What Remitly Global, Inc. told the SEC could break it.

Remitly's revenue is concentrated in three receive corridors: cross-border payments to India, Mexico and the Philippines were ~46% of revenue in 2025 (49% in 2024, 55% in 2023) — its largest receive countries by send volume. This exposes the business to adverse regulatory, competitive, economic and political changes in those specific countries (and the U.S./Europe sending economies), as well as FX moves and corridor-specific pricing pressure. Diversification is improving (declining from 55% to 46%) but the corridor concentration remains its key geographic exposure. Bridged to the India node as the largest corridor.

“Historically, our revenue has been substantially derived from cross-border payments to India, Mexico, and the Philippines. Cross-border payments sent to these three countries represented approximately 46%, 49%, and 55% of our revenue for the years ended December 31, 2025, 2024, and 2023, respectively.”

As a licensed cross-border money transmitter operating in many jurisdictions, Remitly is subject to a heavy, multi-jurisdiction regulatory regime: state money-transmitter and international money-services-business/payment-institution licensing, plus OFAC sanctions screening, AML/BSA, and anti-bribery (FCPA) rules. It flags that its sanctions controls may not fully prevent transactions touching sanctioned persons or comprehensively-sanctioned jurisdictions (Cuba, North Korea, Syria, Iran, and Crimea/Donetsk/Luhansk), which could lead to enforcement, fines, or loss of licenses. A policy/compliance concentration central to the remittance model.

“any policies and procedures that we implement to comply with sanctions laws may not be effective, including in preventing customers from using our services for transactions with sanctioned persons or jurisdictions subject to comprehensive sanctions, including Cuba, North Korea, Syria, Iran, and the Crimea, Donetsk People's Republic, and Luhansk People's Republic regions of Ukraine.”

Remitly's money-movement depends on a chain of third-party financial-infrastructure partners: payment processors, the commercial banks that hold its funds, its disbursement partners (which pay out remittances and are prefunded by Remitly, typically in India, Mexico and the Philippines), and the institutions holding those prefunding/collateral accounts. A failure, liquidity deterioration, or de-banking of any of these counterparties could disrupt its ability to collect from senders or disburse to recipients and could expose its prefunded balances. Partners are not individually named in these windows → a register supplier/infrastructure-concentration risk rather than graph edges.

“Our payment processors, the commercial banks that hold our funds, our disbursement partners, and the financial institutions that hold prefunding accounts for our disbursement partners or our disbursement collateral”