International Money Express, Inc. Reports Record Remittances in March 2021, With Digital Up 105%

Rhea-AI Summary

International Money Express, Inc. (NASDAQ: IMXI) reported an all-time high in remittances for March 2021 with 3,147,116 transfers, a 23.3% increase from March 2020. Total funds transferred exceeded $1.3B, marking a 30.4% year-over-year growth. Intermex's digital platform also saw impressive growth, up 105.2%. Key markets Mexico and Guatemala experienced a 17.8% increase, capturing a 21.3% market share. Emerging markets, including Dominican Republic and Brazil, grew by 43.9%.

Positive

• Reported record remittances of 3,147,116 transfers in March 2021, a 23.3% increase year-over-year.
• Total funds transferred exceeded $1.3B for March 2021, marking a 30.4% increase.
• Digital platform growth surged by 105.2% compared to March 2020.
• Core markets Mexico and Guatemala grew by 17.8%, increasing market share to 21.3%.
• Emerging markets experienced strong growth at 43.9%.

Negative

• None.

MIAMI, April 08, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”) a leading money remittance services company, today announced that it set an all-time high for remittances in March 2021, delivering 3,147,116 transfers, up 23.3% over March 2020. This resulted in a 30.4% increase in total funds transferred, exceeding $1.3B for the month, a record for the Company. Also contributing to the record growth in March was Intermex’s digital platform which increased 105.2% over March 2020. Intermex’s core markets, Mexico and Guatemala, grew at a very strong 17.8% and the Company recorded a share of 21.3% to these markets as of January 2021, compared to 18.9% in the prior-year period. In addition, the emerging growth markets for the Company which includes Dominican Republic, Ecuador, Colombia, Nicaragua, and Brazil among others also experienced strong growth increasing 43.9% versus the prior-year period.

“Intermex’s unique hybrid strategy of focusing on customer choice, allowing the consumer to choose from digital via our national agent network, or from our app continues to resonate with the customer and gain share in the marketplace. Our laser-focused, high-quality agent network, situated in convenient locations in the neighborhoods where our customers live and work, coupled with our proven track record of delivering high reliability and excellent service quality continues to prevail at retail,” said Chairman, CEO, and President, Bob Lisy. “This strategy of focusing on customer service and choice has allowed Intermex to generate double-digit revenue growth every year since 2011 and has allowed the Company to grow remittances and capture market share over that same period.” 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 online 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 were the remittance figures for International Money Express in March 2021?

In March 2021, International Money Express reported 3,147,116 transfers, a 23.3% increase from the previous year.

How much total funds did International Money Express transfer in March 2021?

The company transferred over $1.3 billion in March 2021, which represents a 30.4% year-over-year increase.

What was the growth percentage of Intermex's digital platform compared to last year?

Intermex's digital platform grew by 105.2% compared to March 2020.

What market share does International Money Express hold in Mexico and Guatemala?

As of January 2021, Intermex held a market share of 21.3% in Mexico and Guatemala.

What was the increase in the emerging markets for International Money Express?

Emerging markets for Intermex saw a growth of 43.9% year-over-year.