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MoneyGram announces a strategic partnership with Jingle Pay, a UAE-based fintech startup, enabling UAE customers to send money in near real-time to over 200 countries. MoneyGram has completed a minority investment, acquiring a 12% equity stake and placing CEO Alex Holmes on Jingle Pay's Board. This partnership aims to leverage Jingle Pay's digital services to meet the needs of the UAE's large expatriate population, which constitutes 89% of its nearly 9 million residents. The Jingle Pay app is now available in the UAE, enhancing customer access to financial services.
MoneyGram International (NASDAQ: MGI) has expanded its partnership with e& international, allowing e&'s customer base of nearly 160 million to use the e& money mobile wallet for near real-time global money transfers. The service is currently live in Saudi Arabia, UAE, and Afghanistan, with planned expansions to Egypt, Pakistan, and several African markets. The partnership emphasizes MoneyGram's strategy to strengthen its digital network, aiming for increased transaction growth across 100 countries.
MoneyGram International reported a strong second quarter for 2022, with total revenue of $329.6 million, flat on a reported basis but up 5% on a constant currency basis. Digital revenue reached a record $92 million, accounting for 44% of total money transfer transactions. Despite a challenging macroeconomic environment, the company experienced 5% year-over-year growth in money transfer transactions. However, walk-in retail business showed continued softness. Adjusted EBITDA was $50 million, a decrease of 9%, while net income stood at $3.1 million, driven by reduced interest expenses.
MoneyGram International (NASDAQ: MGI) announced significant leadership changes, appointing Brian Johnson as Chief Financial Officer (CFO) and Anna Greenwald as Chief Operating Officer (COO). Johnson, previously Head of Corporate Finance and Global Treasurer, will begin his role on September 1, 2022, succeeding Larry Angelilli, who becomes Executive Vice Chairman. These changes aim to facilitate an orderly transition and drive the company's digital growth strategy, enhancing operational capabilities and customer service.
MoneyGram has partnered with Rafay Systems and AWS to enhance its digital transformation through the Rafay Kubernetes Operations Platform and Amazon Elastic Kubernetes Service (EKS).
This collaboration aims to modernize MoneyGram's operations by simplifying the management of Kubernetes, expediting product innovation, and enhancing security protocols. Within three months, MoneyGram has established a fully operational Kubernetes framework, enabling better resource management and efficiency. The initiative is geared towards delivering modern financial solutions globally.
MoneyGram has partnered with the Stellar Development Foundation to launch a pioneering global crypto-to-cash service, enhancing digital asset utility by bridging cash and cryptocurrencies. Initially available in Canada, Kenya, the Philippines, and the U.S., the service aims to facilitate seamless transactions without requiring a bank account. Powered by USDC, this service will be zero-fee for the first year. The rollout is set to expand to more countries by the end of June 2022, promising near-real-time settlements and improved financial inclusion.
MoneyGram International (NASDAQ: MGI) has partnered with Mobily Pay, a mobile wallet service in Saudi Arabia, to enhance money transfer capabilities for users. This partnership allows consumers to send money globally in near real-time, significantly expanding Mobily Pay's digital offerings. MoneyGram aims to capitalize on the growing mobile wallet adoption, leveraging its API-driven infrastructure to process more payments. The collaboration supports both companies' digital growth in a key remittance market, with the service expected to launch later this year.
MoneyGram International (NASDAQ: MGI) stockholders have approved the merger with Madison Dearborn Partners (MDP), with over 99% voting in favor. The transaction is expected to close in Q4 2022, pending regulatory approvals. Key milestones achieved include the expiration of the antitrust waiting period and approvals from 12 state regulators, with additional filings underway in various jurisdictions. Chairman Alex Holmes expressed gratitude for stockholder support and emphasized the strategic benefits of the merger.
MoneyGram International reported robust financial results for Q1 2022, achieving a record digital revenue of $83 million and a 36% year-over-year growth. Total revenue reached $307.6 million, with money transfer transactions growing 4% year-over-year, despite a slight overall revenue decline due to currency fluctuations. Operating income improved to $17.9 million, and net income was $5.1 million. The company's digital operations now account for 40% of money transfer transactions. A pending acquisition by Madison Dearborn Partners is valued at $1.8 billion.
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