MGI - MGI STOCK NEWS

MoneyGram International, Inc. (NASDAQ: MGI) reported a significant 161% year-over-year growth in cross-border transactions through its digital platform in September 2020. This marks the ninth consecutive month of triple-digit growth, driven by strong demand for its mobile app and digital capabilities across over 75 countries. The CEO emphasized improvements in customer experience and digital transformation, which have fueled increased activity despite industry expectations of decline due to the pandemic.

MoneyGram International (NASDAQ: MGI) will report its third quarter 2020 financial results on October 30, 2020. A conference call hosted by CEO Alex Holmes, CFO Larry Angelilli, and COO Kamila Chytil is scheduled for 9 a.m. ET to discuss these results. The webcast and news release will be accessible on their investor relations website. MoneyGram operates in over 200 countries, emphasizing digital capabilities and partnerships to enhance consumer experience in cross-border payments. For media inquiries, contact Stephen Reiff at media@moneygram.com.

MoneyGram International (NASDAQ: MGI) has extended its partnership with Walmart for three more years, now extending through March 2024. MoneyGram services are available at over 4,700 Walmart locations in the U.S. and Puerto Rico, including the Walmart2World service. MoneyGram aims to enhance customer experiences by expanding options for money transfers, including direct sending to bank accounts and mobile wallets in more than 75 countries. This extension reflects MoneyGram's commitment to customer-centric strategies and innovation in cross-border payments.

MoneyGram International (NASDAQ: MGI) reported a remarkable 162% year-over-year growth in cross-border transactions for its digital business in August, marking the eighth consecutive month of triple-digit growth. This surge reflects a strong consumer demand for MoneyGram's digital capabilities and mobile app, alongside a growing base of active digital customers. The company also experienced a 126% increase in transactions sent directly to bank accounts and mobile wallets, enhanced by new partnerships in Africa.

MoneyGram International (NASDAQ: MGI) announced four new partnerships with Airtel, Thunes, InTouch, and MFS Africa, expanding its access to mobile wallets in 28 African markets. This collaboration aims to enhance digital growth amid a surge in mobile money adoption, with services starting soon. The company reported a 165% increase in global account deposit and mobile wallet transactions in July, building on 148% year-over-year growth in the second quarter. These partnerships are pivotal for accelerating MoneyGram's digital transformation and expanding its footprint in the rapidly growing African market.

MoneyGram International (MGI) reported a record 207% year-over-year growth in cross-border digital transactions for July 2020, primarily driven by its direct-to-consumer platform, MoneyGram Online. Overall, digital transaction growth reached 124%, leading to a 17% increase in total money transfer transactions. This marked an acceleration from 10% growth in June. Notably, the company saw transaction growth across various segments, including a 165% rise in account deposit and mobile wallet transactions. CEO Alex Holmes and COO Kamila Chytil emphasized the positive momentum in the digital transformation.

MoneyGram International (NASDAQ: MGI) reported strong second-quarter 2020 results, achieving a 10% increase in money transfer transactions year-over-year. Digital transactions grew by 106%, with digital accounting for 27% of total transactions. Despite a 14% decline in total revenue to $279.8 million, operating income rose by 54% to $22 million. Adjusted EBITDA increased 4%, with a margin improvement of 340 basis points to 20%. The company repaid outstanding borrowings and has deferred a $55 million DOJ payment, indicating solid financial management amid COVID-19 challenges.

MoneyGram International (NASDAQ: MGI) has adopted a Tax Benefits Preservation Plan to safeguard its U.S. federal net operating loss carryforwards (NOLs) and tax credit carryforwards, totaling approximately $45.4 million and $12.9 million respectively. This strategy aims to prevent ownership changes that could impair the tax benefits. The Plan, similar to those of other public companies, includes the distribution of preferred share purchase rights to shareholders, effective August 7, 2020. The Rights will expire on July 28, 2023, unless terminated earlier by the Board.

MoneyGram International (NASDAQ: MGI) reported a significant 106% year-over-year growth in digital transactions for June 2020, reflecting strong consumer demand for its digital services. The company is further expanding its consumer direct channel to Iceland, enhancing its online presence. MoneyGram's digital business growth has contributed to the return to revenue growth, with all components of the digital platform playing a vital role. CEO Alex Holmes highlighted improved customer loyalty and ongoing expansion efforts, positioning MoneyGram as a leader in the evolving digital P2P payments landscape.