MoneyGram Online Delivers Another Record-Breaking Month with Transactions Reaching an All-Time High in April

Rhea-AI Summary

MoneyGram International announced a remarkable 95% year-over-year growth in cross-border transactions through MoneyGram Online (MGO), driving an incredible 111% revenue growth in April. The company recorded an all-time high in transactions, reflecting strong consumer demand for its mobile app, which saw 86% of transactions initiated via mobile in the first quarter. CEO Alex Holmes projects that by 2024, digital transactions will exceed 50% of all money transfers, highlighting a significant transformation towards being a leading financial technology company.

Positive

• 95% year-over-year growth in cross-border transactions.
• 111% revenue growth in April.
• All-time high transactions recorded in April.
• 86% of transactions initiated on mobile devices in Q1.
• Monthly active user growth outpacing competition.
• Average customer lifetime value for app users is three times higher than retail walk-in customers.
• Projected digital transactions to exceed 50% by 2024.

Negative

• None.

DALLAS, May 20, 2021 /PRNewswire/ -- MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, today announced MoneyGram Online (MGO) recorded 95% year-over-year cross-border transaction growth which drove 111% revenue growth in April. MGO delivered an all-time high for transactions in the month, marking strong sequential growth that continues to be supported by strong consumer demand for the MoneyGram mobile app with its real-time transfer capabilities and high customer retention rates.

"Coming off a strong first quarter, we delivered impressive sequential growth in April, and our digital business continues to reach new heights with record customers and strong growth rates in monthly active users," said Alex Holmes, MoneyGram Chairman and CEO. "With our current growth trajectory, we expect the digital business to cross 50% of all money transfer transactions in 2024, which marks an incredibly rapid transformation of our company."

MoneyGram also reported that 86% of all transactions were initiated on a mobile device in the first quarter, as consumer demand for the MoneyGram app has continued to soar. The growth rate of monthly active users is accelerating and outpacing the competition, and the average customer lifetime value for users on the app remains about 3-times as high as the average retail walk-in customer.

Holmes concluded: "The size, growth rates and profitably of our digital business has redefined MoneyGram as a meaningful financial technology company, and we continue to innovate to lead the evolution of digital P2P payments."

About MoneyGram International, Inc.
MoneyGram is leading the evolution of digital P2P payments. With a purpose-driven strategy to mobilize the movement of money, a strong culture of fintech innovation, and leading customer-centric capabilities, MoneyGram has grown to serve nearly 150 million people around the world over the last five years.

The Company leverages its modern, mobile, and API-driven platform and collaborates with the world's leading brands to serve consumers through MoneyGram Online (MGO), its direct-to-consumer digital business, its global retail network and its emerging embedded finance business for enterprise customers, MoneyGram as a Service.

For more information, please visit ir.moneygram.com and follow @MoneyGram.

Media Contact
Stephen Reiff
media@moneygram.com

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SOURCE MoneyGram

FAQ

What was MoneyGram's revenue growth in April 2021?

MoneyGram reported a revenue growth of 111% in April 2021.

How much did cross-border transactions grow for MoneyGram Online?

MoneyGram Online experienced a 95% year-over-year growth in cross-border transactions.

What percentage of transactions were initiated via mobile devices in Q1 2021?

In Q1 2021, 86% of all transactions were initiated on mobile devices.

When does MoneyGram expect digital transactions to surpass 50%?

MoneyGram expects digital transactions to exceed 50% of all money transfers by 2024.

What is the average customer lifetime value for MoneyGram app users?

The average customer lifetime value for app users is about three times higher than that of retail walk-in customers.