However, despite the recent growth, the business is certainly not without its risks. Competitors such as Western Union, MoneyGram International, and Wise are all fighting for market share in the digital remittance space, which could result in decreasing transaction fees for customers. A similar scenario played out in the equity commissions business in recent years due to the rise in popularity of free solutions like Robinhood Markets. And, noting that names like Western Union and MoneyGram are already well known for their in-person remittance services, it could be an uphill battle for Remitly.