Shares of Remitly Global (NASDAQ: RELY) finished higher Tuesday on signs that the “Big, Beautiful Bill” moving through Congress could be less burdensome than initially expected, as one Wall Street analyst pointed out, after Senate revisions to the bill.
As a result, shares of Remitly, which facilitates remittance payments, closed on Tuesday up 5.7% even as the broad market was down nearly 1%.
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Image source: Remitly.
Remitly breathes a sigh of relief
According to a note from William Blair, Senate Republicans proposed “less onerous” restrictions in the tax and budget bill than investors had previously feared.
William Blair even speculated that the bill, as currently proposed, could be a tailwind for Remitly, leading to increased adoption of digital remittances. Currently, the company competes with Western Union and Moneygram, as well as more traditional methods of remittances.
The bill in the House had proposed a 3.5% excise tax on remittances, which would have imposed an additional burden on immigrants sending money home and could have led them to use methods like money orders that could more easily avoid the tax.
What’s next for Remitly?
Remitly investors should keep an eye on the bill, as any change in policy around remittances is likely to affect the company. Thus far, the Trump administration’s crackdown on immigration doesn’t seem to have had an effect on the company’s business.
First-quarter results were strong, with send volume up 41% and revenue up 34%. For the full year, the company expects revenue growth of 25%-26%.
With numbers like that, Remitly is clearly gaining market share and capitalizing on the large market for remittances. If regulations don’t get in the way, the company should continue to deliver steady growth.
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Jeremy Bowman has positions in Remitly Global. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
