International Money Express, Inc. Sees Its Co-Branded Service Realize Significant Growth

Rhea-AI Summary

International Money Express (NASDAQ: IMXI) reported significant triple-digit remittance growth through its co-branded digital service with Amigo Paisano in 2020. This partnership enhances Intermex's reach into the Latin American digital market, allowing remittances to Guatemala and 17 other LATAM countries. Amigo Paisano's targeted marketing strategies and Intermex's robust app infrastructure have proven effective in facilitating secure and efficient transactions. The companies plan to further develop their co-branding initiatives to expand their service offerings in key markets.

Positive

• Triple-digit remittance growth reported in 2020 via Amigo Paisano.
• Expansion into 17 LATAM countries including Guatemala enhances market reach.
• Cost-effective go-to-market strategy through targeted marketing programs.

Negative

• None.

MIAMI, Feb. 22, 2021 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI), (Intermex) (the Company) a leading money remittance services company, announced its co-branded digital service marketed by Amigo Paisano, generated impressive triple-digit remittance growth in 2020. Although Amigo Paisano’s primary country is Guatemala, they also deliver the ability to send money to 17 other countries in LATAM, as does Intermex directly.

Amigo Paisano develops unique and cost-effective marketing programs to reach and grow its digital money transfer service using the co-branded Intermex digital app, computer software, quality control, and delivery systems across the LATAM countries in which Intermex operates. The partnership helps expand Intermex’s reach and expertise in the LATAM digital marketplace and enables the Company to deliver on a more cost-effective go-to-market strategy.

“Amigo Paisano has been a great co-branded partner with Intermex, enabling us to better understand and address the LATAM digital marketplace”, said Intermex Chairman, CEO, and President, Bob Lisy. “Amigo Paisano has researched, experimented, and developed unique, targeted marketing programs to cost-effectively begin to develop the LATAM digital market. Based on the favorable results of this partnership, as well as our other co-branded partnerships servicing certain Asian countries, Intermex will continue to explore additional co-branding offerings with other offshore remittance payers as well as outbound US providers in the markets which they serve,” said Lisy.

Amigo Paisano CEO, Sergio Sagastume added, “Intermex has been a great partner to work with. Intermex has been responsive and valuable in helping us support the Latin American community by processing our transactions quickly and securely by leveraging their app, systems, and strong regulatory infrastructure and environment.”

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.

About Amigo Paisano
Amigo Paisano was launched in 2019 as a technological solution to provide digital financial services for Latin Americans living in the USA. The company is focused on transforming the efforts of the Latin Community into tangible assets under the motto: “Between paisanos (countrymen) we support each other.” Amigo Paisano has implementing commercial strategies in the US (send locations) as well as in the payer network (receiving countries) to offer reliable, high-quality service to senders and receivers of remittances. Download the app on Google Play and App Store, or visit the website www.amigopaisano.com for more information.

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

FAQ

What remittance growth did International Money Express achieve with Amigo Paisano in 2020?

International Money Express reported impressive triple-digit remittance growth in 2020 through its partnership with Amigo Paisano.

Which countries can customers send money to using Intermex and Amigo Paisano?

Customers can send money to Guatemala and 17 other countries in Latin America using Intermex and Amigo Paisano.

How does the partnership with Amigo Paisano benefit International Money Express?

The partnership enables International Money Express to expand its reach in the LATAM digital marketplace and implement cost-effective marketing strategies.

What is the focus of Amigo Paisano's services?

Amigo Paisano focuses on providing digital financial services for Latin Americans living in the USA, promoting community support through reliable remittance services.