwise requires, the terms “Remitly” and the “Company” within these notes to the consolidated financial statements refer to Remitly Global, Inc. and its wholly owned subsidiaries. Initial Public Offering and Private Placement In September 2021, the Company completed its initial public offering (the “IPO”), in which the Company issued and sold 7,000,000 shares of its common stock at $43.00 per share. Concurrently, 5,162,777 shares were sold by certain of the Company’s existing stockholders. In addition, the Company issued 581,395 shares of common stock to an existing stockholder in a private placement at the same offering price as the IPO. The Company received net proceeds of $305.2 million for the IPO and private placement, after deducting underwriting discounts and other fees of $20.8 million. In connection with the IPO, 127,410,631 shares of outstanding redeemable convertible preferred stock automatically converted into an equivalent number of shares of common stock on a one-to-one basis.

Goodwill and Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 21,500
Accumulated Amortization	(4,858)
Net Carrying Amount	16,642	$ 0
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000
Accumulated Amortization	(333)
Net Carrying Amount	$ 667
Weighted Average Estimated Remaining Useful Life (in years)	2 years
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 8,500
Accumulated Amortization	(2,125)
Net Carrying Amount	$ 6,375
Weighted Average Estimated Remaining Useful Life (in years)	3 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 12,000
Accumulated Amortization	(2,400)
Net Carrying Amount	$ 9,600
Weighted Average Estimated Remaining Useful Life (in years)	4 years

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

The goodwill recorded on the Consolidated Balance Sheets as of December 31, 2023 was attributable to the acquisition of Rewire completed within the period, including measurement period adjustments, as described further in Note 6. Business Combinations. There were no other adjustments to goodwill during the year ended December 31, 2023.

Intangible Assets

The components of identifiable intangible assets as of December 31, 2023 were as follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Estimated Remaining Useful Life (in years)
Trade name	$	1,000	$	(333)	$	667	2.0
Customer relationships	8,500		(2,125)		6,375		3.0
Developed technology	12,000		(2,400)		9,600		4.0
Total	$	21,500	$	(4,858)	$	16,642

The acquired identified intangible assets have preliminary estimated useful lives ranging from three to five years. Amortization expense for intangible assets was $4.9 million for the year ended December 31, 2023.

Identifiable intangible asset balances as of December 31, 2022 were immaterial. Amortization expense for identifiable intangible assets for the year ended December 31, 2022 and 2021 were immaterial.

Expected future intangible asset amortization as of December 31, 2023 was as follows:


(in thousands)	Amount
2024	$	4,858
2025	4,858
2026	4,525
2027	2,401


Total	$	16,642

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 1,653	$ 906	$ 934
Cash paid for income taxes	5,305	2,282	756
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	5,954	7,441	2,532
Vesting of early exercised options	377	716	482
Stock-based compensation expense capitalized to internal-use software	3,132	1,821	0
Issuance of common stock for acquisition consideration	6,635	0	0
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581	0	0
Amounts held back for acquisition consideration	11,899	0	0
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	2,401	0	0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	0	0	390,687
IPO and debt issuance costs incurred but not yet paid	$ 0	$ 0	$ 2,287

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Cash Flow Information

The supplemental disclosures of cash flow information consisted of the following:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Supplemental disclosure of cash flow information
Cash paid for interest	$	1,653	$	906	$	934
Cash paid for income taxes	5,305		2,282		756
Supplemental disclosure of noncash investing and financing activities
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	5,954	$	7,441	$	2,532
Vesting of early exercised options	377		716		482

Stock-based compensation expense capitalized to internal-use software	3,132		1,821		—
Issuance of common stock for acquisition consideration	6,635		—		—
Issuance of common stock, subject to service-based vesting conditions, in connection with acquisition	581		—		—
Amounts held back for acquisition consideration	11,899		—		—
Settlement of preexisting net receivable in exchange for net assets acquired in business combination	2,401		—		—
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	—		—		390,687

IPO and debt issuance costs incurred but not yet paid	—		—		2,287

Stock-Based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 136,967	$ 95,293	$ 17,016
Customer support and operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	1,404	816	153
Marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	16,165	10,512	2,325
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	74,967	46,420	6,931
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense	$ 44,431	$ 37,545	$ 7,607

Prepaid Expenses & Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expense and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,
(in thousands)	2023		2022
Payment card receivable	$	15,599	$	5,558
Prepaid expenses	11,122		10,256
Tax receivable	2,813		970
Employee loans	1,518		2,048

Restricted cash	774		—
Other prepaid expenses and other current assets	1,317		495
Prepaid expenses and other current assets	$	33,143	$	19,327

Restructuring Initiatives - Schedule of Restructuring Reserve (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Balance as of December 31, 2022	$ 0
Expenses incurred	1,369
Cash payments	(1,291)
Balance as of December 31, 2023	$ 78

Net Loss Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Common Share

The following table presents the calculation of basic and diluted net loss per share attributable to common stockholders for the years indicated. As the Company reported a net loss, diluted net loss per share was the same as basic net loss per share because the effects of potentially dilutive items were anti-dilutive for all years presented.


	Years Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Numerator:
Net loss	$	(117,840)	$	(114,019)	$	(38,756)


Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	180,818,399		167,774,123		60,728,748
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.65)	$	(0.68)	$	(0.64)

The following potentially dilutive securities were excluded from the computation of diluted net loss per share calculations for the years presented because the impact of including them would have been anti-dilutive:


	As of December 31,
	2023	2022	2021


Stock options outstanding	10,801,396	15,988,268	23,386,942
RSUs outstanding(1)	23,555,665	23,366,355	3,496,611
ESPP	791,226	1,350,486	735,282
Shares subject to repurchase	8,657	130,929	456,294
Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition(2)	104,080	—	—
Equity issuable in connection with acquisition(2)	133,309	—	—
Total	35,394,333	40,836,038	28,075,129

_________________

(1) A portion of these RSUs were subject to a performance-based vesting condition until September 22, 2021. See Note 2. Basis of Presentation and Summary of Significant Accounting Policies for details on these awards.

(2) Refer to Note 6. Business Combinations for further discussion of equity issued or to be issued in connection with the Rewire acquisition.

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

Accrued Expenses & Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in thousands)	2023		2022
Trade settlement liability(1)	$	58,950	$	26,266
Accrued cost of revenue	18,500		15,878
Accrued marketing expense	13,633		11,394
Holdback liability(3)	12,990		—
Accrued salary, benefits, and related taxes(2)	10,251		4,026
Accrued taxes and taxes payable(4)	9,259		8,288
ESPP employee contributions	3,565		1,926
Reserve for transaction losses	3,359		3,762
Other accrued expenses	15,295		16,212
Total	$	145,802	$	87,752

_________________

(1) The trade settlement liability amount represents the total of disbursement postfunding liabilities and book overdrafts owed to the Company’s disbursement partners. Refer to Note 2. Basis of Presentation and Summary of Significant Accounting Policies within the consolidated financial statements for further discussion.

(2) The accrued salary, benefits, and related taxes amount is inclusive of accrued severance as part of the Company’s restructuring that occurred during the year ended December 31, 2023. Refer to Note 14. Restructuring Initiatives for further detail on the Company’s restructuring activities.

(3) Refer to Note 6. Business Combinations for further detail on the Holdback liability.

(4) The accrued taxes and taxes payable amount is inclusive of indirect taxes of approximately $6.4 million and $6.0 million as of December 31, 2023 and 2022, respectively. Refer to Note 18. Commitments and Contingencies for further details.

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Net operating loss carryforwards	$ 58,901	$ 58,798
Accrued expenses	4,326	2,270
Stock-based compensation	15,623	13,508
Operating lease liabilities	1,041	1,156
Capitalized research costs	69,279	28,605
Intangible assets	10,846	0
Research tax credits	17,341	0
Other	2,748	2,442
Gross deferred tax assets	180,105	106,779
Deferred tax liabilities
Fixed assets and intangible assets	(1,321)	(311)
Operating lease right-of-use assets	(756)	(1,076)
Other	0	(1,720)
Gross deferred tax liabilities	(2,077)	(3,107)
Valuation allowance	(174,863)	(101,446)	$ (74,244)	$ (49,159)
Net deferred tax assets	$ 3,165	$ 2,226

Debt (Details) ₪ in Millions		12 Months Ended
Debt (Details) ₪ in Millions	Sep. 13, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 20, 2023 USD ($)	Jan. 05, 2023 USD ($)	Jan. 05, 2023 ILS (₪)	Sep. 12, 2021 USD ($)
Debt Instrument [Line Items]
Debt issuance costs, net		$ 1,200,000	$ 1,300,000
Letters of credit outstanding		49,400,000	22,300,000
Repayments of long-term debt		17,068,000	384,000	$ 0
Short-term debt		2,481,000	0
Advance for Future Deposits
Debt Instrument [Line Items]
Face amount						$ 2,800,000	₪ 9.0
Short-term debt		$ 2,500,000
Effective interest rate		3.00%
Advance for Future Deposits \| Prime Rate
Debt Instrument [Line Items]
spread on variable rate						1.40%	1.40%
Advance for Future Deposits \| Israeli Prime Rate
Debt Instrument [Line Items]
spread on variable rate						1.50%	1.50%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000				$ 325,000,000
Debt issuance costs, gross	$ 1,400,000
Debt issuance costs, net		$ 400,000
Unused commitment fee percentage	0.25%
Adjusted quick ratio		1.50
Minimum liquidity		$ 100,000,000
Outstanding borrowings		$ 130,000,000	0
Weighted average interest rate		9.00%
Remaining borrowing capacity		$ 146,800,000	$ 227,700,000
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| NYFRB Rate
Debt Instrument [Line Items]
Variable rate, base	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 1.00% Floor
Debt Instrument [Line Items]
Variable rate, base	1.00%
Floor rate	1.00%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Variable rate, spread on variable rate	0.005%
Line of credit \| Revolving credit facility \| New Revolving Credit Facility \| Adjusted LIBOR, 0.00% Floor
Debt Instrument [Line Items]
Floor rate	0.00%
Variable rate, spread on variable rate	1.50%
Line of credit \| Revolving credit facility \| Credit Agreement
Debt Instrument [Line Items]
Debt issuance costs, net								$ 500,000
Write off of debt issuance cost		$ 100,000
Line of credit \| Letter of credit \| New Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000

Related Party Arrangements	12 Months Ended
Related Party Arrangements	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Arrangements	Related Party Arrangements There were no significant related party transactions for the year ended December 31, 2023 and 2022. The Company entered into promissory note agreements in October 2018 which were fully repaid in August 2021. The promissory note agreements were entered into with two executive employees in conjunction with their early exercise of stock options to purchase 1,800,000 shares of the Company’s common stock. The principal amount of the notes was $3.1 million, and interest accrued at 2.83% on the outstanding principal amount annually. The notes were secured by the shares that were exercised. Based on the nonrecourse nature of these agreements, the agreements were accounted for as grants of options to purchase common stock. The fair value of the stock options, determined using the Black-Scholes option pricing model was being recognized over the requisite service period. The associated shares are legally outstanding and included in shares of common stock outstanding within the consolidated financial statements, but were historically excluded from the Company’s net loss per common share calculations, as these shares of common stock were considered unvested until the underlying promissory notes were repaid. On August 23, 2021, the promissory notes were paid in full, including all accrued interest. After repayment of the loan, these shares are now considered outstanding for purposes of the Company’s net loss per common share calculations to the extent the shares are vested.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock-Based Compensation - Schedule of Restricted Stock Award Activity (Details) - Restricted stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Unvested, beginning balance (in shares)	23,366,355
Granted (in shares)	12,799,630
Vested (in shares)	(9,453,441)
Cancelled/forfeited (in shares)	(3,156,879)
Unvested, ending balance (in shares)	23,555,665	23,366,355
Weighted-Average Grant-Date Fair Value Per Share
Unvested, beginning balance (in dollars per share)	$ 11.86
Granted (in dollars per share)	17.48	$ 10.65	$ 27.16
Vested (in dollars per share)	11.96
Cancelled/forfeited (in dollars per share)	13.37
Unvested, ending balance (in dollars per share)	$ 14.67	$ 11.86

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Except for the holdback liability related to the Rewire acquisition discussed in Note 6. Business Combinations, there were no financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2023 or December 31, 2022. The carrying values of certain financial instruments, including disbursement prefunding, customer funds receivable, accounts payable, accrued expenses and other current liabilities, customer liabilities, short-term debt, and long-term debt approximate their respective fair values due to their relative short maturities. If these financial instruments were measured at fair value in the financial statements, they would be classified as Level 2.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitment and Contingencies - Narrative (Details)	Dec. 31, 2023 USD ($) claim	Dec. 31, 2022 USD ($)
Indemnification agreement
Loss Contingencies [Line Items]
Loss contingency, number of claims \| claim	0
Loss contingency accrual	$ 0	$ 0
Indirect Taxation
Loss Contingencies [Line Items]
Loss contingency accrual	$ 6,400,000	$ 6,000,000

Restructuring Initiatives (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Severance and Related Charges

The following table presents the restructuring costs included within the Company’s Consolidated Statements of Operations for the year ended December 31, 2023:


(in thousands)	Amount
Customer support and operations	$	749
Technology and development	524
General and administrative	96
Total restructuring costs	$	1,369

Schedule of Restructuring Reserve

The following table presents the changes in liabilities, including expenses incurred and cash payments resulting from the restructuring costs and related accruals, during the year ended December 31, 2023:


(in thousands)	Amount
Balance as of December 31, 2022	$	—
Expenses incurred	1,369
Cash payments	(1,291)
Balance as of December 31, 2023	$	78

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (117,840)	$ (114,019)	$ (38,756)
Other comprehensive loss:
Foreign currency translation adjustments	1,078	(996)	(338)
Comprehensive loss	$ (116,762)	$ (115,015)	$ (39,094)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Consolidated Statements of Operations - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenue

$ 944,285

$ 653,560

$ 458,605

Costs and expenses

Marketing

^[1]

234,417

170,970

120,906

Technology and development

^[1]

219,939

138,719

64,093

General and administrative

^[1]

179,372

131,250

70,941

Depreciation and amortization

13,118

6,724

5,256

Total costs and expenses

1,058,480

774,596

498,327

Loss from operations

(114,195)

(121,036)

(39,722)

Interest income

7,447

4,149

140

Interest expense

(2,352)

(1,302)

(1,256)

Other (expense) income, net

(2,838)

5,213

3,125

Loss before provision for income taxes

(111,938)

(112,976)

(37,713)

Provision for income taxes

5,902

1,043

Net loss

$ (117,840)

$ (114,019)

$ (38,756)

Net loss per share attributable to common stockholders:

Basic (in dollars per share)

$ (0.65)

$ (0.68)

$ (0.64)

Diluted (in dollars per share)

$ (0.65)

$ (0.68)

$ (0.64)

Weighted-average shares used in computing net loss per share attributable to common stockholders:

Basic (in shares)

180,818,399

167,774,123

60,728,748

Diluted (in shares)

180,818,399

167,774,123

60,728,748

Transaction expenses

Costs and expenses

Cost of revenue

^[1]

$ 329,113

$ 258,827

$ 191,606

Customer support and operations

Costs and expenses

Cost of revenue

^[1]

$ 82,521

$ 68,106

$ 45,525

[1]	Exclusive of depreciation and amortization, shown separately, above.

Prepaid Expenses & Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Payment card receivable	$ 15,599	$ 5,558
Prepaid expenses	11,122	10,256
Tax receivable	2,813	970
Employee loans	1,518	2,048
Restricted cash	774	0	$ 0
Other prepaid expenses and other current assets	1,317	495
Prepaid expenses and other current assets	$ 33,143	$ 19,327

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 323,710	$ 300,635
Disbursement prefunding	195,848	158,055
Customer funds receivable, net	379,417	191,402
Prepaid expenses and other current assets	33,143	19,327
Total current assets	932,118	669,419
Property and equipment, net	16,010	11,546
Operating lease right-of-use assets	9,525	8,675
Goodwill	54,940	0
Intangible assets, net	16,642	0
Other noncurrent assets, net	7,071	6,313
Total assets	1,036,306	695,953
Current liabilities
Accounts payable	35,051	6,794
Customer liabilities	177,473	111,075
Short-term debt	2,481	0
Accrued expenses and other current liabilities	145,802	87,752
Operating lease liabilities	6,032	3,521
Total current liabilities	366,839	209,142
Operating lease liabilities, noncurrent	4,477	5,674
Long-term debt	130,000	0
Other noncurrent liabilities	5,653	1,050
Total liabilities	506,969	215,866
Commitments and contingencies (Note 18)
Stockholders’ equity
Common stock, $0.0001 par value; 725,000,000 shares authorized as of December 31, 2023 and 2022 both; 188,435,952 and 173,250,865 shares issued and outstanding, as of December 31, 2023 and 2022, respectively	19	17
Additional paid-in capital	1,020,286	854,276
Accumulated other comprehensive income (loss)	335	(743)
Accumulated deficit	(491,303)	(373,463)
Total stockholders’ equity	529,337	480,087
Liabilities and Equity, Total	$ 1,036,306	$ 695,953

Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment, net consisted of the following as of December 31, 2023 and 2022:


	December 31,
(in thousands)	2023		2022
Capitalized internal-use software	$	23,195	$	14,072
Computer and office equipment	8,529		6,177
Furniture and fixtures	2,636		2,056
Leasehold improvements	8,080		7,036
Projects in process	—		722
Total gross property and equipment	42,440		30,063
Less: Accumulated depreciation and amortization	(26,430)		(18,517)
Property and equipment, net	$	16,010	$	11,546

Depreciation and amortization expense related to property and equipment was $8.3 million, $6.7 million and $5.3 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Capitalized Internal-Use Software Costs

The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Total capitalized internal-use software costs(1)	$	9,379	$	5,203	$	2,852
Stock-based compensation costs capitalized to internal-use software	3,132		1,821		—
Amortization expense(2)	4,529		3,332		2,480

_________

(1) Amounts are inclusive of stock-based compensation costs capitalized denoted below.

(2) Amounts are included within ‘Depreciation and amortization’ within the Company’s Consolidated Statements of Operations.

Capitalized Costs of Cloud Computing Arrangements


	December 31,
(in thousands)	2023		2022		2021
Total capitalized cloud computing arrangement costs	$	3,339	$	2,350	$	1,139

Technology and development	$	1,547	$	616	$	165
General and administrative	237		178		22
Total amortization expense	$	1,784	$	794	$	187


	December 31,
(in thousands)	2023		2022
Prepaid expenses and other current assets	$	2,220	$	1,289
Other noncurrent assets, net	1,811		1,186
Total capitalized cloud computing arrangement costs, net	$	4,031	$	2,475


	December 31,
(in thousands)	2023		2022
United States	$	15,901	$	12,560
Israel	5,128		—
Europe	1,712		2,754
Nicaragua	973		1,860
United Kingdom	767		1,369
Philippines	348		1,084
Rest of world	706		594
Total long-lived assets	$	25,535	$	20,221

Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Shares Available for Issuance

As of December 31, 2023, 10,821,542 and 5,863,655 awards remain available for issuance under the 2021 Plan and the ESPP, respectively.

Stock Options

The following is a summary of the Company’s stock option activity during the year ended December 31, 2023:


	Stock Options
(in thousands, except share and per share data)	Number of Options Outstanding	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (1)
Balances as of January 1, 2023	15,988,268	$	4.11	6.79	$	119,467

Exercised	(4,530,975)	3.02			69,472
Forfeited	(655,897)	5.96
Balances as of December 31, 2023	10,801,396	4.46		5.87	161,603
Vested and exercisable as of December 31, 2023	8,427,373	3.17		5.43	136,938
Vested and expected to vest as of December 31, 2023	10,765,053	$	4.48	5.88	$	160,880

_________________

(1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock.

No stock options were granted during the year ended December 31, 2023.


	Years Ended December 31,
	2022		2021
Risk-free interest rates	2.86%		0.32% to 1.19%
Expected term	6.1 years		3.5 to 6.8 years
Volatility	64.0%		37.8% to 50.5%
Dividend rate	—	%	—	%

The weighted-average grant date fair value of options granted during the years ended December 31, 2022 and 2021 was $6.78 and $5.22, respectively.

The following is a summary of the Company’s stock option activity during the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Aggregate grant-date fair value of options vested	$	9,406	$	11,650	$	7,311
Intrinsic value of options exercised	69,472		43,975		72,208

Restricted Stock Units

Restricted stock unit activity during the year ended December 31, 2023 was as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value Per Share
Unvested at January 1, 2023	23,366,355	$	11.86
Granted	12,799,630	17.48
Vested	(9,453,441)	11.96
Cancelled/forfeited	(3,156,879)	13.37
Unvested at December 31, 2023	23,555,665	$	14.67

The following is a summary of the Company’s restricted stock unit activity during the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Weighted-average grant date fair value of RSUs granted	$	17.48	$	10.65	$	27.16
Aggregate grant-date fair value of RSUs vested	113,024		42,317		629

Employee Stock Purchase Plan (“ESPP”)

The offering period that commenced on September 22, 2021, for which the accounting grant date was met in October 2021, ended on February 28, 2022, due to a decline in the Company’s stock price at the end of the purchase period, triggering a new offering period, as required by the ESPP plan documents. A new 24-month offering period commenced on March 1, 2022. This event was accounted for as a modification under GAAP in the first quarter of 2022, whereby the fair value of the ESPP offering was measured immediately before and after modification, resulting in incremental stock-based compensation expense of $3.6 million, which is being recognized over the new offering period, which is deemed to be the requisite service period. A new subsequent 24-month offering period commences on March 1 and September 1 of each fiscal year.

Years Ended December 31,

2023

2022

2021

Risk-free interest rates

4.81% to 5.40%

0.60% to 3.48%

0.06% to 0.30%

Expected term (in years)

0.5 to 2.0 years

0.4 to 1.9 years

Volatility

47.8% to 65.2%

58.3% to 73.0%

37.7% to 56.0%

Dividend rate

—

Stock-Based Compensation Expense


	Years Ended December 31,
(in thousands)	2023		2022		2021
Customer support and operations	$	1,404	$	816	$	153
Marketing	16,165		10,512		2,325
Technology and development	74,967		46,420		6,931
General and administrative	44,431		37,545		7,607
Total	$	136,967	$	95,293	$	17,016

As of December 31, 2023, the total unamortized compensation cost related to all non-vested equity awards, including options, RSUs, and PRSUs, was $302.3 million, which will be amortized over a weighted-average remaining requisite service period of approximately 2.7 years. As of December 31, 2023, the total unrecognized compensation expense related to the ESPP was $3.1 million, which is expected to be amortized over the next 1.7 years.

Fair Value Measurements (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Assets at fair value	$ 0	$ 0
Liabilities at fair value	$ 0	$ 0

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2023	Feb. 21, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40822
Entity Registrant Name	Remitly Global, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2301143
Entity Address, Address Line One	1111 Third Avenue,
Entity Address, Address Line Two	Suite 2100
Entity Address, City or Town	Seattle,
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98101
City Area Code	888
Local Phone Number	736-4859
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	RELY
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,491.7
Entity Common Stock, Shares Outstanding		188,505,173
Entity Central Index Key	0001782170
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	The information required by Part III (Items 10, 11, 12, 13, and 14) is incorporated by reference from the registrant’s Definitive Proxy Statement for its 2024 Annual Meeting to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.

Business Combinations - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 05, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 54,940		$ 0
Rewire
Business Acquisition [Line Items]
Cash, cash equivalents, and restricted cash		$ 15,465
Prepaid expenses and other assets, net		1,187
Goodwill		54,940
Customer liabilities		(3,075)
Advance for future deposits		(2,550)
Other assumed indebtedness		(16,234)
Other liabilities, net		(2,758)
Total consideration transferred		77,914
Rewire \| Disbursement prefunding
Business Acquisition [Line Items]
Receivables		6,016
Rewire \| Customer funds receivable, net
Business Acquisition [Line Items]
Receivables		3,423
Rewire \| Trade name
Business Acquisition [Line Items]
Intangible Assets		1,000
Rewire \| Customer relationships
Business Acquisition [Line Items]
Intangible Assets		8,500
Rewire \| Developed technology
Business Acquisition [Line Items]
Intangible Assets		$ 12,000

Net Loss Per Common Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (117,840)	$ (114,019)	$ (38,756)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	180,818,399	167,774,123	60,728,748
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	180,818,399	167,774,123	60,728,748
Net loss per share attributable to common stockholders:
Basic (in dollars per share)	$ (0.65)	$ (0.68)	$ (0.64)
Diluted (in dollars per share)	$ (0.65)	$ (0.68)	$ (0.64)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Commitment Maturity

As of December 31, 2023, the future minimum payments under the purchase commitments were as follows:


(in thousands)	Amount
2024	$	18,453
2025	17,977
2026	7,500
2027	—
2028 and thereafter	—
Total future minimum payments	$	43,930

Schedule of Reserve for Transaction Losses

The table below summarizes the Company’s reserve for transaction losses for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Beginning balance	$	3,762	$	3,134	$	3,250
Provisions for transaction losses	38,553		42,496		29,596
Losses incurred, net of recoveries	(38,956)		(41,868)		(29,712)
Ending balance	$	3,359	$	3,762	$	3,134

Restructuring Initiatives - Schedule of Severance and Related Charges (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,369
Customer support and operations
Restructuring Cost and Reserve [Line Items]
Restructuring charges	749
Technology and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges	524
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 96

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the period	$ 0	$ 0	$ 0
Increases related to tax positions taken during the current year	11,438	0	0
Increases related to tax positions taken during prior years	4,140	0	0
Balance at the end of the period	$ 15,578	$ 0	$ 0

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (117,840)	$ (114,019)	$ (38,756)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share


	Years Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Numerator:
Net loss	$	(117,840)	$	(114,019)	$	(38,756)


Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders:
Basic and diluted	180,818,399		167,774,123		60,728,748
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.65)	$	(0.68)	$	(0.64)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	As of December 31,
	2023	2022	2021


Stock options outstanding	10,801,396	15,988,268	23,386,942
RSUs outstanding(1)	23,555,665	23,366,355	3,496,611
ESPP	791,226	1,350,486	735,282
Shares subject to repurchase	8,657	130,929	456,294
Unvested common stock, subject to service-based vesting conditions, issued in connection with acquisition(2)	104,080	—	—
Equity issuable in connection with acquisition(2)	133,309	—	—
Total	35,394,333	40,836,038	28,075,129

_________________

(2) Refer to Note 6. Business Combinations for further discussion of equity issued or to be issued in connection with the Rewire acquisition.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Lease Costs and Supplemental Cash Flow Information

The components of lease expense, lease term, and discount rate for operating leases were as follows:


	Years Ended December 31,
	2023			2022			2021
Operating lease expense (in thousands)	$	6,409		$	4,732		$	3,824
Weighted-average remaining lease term (in years)	2.2			2.1			2.2
Weighted-average discount rate	5.4		%	4.7		%	5.0		%

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Cash payments, net included in the measurement of operating lease liabilities – operating cash flows	$	5,415	$	4,472	$	3,538

Schedule of Lease Liability Maturity

The following table represents the maturity of lease liabilities as of December 31, 2023:


(in thousands)	Amount
2024	$	6,465
2025	2,673
2026	1,359
2027	745
2028 and thereafter	—
Total lease payments	11,242
Less: Imputed interest	(733)
Present value of operating lease liabilities	$	10,509

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Deferred Revenue

The deferred revenue balances from contracts with customers were as follows for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Deferred revenue, beginning of the period	$	1,108	$	1,212	$	1,105
Deferred revenue, end of the period	1,124		1,108		1,212

Revenue recognized from amounts included in deferred revenue at the beginning of the period	$	806	$	632	$	349

Disaggregation of Revenue

The following table presents the Company’s sales incentives for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Reduction to revenue	$	32,584	$	24,796	$	18,135
Marketing expenses(1)	18,974		17,638		12,014
Total sales incentives	$	51,558	$	42,434	$	30,149

__________________

(1) Sales incentives that are charged to marketing expenses are included in Advertising expenses as disclosed in Note 2. Basis of Presentation and Summary of Significant Accounting Policies.

Schedule of Revenue by Geographic Area


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	631,746	$	472,754	$	338,190
Canada	113,310		80,142		56,916
Rest of world	199,229		100,664		63,499
Total revenue	$	944,285	$	653,560	$	458,605

Organization and Description of Business (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 shares	Dec. 31, 2023 country
Subsidiary, Sale of Stock [Line Items]
Number of countries in which entity operates (over) \| country			170
Consideration received, net \| $	$ 305.2
Stock issuance costs \| $	$ 20.8
Preferred stock reclassified into stockholders' equity (in shares)	127,410,631	127,410,631
Conversion ratio	1
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	7,000,000
Share price (in dollars per share) \| $ / shares	$ 43.00
IPO - selling shareholders
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	5,162,777
Share price (in dollars per share) \| $ / shares	$ 43.00
Private Placement
Subsidiary, Sale of Stock [Line Items]
Shares issued and sold (in shares)	581,395
Share price (in dollars per share) \| $ / shares	$ 43.00

Property and Equipment - Schedule of Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 25,535	$ 20,221
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	15,901	12,560
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	5,128	0
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	1,712	2,754
Nicaragua
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	973	1,860
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	767	1,369
Philippines
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	348	1,084
Rest of world
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	$ 706	$ 594

Debt	12 Months Ended
Debt	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt Secured Revolving Credit Facility 2021 Revolving Credit Facility On September 13, 2021, Remitly Global, Inc. and Remitly, Inc., a wholly owned subsidiary of Remitly Global, Inc., as co-borrowers, entered into a credit agreement (the “2021 Revolving Credit Facility”) with certain lenders and JPMorgan Chase Bank, N.A. acting as administrative agent and collateral agent, that provided for revolving commitments of $250.0 million (including a $60.0 million letter of credit sub-facility) and terminated its then-existing 2020 Credit Agreement. Proceeds under the 2021 Revolving Credit Facility are available for working capital and general corporate purposes. As part of the refinancing, the Company performed a debt modification analysis, utilizing the borrowing capacity test within ASC 470-50, Debt —Modification and Extinguishment, on a lender-by-lender basis, resulting in the capitalization of $1.4 million of new debt issuance costs incurred in connection with the 2021 Revolving Credit Facility during the third quarter of 2021. Such amounts were capitalized and recorded within ‘Other noncurrent assets, net’ on the Consolidated Balance Sheets, and will be amortized to interest expense over the term of the 2021 Revolving Credit Facility. The Company previously had $0.5 million of unamortized debt issuance costs associated with the then-existing 2020 Credit Agreement. As a result of the debt modification, unamortized debt issuance costs of $0.4 million continue to be amortized over the term of the 2021 Revolving Credit Facility. The remaining $0.1 million was expensed as a debt extinguishment cost within interest expense within the Consolidated Statements of Operations during the year ended December 31, 2021. The 2021 Revolving Credit Facility was amended on June 26, 2023 to reflect changes in the applicable interest rate as a result of the sunsetting of the LIBOR interest rate, as noted below. The 2021 Revolving Credit Facility was further amended on December 20, 2023 to increase the revolving commitments from $250.0 million (including a $60.0 million letter of credit sub-facility) to $325.0 million. All other terms of the 2021 Revolving Credit Facility remain unchanged. The Company evaluated both the June and December 2023 amendments as a debt modification pursuant to ASC 470-50, Debt —Modification and Extinguishment, noting no material impact. As of December 31, 2023 and 2022, $1.2 million and $1.3 million, respectively, of unamortized debt issuance costs were included within ‘Other noncurrent assets’ on the Consolidated Balance Sheets. The 2021 Revolving Credit Facility has a maturity date of September 13, 2026. Borrowings under the 2021 Revolving Credit Facility after the June 26, 2023 amendment accrue interest at a floating rate per annum equal to, at the Company’s option, (1) the Alternate Base Rate (defined in the 2021 Revolving Credit Facility as the rate per annum equal to the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect for such day plus 0.50% and (c) the Adjusted Term SOFR Rate for an interest period of one month plus 1.00% (subject to a floor of 1.00%) plus 0.50% per annum or (2) the Adjusted Term SOFR Rate (subject to a floor of 0.00%) plus 1.50% per annum. Such interest is payable (a) with respect to loans bearing interest based on the Alternate Base Rate, the last day of each March, June, September and December and (b) with respect to loans bearing interest based on the Adjusted Term SOFR Rate, at the end of each applicable interest period, but in no event less frequently than every three months. In addition, an unused commitment fee, which accrues at a rate per annum equal to 0.25% of the unused portion of the revolving commitments, is payable on the last day of each March, June, September and December. The 2021 Revolving Credit Facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the ability to dispose of assets, merge with other entities, incur indebtedness, grant liens, pay dividends or make other distributions to holders of its capital stock, make investments, enter into restrictive agreements, or engage in transactions with affiliates. As of December 31, 2023 and 2022, financial covenants in the 2021 Revolving Credit Facility include (1) a requirement to maintain a minimum Adjusted Quick Ratio of 1.50:1.00, which is tested quarterly and (2) a requirement to maintain a minimum Liquidity of $100.0 million, which is tested quarterly. The Company was in compliance with all financial covenants under the 2021 Revolving Credit Facility as of December 31, 2023 and 2022. The obligations under the 2021 Revolving Credit Facility are guaranteed by the material domestic subsidiaries of Remitly Global, Inc., subject to customary exceptions, and are secured by substantially all of the assets of the borrowers and guarantors thereunder, subject to customary exceptions. Amounts of borrowings under the 2021 Revolving Credit Facility may fluctuate depending upon transaction volumes and seasonality. As of December 31, 2023, the Company had $130.0 million outstanding under the 2021 Revolving Credit Facility with a weighted-average interest rate of 9.00%. As of December 31, 2022, the Company had no outstanding borrowings under the 2021 Revolving Credit Facility. As of December 31, 2023 and 2022, the Company had unused borrowing capacity of $146.8 million and $227.7 million, respectively, under the 2021 Revolving Credit Facility. As of December 31, 2023 and 2022, the Company had $49.4 million and $22.3 million, respectively, in issued, but undrawn, standby letters of credit. Advance for Future Deposits As part of the acquisition of Rewire, the Company assumed short-term indebtedness of Rewire that represents an advance for future deposits from Rewire’s amended agreement with one of its financial partners (the “Amendment” and the “Depositor,” respectively) entered into in October 2021. The Amendment has a maturity date of November 2024. The Depositor made an advance payment to Rewire with respect to future deposits (the “Advance for Future Deposits”). The original amount of 9.0 million Israeli shekel, approximately $2.8 million, was transferred as an advance under the Amendment. As of December 31, 2023, the Company had $2.5 million outstanding under the Amendment and was included within ‘Short-term debt’ on the Consolidated Balance Sheets. The change in the outstanding balance is driven by the change in the foreign exchange conversion rate. The Advance for Future Deposits bears a floating interest rate of 1.4%+ Israeli Prime per annum, paid on a monthly basis. The Israeli Prime rate is defined as the Bank of Israel rate + 1.5%. The weighted-average interest rate as of December 31, 2023 was 3.0%. Assumed Short-term Debt of Rewire As part of the acquisition of Rewire, the Company assumed the amounts due on a revolving credit line that Rewire had entered into in 2021 and the amounts due on a bridge loan that Rewire had entered into in 2022. The total outstanding amounts were repaid during the year ended December 31, 2023, along with certain other acquired indebtedness, subsequent to the Company’s acquisition of Rewire and were included within the Consolidated Statements of Cash Flows as a financing activity.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Joshua Hug [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 12, 2023, Joshua Hug, our Chief Operating Officer and a member of our Board of Directors, modified an existing trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act (the “Original Trading Arrangement”), which was adopted on September 14, 2023 and scheduled to terminate on the earlier of the date all the shares under the plan were sold and December 31, 2024. The Original Trading Arrangement provided for the sale of up to 444,505 shares of our common stock, the actual amount of which may be less based on tax withholdings of RSUs. Mr. Hug’s modified trading arrangement intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act (the “Modified Trading Arrangement”) is scheduled to terminate on the earlier of the date all shares under the plan are sold and March 31, 2025. The Modified Trading Arrangement provides for the sale of up to 512,539 shares of our common stock, the actual number of which may be less based on tax withholdings of RSUs.
Name	Joshua Hug
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 14, 2023
Arrangement Duration	564 days
Pankaj Sharma [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 5, 2023, Pankaj Sharma, our Chief Business Officer, adopted a trading plan intended to satisfy the conditions under Rule 10b5-1 of the Exchange Act. Mr. Sharma’s plan is for the sale of up to 32,000 shares of our common stock and terminates on the earlier of the date all shares under the plan are sold and December 31, 2024.
Name	Pankaj Sharma
Title	Chief Business Officer,
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 5, 2023
Arrangement Duration	392 days
Aggregate Available	32,000	32,000
Joshua Hug, Original Trading Arrangement [Member] \| Joshua Hug [Member]
Trading Arrangements, by Individual
Aggregate Available	444,505	444,505
Joshua Hug, Modified Trading Arrangement [Member] \| Joshua Hug [Member]
Trading Arrangements, by Individual
Aggregate Available	512,539	512,539

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 8.3	$ 6.7	$ 5.3

Related Party Arrangements (Details) $ in Millions	8 Months Ended	12 Months Ended
Related Party Arrangements (Details) $ in Millions	Aug. 31, 2021 USD ($) employee shares	Dec. 31, 2023 shares
Related Party Transaction [Line Items]
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)		4,530,975
Affiliated entity
Related Party Transaction [Line Items]
Number of executive employees \| employee	2
Issuance of common stock upon exercise of stock options, including early exercised options, and vesting of restricted stock units (in shares)	1,800,000
Promissory note receivable \| $	$ 3.1
Related party interest rate	2.83%

Business Combinations

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Business Combinations

The Company completed its acquisition of Rewire (O.S.G.) Research and Development Ltd. (“Rewire”) on January 5, 2023 by acquiring all outstanding equity interests of Rewire in exchange for cash and equity consideration, described below. The acquisition of Rewire allows the Company to accelerate its opportunity to differentiate the remittance experience with complementary products, by bringing together its remittance businesses in new geographies, along with a strong team that is culturally aligned with the Company.

The acquisition meets the criteria to be accounted for as a business combination in accordance with ASC 805, Business Combinations (“ASC 805”). This method requires, among other things, that assets acquired and liabilities assumed be recognized at their fair values as of the acquisition date and that the difference between the fair value of the consideration paid for the acquired entity and the fair value of the net assets acquired be recorded as goodwill, which is not amortized but is tested at least annually for impairment.

Consideration Transferred

The acquisition date fair value of consideration transferred for the acquisition totaled $77.9 million, as follows:


(in thousands)	Amount
Cash paid to selling shareholders	$	56,398
Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services	7,216
Holdback liability to be settled in cash and Company equity	11,899
Effective settlement of pre-existing net receivable owed to the Company	2,401
Total consideration transferred	$	77,914

The fair value of equity was determined based on the closing price of the Company’s common stock immediately prior to acquisition, and includes 694,918 shares issued in Company common stock, inclusive of 104,080 shares which are subject to service-based vesting conditions over a two-year period. Approximately $0.6 million of these proceeds were accounted for as pre-combination expense, and included within the total consideration transferred noted above, with the remaining $0.9 million to be recognized as post-combination share-based compensation expense over the requisite service period. The equity issued excludes 133,309 shares and restricted stock units held back and not legally issued at acquisition date, as further discussed below.

Approximately $11.9 million of the cash and equity proceeds were held back to satisfy any necessary adjustments, including without limitation, indemnification claims related to general representations and warranties, and any net working capital adjustments. The majority of this holdback is expected to be settled in cash, and the remainder in Company common stock and restricted stock units, which approximated 133,309 shares held back and not legally issued at acquisition date. Such amounts will be settled after a 15-month holdback period, net of any amounts necessary to satisfy all unsatisfied or disputed claims for indemnification and net working capital adjustments. As of the acquisition date, this represented approximately $10.4 million in cash and $1.5 million in equity, as discussed above, issuable at the end of the holdback period in Company common stock, subject to the aforementioned adjustments.

Included in consideration transferred is the settlement of a pre-existing net receivable owed to the Company by Rewire, which was effectively settled and became intercompany arrangements as of the closing of the transaction. Excluding the impact of the outstanding net receivable owed to the Company by Rewire, the Company would have paid $2.4 million more for the business at closing, and therefore the GAAP purchase price reflects an increase in that amount. The settlement of pre-existing relationships between the Company and Rewire did not result in any material gain or loss.

Holdback Liability

The holdback of cash and equity proceeds discussed above was recorded at its acquisition date fair value and was classified as a liability within ‘Other noncurrent liabilities’ on the Company’s Consolidated Balance Sheets at the acquisition date. The portion of the holdback to be settled in Company shares continues to be recorded at its fair value through its settlement date, with changes recorded to earnings. The estimated fair value of the portion of the holdback liability that will be settled in equity uses both observable and unobservable inputs, specifically considering the price of the Company’s common stock, as well as the probability of payout at the end of the holdback period, and is considered a Level 3 measurement, as defined in ASC 820, Fair Value Measurement (“ASC 820”). As of December 31, 2023, the holdback liability was recorded within ‘Accrued expenses and other current liabilities’ on the Company’s Consolidated Balance Sheets as the liability is set to be fulfilled within twelve months of the balance sheet date.

During the year ended December 31, 2023, the Company recorded $1.1 million to reflect the change in the fair value of the holdback liability, recorded within ‘General and administrative expenses’ within the Consolidated Statements of Operations. As of December 31, 2023, the fair value of the holdback liability was $13.0 million, of which $10.4 million will be paid in cash and the remainder in equity.

Fair Value of Assets Acquired and Liabilities Assumed

The identifiable assets acquired and liabilities assumed of Rewire were recorded at their preliminary fair values as of the acquisition date and consolidated with those of the Company. Assigning fair market values to the assets acquired and liabilities assumed at the date of an acquisition requires the use of significant judgments regarding estimates and assumptions. The fair values of intangible assets were estimated using inputs classified as Level 3 under the income and cost approaches, including the multi-period excess earnings method for developed technology. The key assumptions in applying the income approach used in valuing the identified intangible assets include revenue growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The following table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed based on their acquisition-date fair values:


(in thousands)	Purchase Price Allocation
Cash, cash equivalents, and restricted cash	$	15,465
Disbursement prefunding	6,016
Customer funds receivable, net	3,423
Prepaid expenses and other assets, net	1,187
Intangible Assets
Trade name	1,000
Customer relationships	8,500
Developed technology	12,000
Goodwill	54,940
Customer liabilities	(3,075)
Advance for future deposits	(2,550)
Other assumed indebtedness	(16,234)
Other liabilities, net	(2,758)
Total consideration transferred	$	77,914

As of December 31, 2023, the valuation of assets acquired and liabilities assumed of Rewire is complete. The excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill and is primarily attributable to the revenue and cost synergies expected to arise from the acquisition through continued geographic expansion and product differentiation, along with the acquired workforce of Rewire. Goodwill is deductible for income tax purposes. The acquisition did not change the Company’s one operating segment.

Acquired Receivables

The fair value of the financial assets acquired include ‘Disbursement prefunding’ and ‘Customer funds receivable, net,’ with a fair value of $6.0 million and $3.4 million, respectively, as disclosed above. The Company has collected substantially all of these receivables.

Transaction Costs

Transaction costs totaled $2.1 million and $3.8 million for the years ended December 31, 2023 and 2022, respectively, which included $1.1 million for the change in the fair value of the holdback liability for the year ended December 31, 2023. There were no transaction costs incurred for the year ended December 31, 2021.

Other Disclosures

The results of Rewire have been included within the consolidated financial statements since the date of the acquisition. Rewire’s ‘Revenue’ included within the Consolidated Statements of Operations since the acquisition date was $13.4 million for the year ended December 31, 2023. Rewire’s ‘Net Loss’ included within the Consolidated Statements of Operations since the acquisition date was $(42.6) million for the year ended December 31, 2023.

Pro forma financial information has not been presented, as revenue and expenses related to the acquisition did not have a material impact on the Company’s consolidated financial statements. Had Rewire been acquired on January 1, 2022, the Company’s revenue and expenses would not have been materially impacted; however, the Company’s net loss would have increased during 2022. Significant pro forma adjustments include transaction costs and amortization of acquired intangibles, as discussed further above.

Stock-Based Compensation - Narrative (Details)		1 Months Ended	12 Months Ended
Stock-Based Compensation - Narrative (Details)	Mar. 01, 2022 USD ($)	Sep. 30, 2021 USD ($) shares	Dec. 31, 2023 USD ($) period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) \| shares			0
Weighted-average grant date fair value, options granted (in dollars per share) \| $ / shares				$ 6.78	$ 5.22
Aggregate grant-date fair value, options			$ 9,406,000	$ 11,650,000	$ 7,311,000
Intrinsic value of options exercised			69,472,000	43,975,000	72,208,000
Tax benefit, stock-based compensation expense			2,900,000	0	0
Tax benefit, exercise of stock-based awards			$ 2,900,000	$ 0	$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares) \| shares		25,552,736
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Plan modification, incremental cost	$ 3,600,000
Number of purchase periods \| period			4
Purchase period			6 months
Consecutive offering period			24 months
Maximum employee contribution rate			15.00%
ESPP purchase price of common stock, percent of market price			85.00%
Unamortized compensation cost			$ 3,100,000
Unamortized compensation cost, recognition period			1 year 8 months 12 days
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive offering period			27 months
ESPP \| 2021 ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares) \| shares			5,863,655
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved (in shares) \| shares			10,821,542
Performance sares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense, accelerated cost		$ 1,100,000
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value, granted (in dollars per share) \| $ / shares			$ 17.48	$ 10.65	$ 27.16
Weighted-average aggregate grant date fair value, vested			$ 113,024,000	$ 42,317,000	$ 629,000
Vested (in shares) \| shares			9,453,441
Granted (in shares) \| shares			12,799,630
Unamortized compensation cost			$ 302,300,000
Unamortized compensation cost, recognition period			2 years 8 months 12 days

401(k) Defined Contribution Plan	12 Months Ended
401(k) Defined Contribution Plan	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Defined Contribution Plan	401(k) Defined Contribution Plan The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all domestic employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. The Company makes discretionary matching contributions that are funded in the following year. The Company matches 50% of the first 3% of compensation that a participant contributes to the 401(k) plan, up to a maximum of $1,000 per plan year. The Company contributed $0.4 million, $0.3 million, and $0.2 million to the 401(k) plan during the years ended December 31, 2023, 2022, and 2021, respectively, which represents the current period contribution for the prior plan year. The Company may also make discretionary profit-sharing contributions. No profit-sharing contributions were made during the years ended December 31, 2023, 2022 or 2021. As part of the acquisition of Rewire, the Company inherited various employer sponsored contribution savings plans. The Company contributed $2.5 million to these various plans for the year ended December 31, 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Property and Equipment - Schedule of Hosting Arrangements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Implementation cost capitalized, additions	$ 3,339	$ 2,350	$ 1,139
Implementation costs, amortization expense	1,784	794	187
Capitalized cost, net	4,031	2,475
Prepaid expenses and other current assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	2,220	1,289
Other non-current assets
Property, Plant and Equipment [Line Items]
Capitalized cost, net	1,811	1,186
Technology and development
Property, Plant and Equipment [Line Items]
Implementation costs, amortization expense	1,547	616	165
General and administrative
Property, Plant and Equipment [Line Items]
Implementation costs, amortization expense	$ 237	$ 178	$ 22

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Consideration Transferred

The acquisition date fair value of consideration transferred for the acquisition totaled $77.9 million, as follows:


(in thousands)	Amount
Cash paid to selling shareholders	$	56,398
Equity issued to selling shareholders, including replacement of equity awards attributable to pre-combination services	7,216
Holdback liability to be settled in cash and Company equity	11,899
Effective settlement of pre-existing net receivable owed to the Company	2,401
Total consideration transferred	$	77,914

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed based on their acquisition-date fair values:


(in thousands)	Purchase Price Allocation
Cash, cash equivalents, and restricted cash	$	15,465
Disbursement prefunding	6,016
Customer funds receivable, net	3,423
Prepaid expenses and other assets, net	1,187
Intangible Assets
Trade name	1,000
Customer relationships	8,500
Developed technology	12,000
Goodwill	54,940
Customer liabilities	(3,075)
Advance for future deposits	(2,550)
Other assumed indebtedness	(16,234)
Other liabilities, net	(2,758)
Total consideration transferred	$	77,914

Leases - Schedule of Lease Liability Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 6,465
2025	2,673
2026	1,359
2027	745
2028 and thereafter	0
Total lease payments	11,242
Less: Imputed interest	(733)
Present value of operating lease liabilities	$ 10,509

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	December 31,
(in thousands)	2023		2022
Trade settlement liability(1)	$	58,950	$	26,266
Accrued cost of revenue	18,500		15,878
Accrued marketing expense	13,633		11,394
Holdback liability(3)	12,990		—
Accrued salary, benefits, and related taxes(2)	10,251		4,026
Accrued taxes and taxes payable(4)	9,259		8,288
ESPP employee contributions	3,565		1,926
Reserve for transaction losses	3,359		3,762
Other accrued expenses	15,295		16,212
Total	$	145,802	$	87,752

_________________

(3) Refer to Note 6. Business Combinations for further detail on the Holdback liability.

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The components of identifiable intangible assets as of December 31, 2023 were as follows:


(in thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Estimated Remaining Useful Life (in years)
Trade name	$	1,000	$	(333)	$	667	2.0
Customer relationships	8,500		(2,125)		6,375		3.0
Developed technology	12,000		(2,400)		9,600		4.0
Total	$	21,500	$	(4,858)	$	16,642

Schedule of Future Amortization Expense

Expected future intangible asset amortization as of December 31, 2023 was as follows:


(in thousands)	Amount
2024	$	4,858
2025	4,858
2026	4,525
2027	2,401


Total	$	16,642

Stock-Based Compensation - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0.00%	0.00%	0.00%
Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate		0.00%	0.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend rate	0.00%	0.00%	0.00%
Minimum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates		2.86%	0.32%
Expected term			3 years 6 months
Volatility		64.00%	37.80%
Minimum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	4.81%	0.60%	0.06%
Expected term	6 months	6 months	4 months 24 days
Volatility	47.80%	58.30%	37.70%
Maximum \| Stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates			1.19%
Expected term		6 years 1 month 6 days	6 years 9 months 18 days
Volatility			50.50%
Maximum \| ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rates	5.40%	3.48%	0.30%
Expected term	2 years	2 years	1 year 10 months 24 days
Volatility	65.20%	73.00%	56.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal income taxes at statutory rate	21.00%	21.00%	21.00%
State income tax, net of federal benefit	8.71%	4.06%	11.37%
Increase in valuation allowance	(59.69%)	(24.08%)	(66.51%)
Stock-based compensation	16.70%	0.92%	31.08%
U.S. tax on foreign earnings	0.00%	(2.03%)	0.00%
Tax charges from integration of acquired companies	(6.57%)	0.00%	0.00%
Research tax credits	14.98%	0.00%	0.00%
Other	(0.40%)	(0.79%)	0.29%
Effective income tax rate	(5.27%)	(0.92%)	(2.77%)

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 4,858
2025	4,858
2026	4,525
2027	2,401
Net Carrying Amount	$ 16,642	$ 0

Prepaid Expenses & Other Current Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses & Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	December 31,
(in thousands)	2023		2022
Payment card receivable	$	15,599	$	5,558
Prepaid expenses	11,122		10,256
Tax receivable	2,813		970
Employee loans	1,518		2,048

Restricted cash	774		—
Other prepaid expenses and other current assets	1,317		495
Prepaid expenses and other current assets	$	33,143	$	19,327

401(k) Defined Contribution Plan (Details) - USD ($)	12 Months Ended
401(k) Defined Contribution Plan (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Primary Plan
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percent of employer match	50.00%
Employer matching contribution, percent of employees' gross pay	3.00%
Maximum annual employer contributions per employee	$ 1,000
Employer contribution	400,000	$ 300,000	$ 200,000
Inherited Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contribution	2,500,000
Profit-sharing \| Primary Plan
Defined Contribution Plan Disclosure [Line Items]
Employer contributions, profit sharing	$ 0	$ 0	$ 0

Redeemable Convertible Preferred Stock	12 Months Ended
Redeemable Convertible Preferred Stock	Dec. 31, 2023
Temporary Equity Disclosure [Abstract]
Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock Prior to the Company’s IPO, the Company had 127,410,631 shares of redeemable convertible preferred stock outstanding. Upon completion of the IPO, all shares of redeemable convertible preferred stock were automatically converted into an equivalent number of shares of common stock on a one-to-one basis and their carrying value of $390.7 million was reclassified into stockholders’ equity. As of December 31, 2023 and 2022, there were no shares of redeemable convertible preferred stock issued and outstanding. In addition, in connection with the IPO, the Company’s amended and restated certificate of incorporation became effective, which authorized the issuance of 50,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

Restructuring Initiatives

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring Initiatives

In the year ended December 31, 2023, as a result of simplifying and scaling certain processes, functions, and team capabilities, the Company began implementing restructuring initiatives in order to better serve the Company’s customers and allow the Company to grow and scale global operations. Restructuring costs incurred primarily included severance and certain other associated costs. These specific restructuring initiatives were substantially complete by December 31, 2023.

The Company incurred charges of $1.4 million for the year ended December 31, 2023.

The following table presents the restructuring costs included within the Company’s Consolidated Statements of Operations for the year ended December 31, 2023:


(in thousands)	Amount
Customer support and operations	$	749
Technology and development	524
General and administrative	96
Total restructuring costs	$	1,369


(in thousands)	Amount
Balance as of December 31, 2022	$	—
Expenses incurred	1,369
Cash payments	(1,291)
Balance as of December 31, 2023	$	78

Commitment and Contingencies - Schedule of Reserve for Transaction Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingency Accrual [Roll Forward]
Beginning balance	$ 3,762
Ending balance	3,359	$ 3,762
Transaction losses
Loss Contingency Accrual [Roll Forward]
Beginning balance	3,762	3,134	$ 3,250
Provisions for transaction losses	38,553	42,496	29,596
Losses incurred, net of recoveries	(38,956)	(41,868)	(29,712)
Ending balance	$ 3,359	$ 3,762	$ 3,134

Redeemable Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2020 shares
Temporary Equity Disclosure [Abstract]
Preferred stock reclassified into stockholders' equity (in shares)	127,410,631	127,410,631
Conversion ratio	1
Preferred stock reclassified into stockholders' equity \| $	$ 390,700	$ 390,687
Preferred stock, issued (in shares)			0
Preferred stock, outstanding (in shares)		0	0	0	127,082,605
Preferred stock, authorized (in shares)	50,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001

Restructuring Initiatives - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1,369

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The components of loss before provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
United States	$	(74,776)	$	(116,272)	$	(46,241)
Foreign	(37,162)		3,296		8,528
Loss before provision for income taxes	$	(111,938)	$	(112,976)	$	(37,713)

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes were as follows:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Current tax benefit (expense)
Federal	$	—	$	—	$	—
State	(376)		(9)		(257)
Foreign	(6,365)		(2,449)		(1,650)
Total current tax expense	(6,741)		(2,458)		(1,907)
Deferred tax benefit (expense)
Federal	—		—		—
State	—		—		—
Foreign	839		1,415		864
Total deferred tax benefit	839		1,415		864
Provision for income taxes	$	(5,902)	$	(1,043)	$	(1,043)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:


	Years Ended December 31,
	2023	2022	2021
Federal income taxes at statutory rate	21.00 %	21.00 %	21.00 %
State income tax, net of federal benefit	8.71	4.06	11.37
Increase in valuation allowance	(59.69)	(24.08)	(66.51)
Stock-based compensation	16.70	0.92	31.08
U.S. tax on foreign earnings	—	(2.03)	—
Tax charges from integration of acquired companies	(6.57)	—	—
Research tax credits	14.98	—	—
Other	(0.40)	(0.79)	0.29
Effective income tax rate	(5.27) %	(0.92) %	(2.77) %

Schedule of Deferred Tax Assets and Liabilities

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:


	As of December 31,
(in thousands)	2023		2022
Deferred tax assets
Net operating loss carryforwards	$	58,901	$	58,798
Accrued expenses	4,326		2,270
Stock-based compensation	15,623		13,508
Operating lease liabilities	1,041		1,156
Capitalized research costs	69,279		28,605
Intangible assets	10,846		—
Research tax credits	17,341		—
Other	2,748		2,442
Gross deferred tax assets	180,105		106,779

Deferred tax liabilities
Fixed assets and intangible assets	(1,321)		(311)
Operating lease right-of-use assets	(756)		(1,076)
Other	—		(1,720)
Gross deferred tax liabilities	(2,077)		(3,107)

Valuation allowance(1)	(174,863)		(101,446)
Net deferred tax assets(2)	$	3,165	$	2,226

_________________

(1) The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold.

(2) The net deferred tax asset as of December 31, 2023 and 2022 was recorded within ‘Other noncurrent assets, net’ on the Company’s Consolidated Balance Sheets.

Summary of Valuation Allowance

The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2023, 2022, and 2021, respectively:


	Years Ended December 31,
(in thousands)	2023		2022		2021

Balance at the beginning of the period	$	101,446	$	74,244	$	49,159

Charged to net income	67,030		27,202		25,085
Charged to other accounts	6,387		—		—


Balance at the end of the period	$	174,863	$	101,446	$	74,244

Schedule of Unrecognized Tax Benefits Roll Forward

The following represents the changes in the Company’s unrecognized income tax benefits for the years ended December 31, 2023, 2022, and 2021, respectively:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Balance at the beginning of the period	$	—	$	—	$	—
Increases related to tax positions taken during the current year	11,438		—		—
Increases related to tax positions taken during prior years	4,140		—		—
Balance at the end of the period	$	15,578	$	—	$	—

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding financial reporting.

Principles of Consolidation

The consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Reclassification

These consolidated financial statements and notes have been prepared consistently, with the exception of the reclassification of certain prior year amounts within the Company’s Consolidated Statements of Cash Flows. Beginning in the year ended December 31, 2023, the Company changed the presentation of shares purchased under the ESPP to reflect an operating cash outflow for compensation paid to employees and a financing cash inflow for cash paid by employees in exchange for shares. Previously such activity was treated and disclosed as noncash activity in the amount of $3.5 million for the year ended December 31, 2022. There were no shares purchased under the ESPP for the year ended December 31, 2021. The Company has conformed the prior period statement of cash flows to the current period presentation to enhance transparency and provide comparability.

Out-of-Period Adjustment

The consolidated financial statements include an adjustment of $4.4 million to stock-based compensation expense and additional paid-in capital, to correct for an error identified by management during the preparation of the financial statements for the three months ended June 30, 2022. This adjustment is to reflect the straight-lining of expense over the full service period for graded-vested stock-based compensation awards under Accounting Standards Codification (“ASC”) 718, Compensation - Stock Compensation, and relates to annual fiscal periods prior to 2022. Management has determined that this error was not material to the historical financial statements in any individual period or in the aggregate and did not result in the previously issued financial statements being materially misstated. Additionally, although the impact to the three months ended June 30, 2022 was considered material, the impact to full year 2022 results was not material. As such, management recorded the correction as an out-of-period adjustment in the three months ended June 30, 2022. Substantially all of the cumulative adjustment was related to stock-based compensation for personnel who support the Company’s general and administrative functions and was recorded to ‘General and administrative expenses’ within the Consolidated Statements of Operations.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed within the consolidated financial statements and accompanying notes. These estimates and assumptions include, but are not limited to, revenue recognition including the treatment of sales incentive programs, reserves for transaction losses, stock-based compensation expense, the carrying value of operating lease right-of-use assets, the recoverability of deferred tax assets, capitalization of software development costs, goodwill, and the recoverability of intangible assets. The key assumptions applied for value of the intangible assets include revenue growth rates for a hypothetical market participant, selected discount rates, as well as migration curves for developed technology. The Company bases its estimates on historical experience and on assumptions that management considers reasonable. Actual results could differ from these estimates and assumptions, and these differences could be material to the consolidated financial statements.

Cash and Cash Equivalents

The Company holds its cash and cash equivalents with financial institutions throughout the world, which management assesses to be of high credit quality. The Company considers all highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents, so long as the Company has legal title to such amounts held in these accounts. Amounts that are held in accounts for which the Company does not have legal title to are recorded separately on the Consolidated Balance Sheets, typically as disbursement prefunding balances. Cash and cash equivalents consist of cash on hand and various deposit accounts.

Restricted Cash

The Company has relationships with certain payment processors that are responsible for processing the Company’s incoming customer payments. These processors require the Company to maintain certain restricted cash balances as collateral throughout the term of the processor arrangement. In addition, the Company may be required to maintain restricted cash as a result of other contractual arrangements with vendors and partners. Restricted cash is classified within ‘Prepaid expenses and other current assets’ and ‘Other noncurrent assets, net’ on the Consolidated Balance Sheets, based on its contractual terms. Prior year amounts have been reclassified on the Consolidated Balance Sheets to conform to the current year presentation.

Disbursement Prefunding

The Company maintains relationships with disbursement partners in various countries. These partners are responsible for disbursing funds to recipients. The Company may maintain prefunding balances with these disbursement partners so that they are able to fulfill customer requests. The Company is exposed to the risk of loss in the event the Company’s disbursement partners fail, for any reason, to disburse funds to recipients according to the Company’s instructions. However, historical losses for the disbursement funding accounts have been immaterial.

The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted.

Customer Funds Receivable

When customers fund their transactions using credit cards or debit cards, there is a clearing period before the cash is received by the Company from the payment processors of usually one business day. Similarly, when customers provide bank information and authorization for the Company to receive funds via electronic funds transfer, the transactions are submitted via batch and received in cash usually in one to three business days. These card and electronic funds are treated as a receivable from the bank until the cash is received by the Company. Included in customer funds receivable are amounts due from customers from the Company’s business-to-business remittance services. The Company evaluates the collectability of its customer funds receivable on a number of factors, including historical losses, aging, payment processor risks, and forecasted losses. At December 31, 2023 and 2022, the Company’s reserve recorded for uncollectible customer funds receivable was immaterial. The Reserve for Transaction Losses, which includes fraud losses, is further discussed in Note 18. Commitments and Contingencies.

Foreign Currency Translation

The functional currencies of the Company’s international subsidiaries include, but are not limited to, the Canadian dollar, Euro, and British pound. The functional currency of the Company’s international subsidiaries including, but not limited to, Poland, Nicaragua, and Israel is the U.S. dollar. The results of operations for the Company’s international subsidiaries, with functional currencies other than the U.S. dollar, are translated from the local currency into U.S. dollars using the average exchange rates during each period. All assets and liabilities are translated using exchange rates at the end of each period. All equity transactions and certain assets are translated using historical rates. The consolidated financial statements are presented in U.S. dollars.

Goodwill

Goodwill represents the excess of the purchase price over the acquisition date fair value of net assets, including the amount assigned to identifiable intangible assets, acquired in a business combination. The Company evaluates goodwill for impairment annually on October 31 and whenever events or circumstances make it more likely than not that impairment may have occurred. The Company has the option to first assess qualitative factors to determine whether events or circumstances indicate it is more likely than not that the fair value of a reporting unit is greater than its carrying amount. The Company considers factors in performing a qualitative assessment, including, but not limited to, general macroeconomic conditions, industry and market conditions, company financial performance, changes in strategy, and other relevant entity-specific events. If the Company elects to bypass the qualitative assessment or does not pass the qualitative assessment, a quantitative assessment is performed. The quantitative assessment compares the carrying value to the fair value of goodwill, with the difference representing an impairment loss. Based on the results of qualitative assessment performed, the Company did not recognize any impairment losses on its goodwill during the periods presented herein.

Intangible Assets

Intangible assets with finite lives primarily consist of developed technology, customer relationships, and trade names acquired through business combinations or asset acquisitions. Intangible assets acquired through business combinations are recorded at their respective estimated acquisition date fair value and amortized over their estimated useful lives. Other intangible assets acquired through asset acquisitions are recorded at their respective cost. Intangible assets are amortized using a method that reflects the pattern in which the economic benefits of the intangible asset are expected to be realized over their estimated useful lives, or straight lined if not materially different.

Long-Lived Assets

The Company assesses potential impairments to its long-lived assets when events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If any indicators of impairment are present, the Company tests recoverability. The carrying value of a long-lived asset or asset group is not recoverable if the carrying value exceeds the sum of the estimated undiscounted future cash flows expected to be generated from the use and eventual disposition of the asset or asset group. If the estimated undiscounted future cash flows do not exceed the asset or asset group’s carrying amount, then an impairment loss is recorded, measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its estimated fair value. During the years ended December 31, 2023, 2022, and 2021, no material impairment of long-lived assets was recorded.

Customer Liabilities

The Company recognizes transactions processed from customers but not yet disbursed to recipients as ‘Customer liabilities’ on the accompanying Consolidated Balance Sheets. Customer liabilities are typically funds in-transit and the duration is typically one to two days. The Reserve for Transaction Losses, which includes disbursement losses, is further discussed in Note 18. Commitments and Contingencies.

Fair Value of Financial Instruments

The Company establishes the fair value of its certain assets and liabilities using the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which to transact and the market-based risk. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value within the consolidated financial statements on a recurring basis. The carrying values of cash equivalents, disbursement prefunding, customer funds receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities, and customer liabilities approximate their respective fair values due to their relative short maturities.

Fair value principles require disclosures regarding the manner in which fair value is determined for assets and liabilities and establishes a three-tiered fair value hierarchy into which these assets and liabilities must be grouped, based upon significant levels of inputs as follows:

Level 1Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments.

Level 3Inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents, disbursement prefunding, restricted cash, and customer funds receivable. The Company maintains cash and cash equivalents and restricted cash balances that may exceed the insured limits by the Federal Deposit Insurance Corporation. In addition, the Company funds its international operations using accounts with institutions in the major countries where its subsidiaries operate. The Company also prefunds amounts which are held by its disbursement partners, which are typically located in India, Mexico, and the Philippines. The Company has not experienced any significant losses on its deposits of cash and cash equivalents, disbursement prefunding, restricted cash, or customer funds receivable in the years ended December 31, 2023, 2022, and 2021.

For the years ended December 31, 2023, 2022, and 2021, no individual customer represented 10% or more of the Company’s total revenues or the Company’s customer funds receivable.

Property and Equipment, Net

Property and equipment is stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included within the Consolidated Statements of Operations in the period of disposition. Maintenance and repairs that do not improve or extend the lives of the respective assets are charged to expense in the period incurred.

Leases

A lease is defined as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. The Company adopted ASU No. 2016-02 “Leases - Topic 842” (“ASC 842”) and all subsequent ASUs that modified ASC 842 on January 1, 2020 and elected to apply the guidance to the comparative period. The Company’s lease commitments consist primarily of real estate property under various noncancellable operating leases that expire between 2024 and 2027. The majority of the leases contain renewal options and provisions for increases in rental rates based on a predetermined schedule or an agreed upon index. If, at lease inception, the Company considers the exercise of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability.

The Company determines if an arrangement is or contains a lease at inception by evaluating various factors, including if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and other facts and circumstances. Lease classification is determined at the lease commencement date.

ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. The lease liability is recognized at the commencement date based on the present value of lease payments over the lease term. The ROU asset is initially measured at cost, which is based on the lease liability adjusted for lease prepayments, plus any initial direct costs incurred less any lease incentives received. As the rate implicit in most of its leases is not readily determinable, the Company generally uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company utilized certain practical expedients and policy elections available under the lease accounting standard. The Company has elected to combine lease and non-lease components as a single lease component for its real estate leases. The Company also elected not to recognize ROU assets and lease liabilities on its Consolidated Balance Sheets for leases that have a lease term of 12 months or less. The Company recognizes lease payments associated with its short-term leases as an expense on a straight-line basis over the lease term.

Lease expense for operating leases is recognized on a straight-line basis over the lease term, which is the noncancellable term adjusted for any renewal and termination options that are considered reasonably certain. Operating leases are included in ‘Operating lease right-of-use assets,’ ‘Operating lease liabilities,’ and ‘Operating lease liabilities, noncurrent’ on the Consolidated Balance Sheets.

During the years ended December 31, 2023, 2022, and 2021, the Company did not have any material finance leases.

Business Combinations and Asset Acquisitions

The Company evaluates acquisitions to determine if they meet the definition of a business. If the acquisition does meet the definition of a business, it is accounted for as a business combination. For a business combination, assets acquired and liabilities assumed are generally recorded at their fair value at the date of acquisition. Any excess of the fair value of consideration transferred for the business, over the fair values of the identifiable assets acquired and liabilities assumed, is recognized as goodwill.

Acquisitions that do not meet the criteria to be accounted for as a business combination are accounted for as an asset acquisition. In an asset acquisition, the cost of the acquisition, including transaction costs, is allocated to the acquired assets and assumed liabilities based upon their relative fair values as of the acquisition date, and no goodwill is recognized.

Transaction costs related to business combinations are expensed as incurred and are included in ‘General and administrative expenses’ within the Consolidated Statements of Operations. Transaction costs primarily include external legal, accounting, valuation, and due diligence costs, as well as advisory and other professional services fees necessary to integrate acquired businesses. Refer to Note 6. Business Combinations for detail on transaction costs for the year.

Trade Settlement Liabilities

The Company’s trade settlement liability represents the total of disbursement postfunding liabilities and book overdrafts owed to its disbursement partners. Disbursement postfunding liabilities are created when the sum of customer transactions related to a specific account held with a disbursement partner are in excess of funds on deposit for the respective account. Book overdrafts are created when the sum of outstanding disbursements related to a bank account or series of accounts to which the Company has legal title are in excess of funds on deposit. Disbursement postfunding liabilities and book overdrafts are included within ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. See Note 19. Accrued Expenses & Other Current Liabilities for the disbursement postfunding liabilities and book overdrafts balances. The Company’s policy is to report the change in disbursement postfunding liabilities and book overdrafts as an operating activity in the Consolidated Statements of Cash Flows based on the underlying nature of the transactions.

Revenue Recognition

See Note 3. Revenue for information related to the Company’s revenue recognition policy.

Sales Incentives

The Company provides sales incentives to customers in a variety of forms, including promotions, discounts, and other sales incentives. Evaluating whether a sales incentive is a payment to a customer requires judgment. Sales incentives determined to be consideration payable to a customer or paid on behalf of a customer are accounted for as reductions to revenue, up to the point where net historical cumulative revenue, at the customer level, is reduced to zero. Those additional incentive costs that would have caused the customer level revenue to be negative are classified as advertising expenses and are included as a component of ‘Marketing expenses’ within the Consolidated Statements of Operations. In addition, referral credits given to a referrer are classified as ‘Marketing expenses,’ as these incentives are paid in exchange of a distinct service.

Transaction Expenses

Transaction expenses include fees paid to disbursement partners for paying funds to the recipient, provisions for transaction losses and fees paid to payment processors for funding transactions. Transaction expenses also include credit losses, chargebacks, fraud prevention, fraud management tools and compliance tools. See Note 18. Commitments and Contingencies for a rollforward of the Company’s reserve for transaction losses for the years ended December 31, 2023, 2022, and 2021.

Provisions for Transaction Losses

The Company is exposed to transaction losses including chargebacks, unauthorized credit card use, fraud associated with customer transactions, and other non-fraud related losses. The Company establishes reserves for such losses based on historical trends and any specific risks identified in processing customer transactions. This reserve is included in ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. The provision for transaction losses is included as a component of ‘Transaction expenses’ within the Consolidated Statements of Operations.

Customer Support and Operations

Customer support and operations expenses consist primarily of personnel-related expenses associated with the Company’s customer support and operations organization, including salaries, benefits, and stock-based compensation, as well as third-party costs for customer support services, and travel and related office expenses. This includes the Company’s customer service teams which directly support the Company’s customers, consisting of online support and call centers, and other costs incurred to support the Company’s customers, including related telephony costs to support these teams, customer protection and risk teams, and investments in tools to effectively service the Company’s customers, and increased customer self-service capabilities. Customer support and operations expenses also include corporate communication costs and professional services fees.

Marketing

Marketing expenses consist primarily of advertising costs used to attract new customers, including branding-related expenses. Marketing expenses also include personnel-related expenses associated with the Company’s marketing organization, including salaries, benefits, and stock-based compensation, promotions, costs for software subscription services dedicated for use by the Company’s marketing organization, and outside services contracted for marketing purposes.

Advertising

Advertising expenses are charged to operations as incurred and are included as a component of ‘Marketing expenses’ within the Consolidated Statements of Operations. Advertising expenses are used primarily to attract new customers. Advertising expenses totaled $181.3 million, $139.3 million and $102.9 million during the years ended December 31, 2023, 2022, and 2021, respectively.

Technology and Development

Technology and development expenses consist primarily of personnel-related expenses for employees involved in the research, design, development and maintenance of both new and existing products and services, including salaries, benefits and stock-based compensation. Technology and development expenses also include professional services fees and costs for software subscription services dedicated for use by the Company’s technology and development teams, as well as other company wide technology tools. Technology and development expenses also include product and engineering teams used to support the development of both internal infrastructure and internal-use software, to the extent such costs do not qualify for capitalization. Technology and development costs are generally expensed as incurred and do not include software development costs which qualify for capitalization as internal-use software. The amortization of internal-use software costs which were capitalized in accordance with ASC 350-40, Intangibles - Goodwill and Other-Internal-Use Software, are separately presented under the caption ‘Depreciation and amortization’ within the Consolidated Statements of Operations.

General and Administrative

General and administrative expenses consist primarily of personnel-related expenses for the Company’s finance, legal, corporate development, human resources, facilities, administrative personnel, and other leadership functions, including salaries, benefits and stock-based compensation expense. General and administrative expenses also include professional services fees, software subscriptions, facilities, indirect taxes, and other corporate expenses, including acquisition and integration expenses. Such expenses primarily include external legal, accounting, valuation, and due diligence costs, advisory and other professional services fees necessary to integrate acquired businesses.

Capitalized Internal-Use Software Costs

The Company accounts for software development costs incurred in connection with its internal-use software in accordance with ASC 350-40, Intangibles - Goodwill and Other-Internal-Use Software. Costs incurred in the preliminary stages of development are expensed as incurred. Once an app has reached the development stage, internal and external costs, if direct and incremental, are capitalized until the software is substantially complete and ready for its intended use.

Internal-use software is amortized on a straight-line basis over its estimated useful life, generally three years. Management evaluates the useful lives of these assets on an annual basis and tests for impairment whenever events or changes in circumstances occur that could impact the recoverability of these assets.

Capitalized Cloud Computing Arrangements

The Company incurs costs to implement cloud computing arrangements that are hosted by a third-party vendor. The Company adopted this new standard prospectively during the fiscal year ended December 31, 2021. For cloud computing arrangements that meet the definition of a service contract, the Company capitalizes implementation costs incurred during the application development stage as a prepaid expense or other noncurrent asset and amortizes the costs on a straight-line basis over the term of the associated hosting arrangement and recognized as an operating expense within the Consolidated Statements of Operations. The classification of the expense is determined based on the nature of the hosting arrangement to which the implementation costs relate. Costs related to data conversion, training and other maintenance activities are expensed as incurred. Implementation costs for cloud computing arrangements that meet the definition of a software license are accounted for consistent with software developed or obtained for internal use as detailed further above.

Segment and Geographic Information

The Company determines operating segments based on how its chief operating decision maker (“CODM”) manages the business, makes operating decisions around the allocation of resources, and evaluates operating performance. The Company’s CODM is its Chief Executive Officer, who reviews the Company’s operating results on a consolidated basis. The Company operates as one segment. Based on the information provided to and reviewed by the Company’s CODM, the Company believes that the nature, amount, timing, and uncertainty of its revenue and how it is affected by economic factors are most appropriately depicted through the Company’s primary geographical locations. Revenues recorded by the Company are substantially all from the Company’s single performance obligation which are earned from similar services for which the nature of associated fees and the related revenue recognition models are substantially the same. See Note 3. Revenue and Note 5. Property and Equipment for information related to the Company’s geographic information for revenue and long-lived assets, respectively.

Net Loss Per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is computed using the two-class method required for participating securities. Prior to the automatic conversion of all of its redeemable convertible preferred stock outstanding into common stock upon the completion of the IPO, the Company considered all series of the Company’s redeemable convertible preferred stock and early exercised stock options to be participating securities, as the holders of such stock have the right to receive dividends on a pari passu basis in the event that a dividend is declared on the common stock. Upon completion of the IPO, all of the Company’s redeemable convertible preferred stock was converted to common stock. After the IPO, the Company’s early exercised stock options continue to be participating in nature.

Under the two-class method, basic net loss per share is computed by dividing net loss adjusted to include deemed dividends on redeemable convertible preferred stock by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shares by the weighted-average number of common shares determined for the basic earnings per share plus the dilutive effect of stock options, restricted stock units (“RSUs”), warrants and redeemable convertible preferred stock. As the Company had losses for the years ended December 31, 2023, 2022, and 2021 all potentially dilutive securities are anti-dilutive, and accordingly, basic net loss per share equaled diluted net loss per share.

Stock-Based Compensation

Equity Incentive Plans and Employee Stock Purchase Plans

The Company grants equity awards under its equity incentive plans, as well as its employee stock purchase plan.

Equity Plans

In 2011, the Company adopted the Equity Incentive Plan (as amended, the “2011 Plan”), which provided for the issuance of up to 43,899,677 incentive stock options, nonqualified stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors, officers, and consultants of the Company.

In September 2021, the Company adopted the Remitly Global, Inc. 2021 Equity Incentive Plan (as amended, the “2021 Plan,” and together with the 2011 Plan, the “Plan”) as a successor to the 2011 Plan. The 2021 Plan authorizes the issuance of incentive stock options, nonqualified stock options, restricted common stock, stock appreciation rights, RSUs, and performance and stock bonus awards. Pursuant to the 2021 Plan, incentive stock options may be granted only to Company employees. The Company may grant all other types of awards to its employees, directors, and consultants. The 2021 Plan is administered by the Company’s board of directors, which determines the terms of the grants, including exercise price, number of equity awards granted, and vesting schedule. The 2021 Plan provided for the initial issuance of up to 25,000,000 shares of common stock, plus any reserved shares not issued or subject to outstanding grants under the 2011 Plan, which was 552,736 on the effective date of the 2021 Plan, for a total of 25,552,736 shares initially reserved for issuance under the 2021 Plan. Beginning in January 2022, the number of shares reserved for issuance under the 2021 Plan will increase automatically on January 1 of each year through 2031 by the number of shares equal to 5% of the aggregate number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by the Company’s talent and compensation committee, or by the Company’s board of directors acting in place of the talent and compensation committee.

In addition, in September 2021, the Company adopted the Remitly Global, Inc. 2021 ESPP (the “ESPP”) to enable eligible employees to purchase shares of common stock with accumulated payroll deductions at a discount. The ESPP provided for the initial issuance of up to 3,500,000 shares of common stock. Beginning in January 2022, the number of shares reserved for issuance and sale under the ESPP will increase automatically on January 1 of each year through 2031 by the number of shares equal to 1% of the aggregate number of outstanding shares of all classes of common stock as of the immediately preceding December 31, or a lesser number as may be determined by the Company’s talent and compensation committee, or by the Company’s board of directors acting in place of the talent and compensation committee. Subject to stock splits, recapitalizations, or similar events, no more than 35,000,000 shares of common stock may be issued over the term of the ESPP. The ESPP is intended to qualify under Section 423 of the Code, provided that the administrator may adopt sub-plans under the ESPP designed to be outside of the scope of Section 423 for participants who are non-U.S. residents.

Fair Value Assumptions

The Company measures stock-based compensation expense for both stock options granted under its equity incentive plans, and purchase rights issued under its ESPP, by calculating the estimated fair value of each employee and nonemployee award at the grant date or modification date by applying the Black-Scholes option pricing model (the “model”). The model utilizes the fair market value of the Company’s common stock at the measurement date, the expected or contractual term of the option, the expected stock price volatility, risk-free interest rate, and expected dividend yield of the common stock. Stock-based compensation for restricted stock units are measured based on the fair market value of the Company’s common stock on the date of grant.

Prior to the completion of the IPO, the Company’s board of directors considered numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards were approved. The factors considered included, but were not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock; (ii) the prices, rights, preferences, and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock; (iii) the lack of marketability of the Company’s common stock; (iv) actual operating and financial results; (v) current business conditions and projections; (vi) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; and (vii) precedent transactions involving the Company’s shares. After the completion of the IPO, the fair value of the Company’s common stock is determined by the closing price, on the date of grant, of its common stock, which is traded on the NASDAQ.

Expected term. The Company calculates the expected term based on the average period the options are expected to remain outstanding using the simplified method, generally calculated as the midpoint of the requisite service period and the contractual term of the award.

Expected volatility. The Company bases its estimate of expected volatility on the historical volatility of our common stock as well as the historical volatility of comparable companies from a representative peer group selected based on industry, financial, and market capitalization data.

Risk-free interest rate. The risk-free interest rate used in the model is based on the implied yield currently available in the U.S. Treasury securities at maturity with an equivalent term.

Expected dividend yield. The Company’s expected dividend yield is zero as it has not declared nor paid any dividends during the years ended December 31, 2023, 2022, and 2021 and does not currently expect to do so in the future.

Stock-based Compensation Expense Recognition

Stock-based compensation expense is generally recognized on a straight-line basis over the requisite service period, which is typically the vesting period of the respective award; however, in some instances, the vesting percentages differ throughout the service period. In all instances, the amount of compensation cost recognized at any date is at least equal to the portion of the grant-date value of the award that is legally vested (i.e., the “floor” pursuant to ASC 718). Forfeitures are recognized in the period in which they occur.

Stock Options

Stock options granted under the Plan generally vest over a period from two years to four years from the vesting commencement date on a monthly basis with or without a one-year cliff or, for nonemployees, ratably on a monthly basis over a shorter period, depending upon anticipated duration of services. Other vesting terms are determined by the Company’s board of directors. All options granted under the Plan are exercisable for up to ten years from the grant date, subject to vesting. In the event of termination of service, options will generally remain exercisable, to the extent vested, for three months following the termination of service.

The Company’s 2011 and 2021 equity plans allow for early exercise of employee stock options whereby the option holder is allowed to exercise prior to vesting. The consideration received for an early exercise of an option is considered to be a deposit of the exercise price, and the related dollar amount is recorded as a liability and reflected in ‘Accrued expenses and other current liabilities’ on the Consolidated Balance Sheets. This liability is reclassified to additional paid-in capital as the awards vest. Any unvested shares are subject to repurchase by the Company at their original exercise price.

Restricted Stock Units

Prior to the IPO, the Company granted performance-based RSUs (“PRSUs”) to employees and directors that contained both service-based and performance-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The performance-based vesting condition is satisfied on the earlier of (i) the effective date of a registration statement of the Company filed under the Securities Act for the sale of the Company’s common stock or (ii) immediately prior to the closing of a change in control of the Company. Both events were not deemed probable until consummated, and therefore, stock-based compensation expense related to these PRSUs remained unrecognized prior to the effectiveness of the IPO. Upon the effectiveness of the IPO, the performance-based vesting condition was satisfied, and therefore, the Company recognized cumulative stock-based compensation expense of $1.1 million, using the accelerated attribution method for the portion of the awards for which the service-based vesting condition has been fully or partially satisfied. The remaining grant-date fair value of these PRSUs is being recognized over the remaining requisite service period.

Beginning in August 2021, the Company began granting RSUs to employees and directors with service-based vesting conditions. The service-based vesting condition for these awards is typically satisfied over four years with a cliff vesting period of one year and continued vesting quarterly thereafter. The grant-date fair value of these RSUs will be recognized over the requisite service period.

Employee Stock Purchase Plan (as amended, the“ESPP”)

The ESPP provides for offering periods during which eligible employees can participate in the ESPP and be granted the right to purchase shares. Except for the first offering period, which commenced on September 22, 2021, offering periods shall commence on each subsequent March 1 and September 1, with each offering period consisting of four six-month purchase periods, for a total of a 24-month offering period. No offering periods may last longer than 27 months. The grant date for accounting purposes is generally the first date of each offering period and expense is recognized over the requisite service period, which is considered to be the 24-month offering period.

Eligible employees can contribute up to 15% of their eligible compensation, subject to limitation as provided for in the ESPP, and purchase the common stock at a purchase price per share equal to 85% of the lesser of the fair market value of the common stock on (i) the offering date, which is defined as the first business day of the offering period, or (ii) the purchase date, which is the final business day of the purchase period.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included within the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the consolidated financial statements and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that these assets are believed more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations.

Tax benefits for uncertain tax positions are based upon management’s evaluation of the information available at the reporting date. The Company recognizes and measures uncertain tax positions in accordance with GAAP, pursuant to which it only recognizes the tax benefit from an uncertain tax position if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The benefit for positions meeting the recognition threshold is measured as the largest benefit more likely than not of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The Company’s policy is to recognize interest and penalties related to income taxes as a component of provision for income taxes.

Severance and Other Related Expenses

The Company records severance-related expenses based on the applicable accounting guidance and whether the severance relates to an ongoing benefit arrangement or relates to a one-time involuntary benefit arrangement. Ongoing benefit arrangements, including statutorily required notice periods, are recorded when both probable of being paid and estimable. One-time involuntary benefit arrangements and other associated costs are generally recognized when a liability is incurred. The Company also evaluates whether these costs are associated with restructuring activities. Severance costs are expensed within the appropriate Costs and expenses component within our Consolidated Statements of Operations and associated accruals are recorded within ‘Accrued expenses and other liabilities.’

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”). ASU 2021-08 will require companies to apply the definition of a performance obligation under ASU 2014-09, “Revenue from contracts with customers” (“Topic 606”) to recognize and measure contract assets and contract liabilities relating to contracts with customers that are acquired in a business combination. Under current GAAP, an acquirer generally recognizes assets acquired and liabilities assumed in a business combination, including contract assets and contract liabilities arising from revenue contracts with customers, at fair value on the acquisition date. ASU 2021-08 results in the acquirer recording acquired contract assets and liabilities on the same basis that would have been recorded by the acquiree before the acquisition under Topic 606. ASU 2021-08 was adopted on a prospective basis, effective January 1, 2023. The Company assessed the impact of the guidance to its consolidated financial statements for the year ended December 31, 2023 and concluded that the standard did not have a material impact on its financial statements.

Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the potential impact of adopting this new guidance to its consolidated financial statements and related disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance to its consolidated financial statements and related disclosures.

There are other new accounting pronouncements issued by the FASB that the Company has adopted or will adopt, as applicable. The Company does not believe any of these accounting pronouncements have had, or will have, a material impact on the consolidated financial statements or disclosures.

Revenue - Sales Incentives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Sales incentives	$ 51,558	$ 42,434	$ 30,149
Revenue
Disaggregation of Revenue [Line Items]
Sales incentives	32,584	24,796	18,135
Sales and marketing expense
Disaggregation of Revenue [Line Items]
Sales incentives	$ 18,974	$ 17,638	$ 12,014

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Property and Equipment

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Property and equipment, net consisted of the following as of December 31, 2023 and 2022:


	December 31,
(in thousands)	2023		2022
Capitalized internal-use software	$	23,195	$	14,072
Computer and office equipment	8,529		6,177
Furniture and fixtures	2,636		2,056
Leasehold improvements	8,080		7,036
Projects in process	—		722
Total gross property and equipment	42,440		30,063
Less: Accumulated depreciation and amortization	(26,430)		(18,517)
Property and equipment, net	$	16,010	$	11,546

The following table presents the Company’s capitalized internal-use software, including amortization expense recognized, for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Total capitalized internal-use software costs(1)	$	9,379	$	5,203	$	2,852
Stock-based compensation costs capitalized to internal-use software	3,132		1,821		—
Amortization expense(2)	4,529		3,332		2,480

_________

(1) Amounts are inclusive of stock-based compensation costs capitalized denoted below.

(2) Amounts are included within ‘Depreciation and amortization’ within the Company’s Consolidated Statements of Operations.

Business Combinations - Narrative (Details)			12 Months Ended
Business Combinations - Narrative (Details)	Jun. 30, 2023 USD ($)	Jan. 05, 2023 USD ($) shares	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Holdback liability to be settled in cash and Company equity			$ 11,899,000	$ 0	$ 0
Holdback liability, change in fair value			1,100,000
Holdback liability			$ 12,990,000	0
Number of operating segments \| segment			1
Acquisition related costs			$ 2,100,000	$ 3,800,000	$ 0
Revenue of acquiree since acquisition date			13,400,000
Loss of acquiree since acquisition date			$ 42,600,000
Rewire
Business Acquisition [Line Items]
Business acquisition, consideration		$ 77,914,000
Equity issued (in shares) \| shares		694,918
Pre-combination expense, equity issued		$ 7,216,000
Number of shares held back \| shares		133,309
Holdback liability to be settled in cash and Company equity		$ 11,899,000
Hold back period		15 months
Amount held back, cash	$ 10,400,000	$ 10,400,000
Amount held back, equity		1,500,000
Effective settlement of pre-existing net receivable owed to the Company		$ 2,401,000
Rewire \| Service-based vesting
Business Acquisition [Line Items]
Equity issued (in shares) \| shares		104,080
Equity issued, vesting period		2 years
Pre-combination expense, equity issued		$ 600,000
Post-combination acquisition costs		900,000
Rewire \| Disbursement prefunding
Business Acquisition [Line Items]
Acquired receivables		6,016,000
Rewire \| Customer funds receivable, net
Business Acquisition [Line Items]
Acquired receivables		$ 3,423,000

Income Taxes - Summary of Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Asset, Valuation Allowance [Roll Forward]
Balance at the beginning of the period	$ 101,446	$ 74,244	$ 49,159
Charged to net income	67,030	27,202	25,085
Charged to other accounts	6,387	0	0
Balance at the end of the period	$ 174,863	$ 101,446	$ 74,244

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2023
Equity [Abstract]
Common Stock	Common Stock As of December 31, 2023, the Company has authorized 725,000,000 shares of common stock with a par value of $0.0001 per share. Each holder of a share of common stock is entitled to one vote for each share held at all meetings of stockholders and is entitled to receive dividends whenever funds are legally available and when declared by the Company’s board of directors. No dividends have been declared or paid by the Company during the years ended December 31, 2023, 2022, and 2021. Donation to Remitly Philanthropy Fund In July 2021, the Company’s board of directors approved the reservation of up to 1,819,609 shares of common stock (which was approximately 1.0% of the fully diluted capitalization as of June 30, 2021) that the Company may issue to or for the benefit of a 501(c)(3) nonprofit foundation or a similar charitable organization pursuant to the Company’s Pledge 1% commitment in installments over ten years. On September 10, 2021, the Company executed the stock donation agreement, pursuant to which it issued the first installment of the Pledge 1% commitment to Remitly Philanthropy Fund, a donor advised fund administered on the Company’s behalf by Rockefeller Philanthropy Advisors, Inc., on the day after consummation of the IPO. The Company donated 181,961 shares of its common stock to Remitly Philanthropy Fund on September 20, 2023, September 28, 2022, and September 28, 2021, pursuant to the stock donation agreement, and in connection with the Pledge 1% commitment, which publicly acknowledges the Company’s intent to give back and increase social impact, in order to sustainably fund a portion of its corporate social responsibility goals and further its mission to expand financial inclusion for immigrants. For the years ended December 31, 2023, 2022, and 2021, the Company recorded a charge of $4.6 million, $2.0 million, and $6.9 million, respectively, to ‘General and administrative expenses’ within the Consolidated Statements of Operations based on the closing price of its common stock as reported on the Nasdaq Global Select Market (the “NASDAQ”) on September 20, 2023, September 28, 2022, and September 28, 2021, respectively. Warrants In connection with a previous Credit Agreement, the Company issued stock warrants to purchase shares of common stock with terms of ten years, exercisable at any time, and exercise prices ranging from $0.054 to $0.64 per share, subject to standard anti-dilution adjustments. The warrants were recorded as additional paid-in capital and capitalized as debt issuance costs on the Consolidated Balance Sheets. On September 24, 2021, the holders of these stock warrants provided a notice of exercise and on September 30, 2021, warrants to purchase 256,250 shares of common stock were exercised in a cashless exercise, pursuant to the terms of the original warrant agreement, resulting in the issuance of 254,014 shares. There were no warrants outstanding as of December 31, 2023 and 2022.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

Principles of Consolidation

The consolidated financial statements include the accounts of Remitly Global, Inc. and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Reclassification

Use of Estimates

Cash and Cash Equivalents

Restricted Cash

Disbursement Prefunding

The Company does not earn interest on these balances. The balances are not compensating balances and are not legally restricted.

Customer Funds Receivable

Foreign Currency Translation

Goodwill

Intangible Assets and Capitalized Internal-Use Software Costs

Intangible Assets

Capitalized Internal-Use Software Costs

Impairment of Long-Lived Assets

Long-Lived Assets

Customer Liabilities

Fair Value of Financial Instruments

Level 1Inputs are unadjusted quoted prices in active markets for identical assets or liabilities.

Level 3Inputs are unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation.

Concentration of Credit Risk

Property and Equipment, Net

Property and equipment is stated at cost, less accumulated depreciation and amortization.

Depreciation and amortization are calculated using the straight-line method over the estimated useful lives of the assets as follows:


			Estimated Useful Lives
Capitalized internal-use software			3 years
Computer and office equipment			3 years
Furniture and fixtures			5 years
Leasehold improvements			Lesser of useful life or remaining lease term

Leases

Business Combinations and Asset Acquisitions

Trade Settlement Liabilities

Revenue Recognition and Sales Incentives

Revenue Recognition

See Note 3. Revenue for information related to the Company’s revenue recognition policy.

Revenue

(1)identification of the contract with a customer;

(2)identification of the performance obligations in the contract;

(3)determination of the transaction price;

(4)allocation of the transaction price to the performance obligations in the contract; and

(5)recognition of revenue when, or as, the Company satisfies a performance obligation.

Deferred Revenue

The deferred revenue balances from contracts with customers were as follows for the years ended December 31, 2023, 2022, and 2021:


	Years Ended December 31,
(in thousands)	2023		2022		2021
Deferred revenue, beginning of the period	$	1,108	$	1,212	$	1,105
Deferred revenue, end of the period	1,124		1,108		1,212

Revenue recognized from amounts included in deferred revenue at the beginning of the period	$	806	$	632	$	349

Sales Incentives

Transaction Expenses and Customer Support and Operations

Transaction Expenses

Customer Support and Operations

Provision for Transaction Losses

Provisions for Transaction Losses

Marketing

Advertising

Technology and Development

General and Administrative

Capitalized Cloud Computing Arrangements

Segment and Geographic Information

Net Loss Per Share Attributable to Common Stockholders

Stock-Based Compensation

Equity Incentive Plans and Employee Stock Purchase Plans

The Company grants equity awards under its equity incentive plans, as well as its employee stock purchase plan.

Equity Plans

Fair Value Assumptions

Risk-free interest rate. The risk-free interest rate used in the model is based on the implied yield currently available in the U.S. Treasury securities at maturity with an equivalent term.

Stock-based Compensation Expense Recognition

Stock Options

Restricted Stock Units

Employee Stock Purchase Plan (as amended, the“ESPP”)

Income Taxes

Severance and Other Related Expenses

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Accounting Pronouncements Not Yet Adopted