International Money Express, Inc. Reports Record Remittances for the Fourth Quarter of 2020

Rhea-AI Summary

International Money Express (NASDAQ: IMXI) reported record remittances in Q4 2020, initiating 9.0 million transfers, an increase of 18.0% compared to Q4 2019. This surpasses the previous record of 8.7 million in Q3 2020. Key markets like Mexico and Guatemala experienced 17.0% growth, with emerging markets up 21.2%, driven by the Dominican Republic, Ecuador, Colombia, Nicaragua, and Brazil. The digital platform grew by 111% over Q4 2019, highlighting a shift towards digital solutions.

Positive

• Record remittances with 9.0 million transfers in Q4 2020, up 18.0% year-over-year.
• Key markets Mexico and Guatemala grew by 17.0%.
• Emerging markets experienced growth of 21.2%, indicating strong demand.
• Significant increase in digital platform usage, growing 111% compared to Q4 2019.

Negative

• None.

MIAMI, Jan. 19, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (Intermex) (the Company) a leading money remittance services company, today announced that it set an all-time high for remittances in the fourth quarter of 2020, initiating 9.0 million transfers, up 18.0% over the fourth quarter of 2019 and exceeding the prior record quarter of 8.7 million remittances set in the third quarter of 2020. Intermex’s core markets, Mexico and Guatemala, grew at a very strong 17.0% while emerging growth markets increased 21.2%. These were led by the Dominican Republic Ecuador, Colombia, Nicaragua, and Brazil among others, which increased at almost twice the overall rate. Additionally, contributing to the record growth was the digital platform which increased 111% over the fourth quarter of 2019.

“Delivering this record quarterly performance is a clear example of how the International Money Express brand continues to gain share in the marketplace. Our laser-focused, high-quality agent network, coupled with our proven track record of delivering high reliability and excellent service quality continues to prevail at retail. Generating this type of performance is even more impressive when you consider many areas of the country are experiencing continued and prolonged pandemic related disruptions and restrictions,” said Chairman, CEO, and President, Bob Lisy. “This record remittance growth is also a validation of our unique blended strategy to focus on traditional agent channels, while simultaneously making efficient investments in new revenue streams, such as our digital app-based solutions to satisfy our customer needs as they may evolve and change,” Lisy added.

About International Money Express, Inc.
At International Money Express, Inc. (NASDAQ: IMXI), the customer is at the center of everything we do. We use proprietary technology that enables consumers to send money from the United States and Canada to 17 countries in Latin America, including Mexico and Guatemala, seven countries in Africa, and two countries in Asia. We offer the movement of money for our sending customers through our network of agent retailers in the US and Canada, our company-operated stores, and on-line through our app, and our website intermexonline.com. We execute and pay these transactions through thousands of retail and bank locations in Latin America, Africa, and Asia. The Company was founded in 1994 and is headquartered in Miami, Florida with international offices in Puebla, Mexico, and Guatemala City, Guatemala.

Investor Relations:
Mike Gallentine
Vice President of Investor Relations
tel: 305-671-8005
mgallentine@intermexusa.com

FAQ

What was the total number of remittances for IMXI in Q4 2020?

International Money Express initiated 9.0 million remittances in Q4 2020.

How much did remittances increase for IMXI compared to Q4 2019?

Remittances increased by 18.0% compared to Q4 2019.

Which markets contributed to the growth of IMXI's remittances?

Key markets such as Mexico and Guatemala contributed to 17.0% growth.

What was the growth rate of IMXI's emerging markets?

Emerging markets grew by 21.2%.

How much did IMXI's digital platform grow in Q4 2020?

The digital platform saw a remarkable growth of 111% compared to Q4 2019.