A hedge fund bet against $4 billion fintech Remitly after it claimed a reverse image search of customer reviews revealed stock photos of women

• Short Seller Spruce Point Capitarement Management takes the remittance provider outside the world And bets The stock price falls, according to a short report published this week. Spruce Point said there is no trust in the company’s financial report due to financial churn, risk, and after the users’ manipulate roles. Retitly does not respond to many requests for commentary.

Global remittance and transfer of money transfers that its stock price dropped more than 2% this week after short-seller spruce point capital management published in a short report Listing a limb allegation against $ 4 billion NASDAQ listed to be added.

According to the spruce point report, the Spruce Customer Testimonials “cause” and have a major role in the company’s district. The Hedged Fund claims an image search tool revealed which includes images of smiling women wearing traditional pictures of traditional pictures. The spruce point is also accused of maneuvering ration ratings on its website. Overall, Hedge funds states that these points evidence is unpleasant transparent to customers. It takes a short position in the company’s stock and owns the derivative securities to benefit if the shares of the price.

Retitly does not respond to requests for commentary.

The remittance businesses are a significant financial life for income countries, migrants using remittances to shipping home countries for households, food, and education costs. The World Bank PROJECT The total amount of money moved around the world will rip $ 690 billion this year. The first five countries for remittance inflows are India, Mexico, China, and the Philippines, which is the largest source of the world, followed by Saudi Arabia and Switzerland.

Banks are the most expensive way of sending remittances, with compensation of about 12% of the value, while sending money to mobile operators worth 4.4%, according to World Bank data.

In the remote describes itself As a reliable provider of digital financial services that transcend boundaries and have a Fun in the world across 170 countries. This 5,100 remittance corridor works around the world and users can send funds to 5 billion bank accounts and mobile wallets. It also has 470,000 choice of choice of money. CEO MATT OPPENHEIMER told wealth Last year with confidence is the key to providing service to a wide base of the user who counts migrants to the low income of families. Oppenheimer said he personally in charge of customer service calls when he visits remanies call centers to ensure users are well taken care of.

According to Retintly to 2025 Annual Financial ReportCompany revenues of 34% to $ 1.26 billion last year and it has been achieved The third quarter. Active customers have grown in 32% of the year over 7.8 million, compared with 5.9 million last year.

However the stock price has fallen to report the spruce point, and it falls in 11% of the year so far.

“Spruce Point Asked Spritly’s transparency and its authenticity,” Hedge fund writes short reports.

The Spruce Point also admits that the competition is easy from stabecoins, digital currencies sponsored by a strong asset such as US dollars and can be used in transactions. Wise, a competitor who is motivated, mainly in this area, the short report claims. On top of the competition, the point of the spruce said the turnover of legal, following the company, and risks risk “at risk”. “The point of spruce claims eight executives in functional areas have left since July 2024.

Last week, Vice Chair Joshua Hug thanked Get out of his paper In May but remain on the chalkboard as a director of unemployment. Hug, 45, repairing the company in 2011 and served as the main operating officer from October 2016. He made about 2.5% of the company’s stock, in every most recent statement of proxyAnd holding holders include 2 million parts that he promised collateral to get a personal credit line.

The Spruce Point also fits the promised stock of embracing as an example of “bad management [a] potentially harmful effects of investors. “Hedge fund says companies that follow the best acts of adopting policies that prohibit stock pledging.

“By doing this, it issued a stressful effect on compulsory stock sales of margins call or an acute quantity of equity value,” spruce point.

The embrace does not immediately respond to a request for commentary.

This story originally shown Fortune.com

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