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MoneyGram International (NASDAQ: MGI) announced the successful completion of its "at-the-market" equity offering program, generating $99.8 million from the sale of 10.4 million shares at an average price of $9.56 per share. The company reported net proceeds of $97.6 million which will be allocated to partially prepay debts under its First and Second Lien Credit Agreements. This equity offering enhances the company’s financial flexibility, especially as it plans to refinance its credit agreements in Q3 2021.
MoneyGram International reported record highs in May 2021 for its direct-to-consumer channel, MoneyGram Online (MGO), achieving 53% growth in cross-border transactions and 60% growth in revenue. CEO Alex Holmes highlighted the sustained digital growth driven by strong demand for their mobile app and high customer retention. The results reflect a shift in consumer behavior with 'speed,' 'convenience,' and 'ease' cited as reasons for switching to MoneyGram. The company remains focused on scaling its digital business, aiming to create value for customers and shareholders.
MoneyGram International (MGI) has launched an "at-the-market" equity offering program allowing the sale of shares worth up to $100 million. This program, facilitated by BofA Securities, Inc., aims to enhance liquidity and fund the repayment of outstanding indebtedness under its First and Second Lien Credit Agreements. MoneyGram is not obligated to proceed with the sale and can suspend or terminate the program at any time. The shares will be offered under an existing shelf registration statement with the SEC, ensuring compliance with regulatory standards.
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.
MoneyGram International (NASDAQ: MGI) announced its upcoming presentation at the Barclays Emerging Payments & Fintech Forum on May 20, 2021, at 4:40 p.m. Eastern Time. The event will feature insights from CEO Alex Holmes and CFO Larry Angelilli. Investors can access the presentation via a live webcast, with an archived version available post-event. MoneyGram is a leader in digital P2P payments, serving nearly 150 million customers globally and leveraging innovative fintech solutions, including MoneyGram Online and MoneyGram as a Service.
MoneyGram International (NASDAQ: MGI) has partnered with Coinme to launch a service enabling cash-based purchases and sales of bitcoin at thousands of locations in the U.S. This integration utilizes MoneyGram's mobile and API-driven platform alongside Coinme's cryptocurrency exchange technology, creating a cash-to-crypto model. The service is expected to enhance access to bitcoin for first-time users. The partnership aims to leverage MoneyGram's extensive payment network, marking a significant step in bridging traditional finance and digital currencies.
MoneyGram International (NASDAQ: MGI) reported a 12% growth in money transfer revenue for Q1 2021, attributed to a robust digital business which represented 32% of total transactions. Digital revenue hit $60.4 million, a 77% year-over-year increase, led by the MGO channel with 119% revenue growth. However, the company faced a net loss of $15.4 million, despite improved performance compared to the previous year. Looking ahead, MoneyGram anticipates Q2 revenue between $315 to $325 million, potentially impacted by new competition. The company is nearing the end of its Deferred Prosecution Agreement.
MoneyGram International (NASDAQ: MGI) will announce its first quarter 2021 financial results on May 7, 2021. CEO Alex Holmes and CFO Larry Angelilli will host a conference call at 9 a.m. ET to discuss the results. The earnings release and webcast will be accessible via ir.moneygram.com. Participants can join the call using the provided toll-free and international numbers. Replay options will be available until May 14, 2021. MoneyGram focuses on digital P2P payments and has served nearly 150 million customers globally over the past five years.
MoneyGram International reported a record high in cross-border transactions through its MoneyGram Online (MGO) platform, achieving a 131% year-over-year growth in March 2021. This marks the fifteenth consecutive month of triple-digit growth for MGO, fueled by strong consumer demand for its mobile app. The company also noted a significant increase in Visa Direct transactions, growing 545% year-over-year. Chairman Alex Holmes emphasized the success of their digital strategy and customer-centric approach in capturing market share and driving sustainable growth.
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