Welcome to our dedicated page for International Money Express news (Ticker: IMXI), a resource for investors and traders seeking the latest updates and insights on International Money Express stock.
International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, is a prominent provider of money transfer services focusing primarily on the U.S. to Latin America and the Caribbean (LAC) corridor. Founded in 1994 and headquartered in Miami, Florida, Intermex has established itself as a leader in the digital movement of money, offering services through various channels including agent retailers, company-operated stores, a mobile app, and the company’s websites.
Intermex’s core offerings include wire transfers, money orders, foreign exchange, and check cashing services. The majority of its revenue is derived from fees associated with wire transfers and money orders. With a robust network of over 30,000 payer locations, the company operates in 45 American states and 16 Latin American countries, ensuring easy and convenient access for customers.
Notably, Intermex has recently expanded its integration with Visa Direct, enabling U.S. customers to send money to eligible Visa Debit Card holders in 20 countries. This strategic move underlines the company’s commitment to enhancing its remittance services and ensuring seamless financial transactions across borders.
Intermex reported strong financial performance in the first quarter of 2024, achieving a record-breaking start with significant growth in revenues and net income. The company’s total revenues for the quarter were $150.4 million, up by 3.5%, while net income increased by 2.9% to $12.1 million. Additionally, the company experienced a 3.0% increase in unique active customers, generating 13.5 million money transfer transactions worth $5.5 billion in principal transferred.
The company’s strategic initiatives, such as the partnership with Félix Pago, demonstrate its commitment to innovation and customer-centric services. The partnership allows users to transfer money via WhatsApp, integrating remittance services into their everyday communication tools with fees as low as $2.99.
Intermex continues to invest in growth and operational efficiency, as evidenced by its recent move to a new headquarters in Miami and ongoing technology upgrades. The company’s stock repurchase program further underscores its strong financial position, with shares repurchased for significant amounts in the first quarter of 2024.
With international offices in Puebla, Mexico; Guatemala City, Guatemala; and Madrid, Spain, Intermex is well-positioned to continue its growth and expand its services. For more information, visit www.intermexonline.com.
International Money Express (NASDAQ: IMXI) announced a secondary public offering of 4,925,000 shares at $13.50 per share, set to close around October 5, 2020. The offering is entirely by affiliates of Stella Point Capital and other stockholders, who will receive all proceeds. Additionally, underwriters have a 30-day option to purchase up to 738,750 additional shares. Credit Suisse leads the offering, which is registered under the SEC and made through a prospectus supplement.
International Money Express (NASDAQ: IMXI) has announced a public offering of 4,925,000 shares of its common stock by certain stockholders, with an option to purchase an additional 738,750 shares. The offering is entirely secondary, and proceeds will go to the selling stockholders. Credit Suisse is the lead book-running manager for the offering. The shares are being offered under an effective registration statement with the SEC. Prospective investors are encouraged to review the related documents to gain comprehensive insights into the offering.
International Money Express (NASDAQ: IMXI) announced that affiliates of Stella Point Capital intend to offer 4,925,000 shares of common stock in an underwritten public offering. The offering consists entirely of secondary shares with Selling Stockholders receiving all proceeds. Additionally, there is a 30-day option for underwriters to purchase an extra 738,750 shares. Credit Suisse acts as the lead book-running manager. The shares will be offered under a shelf registration statement declared effective by the SEC.
International Money Express, Inc. (NASDAQ: IMXI) announced a partnership with ArcTouch for the redesign of its mobile money transfer application. The collaboration aims to leverage ArcTouch’s expertise in mobile app development to enhance the app experience. COO Joseph Aguilar expressed enthusiasm about the investment, highlighting the company’s strong growth in agent-driven business and the future potential in digital applications. The initiative aligns with Intermex’s commitment to innovate and connect with its customers across various regions including Latin America and the Caribbean.
International Money Express (NASDAQ: IMXI) announced the appointment of Michael Purcell as lead independent director of the board, effective September 14, 2020. This role aims to enhance corporate governance and leadership. Purcell has been a board member since the 2018 merger. Additionally, board members Robert Jahn and Stephen Paul are retiring, completing a transition to a majority independent board. The new board committee structure will also reflect this independent status, aligning with Nasdaq requirements. Intermex operates in money remittance services primarily to Latin America and the Caribbean.
International Money Express (NASDAQ: IMXI) achieved a record 2,999,869 remittances in August 2020, marking a 13.4% increase compared to August 2019. This milestone reflects significant transaction growth to countries such as Mexico, Guatemala, and Honduras. CEO Bob Lisy highlighted the dedication of agent partners and employees in delivering these essential services, emphasizing Intermex's robust agent network and reliability during challenging times. Founded in 1994, Intermex provides money transfer services across the Americas and selected regions in Africa and Asia.
International Money Express (NASDAQ: IMXI) announced the resignation of Chief Financial Officer Tony Lauro, who will join BlockFi, Inc. Lauro will remain until November 13, 2020, to ensure a smooth transition. The company praised Lauro for his pivotal role during its 2018 merger and 2019 public offering, contributing to its financial growth. Michael Purcell, an independent director, will lead the search for a new CFO. International Money Express specializes in money remittance services, primarily from the U.S. to Latin America and the Caribbean.
International Money Express, Inc. (NASDAQ: IMXI) announced the appointment of Francisco Tejeda as Vice President of Digital, effective immediately. Reporting to COO Joseph Aguilar, Tejeda brings extensive experience in the money remittance sector, having previously led the US Outbound business for Western Union. His role will focus on enhancing the company's digital product offerings. Established in 1994, IMXI has a strong presence in the money transfer industry, servicing 17 countries in Latin America and the Caribbean, among other regions.
International Money Express (NASDAQ: IMXI) announced a correction to its Q2 2020 earnings presentation, specifically on slide 5, addressing an immaterial error regarding online customer and transaction growth. This revision does not affect any other data, ensuring the integrity of the remaining information. Stakeholders can access the updated presentation on the company’s website. For further inquiries, Mike Gallentine, VP of Investor Relations, is available for contact.
International Money Express (NASDAQ: IMXI) is set to release its Second Quarter 2020 earnings after market close on August 4, 2020. A conference call will follow at 5:00 PM ET to discuss financial results and strategy. Participants can join by dialing specified numbers or accessing the webcast through their investor relations page. The earnings announcement will be crucial for investors, as it offers insights into the company's performance in money transfer services across Latin America and the Caribbean, alongside emerging markets like Africa.
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