Digital remittance pioneer Remitly achieves profitability inflection point 👏🤑; B2B payments giant AvidXchange shows improving fundamentals 📈💸; Nubank hits 100M customers in Brazil 😤🇧🇷

FinTech is Eating the World, 12 November

Hey Everyone,

Good morning & welcome back to the regular issue of Linas’s Newsletter! Today is the most interesting day in the week as we’re going to look into digital remittance pioneer Remitly which just achieved its first profitable quarter (breaking down their key Q3 2024 numbers, what they mean & what’s next for Remitly + bonus deep dives into two of its biggest competitors), B2B payments giant AvidXchange which shows improving fundamentals (unpacking their latest financials, what they mean & whether AvidXchange is worth your time and money in 2024 & beyond), and Nubank that have just hit historic 100 million customer milestone in Brazil (why this matters for Nubank & what can we expect next + bonus deep dive into NU & why I’m super bullish). So let’s just jump straight into the hot stuff 🌶️

Digital remittance pioneer Remitly achieves profitability inflection point 👏🤑

Earnings calling ☎️ Cross-border payments FinTech Remitly RELY 0.00%↑ recently published its latest Q3 2024 financial results. We can finally see the evolution from a growth-at-all-costs story to an increasingly profitable enterprise with significant market opportunity.

Let’s take a closer look at this, break down the key numbers, and see what’s next for Remitly.