MGI - MGI STOCK NEWS

MoneyGram International (NASDAQ: MGI) is set to announce its fourth quarter 2020 financial results on February 19, 2021. The company's leadership, including Alex Holmes (CEO), Larry Angelilli (CFO), and Kamila Chytil (COO), will host a conference call at 9 a.m. ET to discuss the results. The announcement will be available at ir.moneygram.com. For participants, the call can be joined through provided numbers and a link, with replay options available until February 26, 2021.

MoneyGram International (NASDAQ: MGI) has expanded its Visa debit card deposit service across Europe. This collaboration with Checkout.com allows customers to send money in near real-time to Visa debit card holders in 575 corridors across 25 countries. Alex Holmes, Chairman and CEO, noted strong customer adoption and anticipated digital growth in the European market. MoneyGram is leveraging its established relationship with Visa, enhancing speed, convenience, and affordability for consumers. This move is significant for the European remittance market, boosting the accessibility of cross-border payments.

MoneyGram International (NASDAQ: MGI) reported a significant increase in online transactions during the holiday season, with a remarkable 142% year-over-year growth for December. This growth was fueled by a surge in demand for the MoneyGram Online (MGO) app, which enabled record numbers of transactions globally. The highest month for direct transfers to bank accounts was achieved, driven by a 500% increase in Visa Direct transactions. The results reflect ongoing digital transformation and robust consumer demand, particularly amid economic challenges from the COVID-19 pandemic.

MoneyGram International (NASDAQ: MGI) addresses the lawsuit filed by the SEC against Ripple Labs, asserting no current negative impact on its commercial agreement with Ripple. MoneyGram has collaborated with Ripple since June 2019 using its blockchain platform for foreign exchange trading, though it is not dependent on this for its operations. The company does not utilize RippleNet for direct consumer transfers and remains vigilant regarding potential impacts from the lawsuit. Forward-looking statements from MoneyGram highlight various risks, including COVID-19, competition, and regulatory compliance.

MoneyGram International (NASDAQ: MGI) extends its partnership with Canada Post for five more years, ensuring continued money transfer services at over 5,000 locations across Canada through December 2025. This collaboration emphasizes MoneyGram's strong brand presence and commitment to enhancing customer experience. With approximately 300,000 new immigrants annually in Canada and nearly 8 million permanent residents, the partnership aims to meet the evolving demands of their customer base. Both companies expect growth opportunities from this strategic alliance.

MoneyGram International (NASDAQ: MGI) recently revealed findings from a customer survey indicating strong consumer sentiment towards remittances during the 2020 holiday season. Despite pandemic-related hardships, nearly 70% of respondents reported sending more money this year, with 80% acknowledging increased needs for family abroad. The survey highlights a shift towards digital money transfers, with 60% of consumers adapting their methods. Additionally, MoneyGram reported 135% year-over-year revenue growth in its digital channel in November, affirming the effectiveness of its digital transformation strategy.

MoneyGram International (NASDAQ: MGI) reported a remarkable 135% year-over-year revenue growth for its direct-to-consumer digital platform, MoneyGram Online (MGO), in November 2020. This marks the eleventh consecutive month of triple-digit growth in cross-border transactions. CEO Alex Holmes highlighted the app's high customer retention and repeat usage, positioning MGI as a leading fintech. The company’s strategy focuses on enhancing digital capabilities and customer experience, aiming to capitalize on the holiday season's demand.

MoneyGram International (NASDAQ: MGI) reported a remarkable 150% year-over-year growth in cross-border transactions and revenue for October in its direct-to-consumer digital business, MGO. This achievement marks the tenth consecutive month of triple-digit growth. Strong results stem from high customer retention, demand for the mobile app, and transfers directly to bank accounts. Previous third-quarter results indicated a 123% increase in operating income and a 33% rise in adjusted EBITDA year-over-year, thanks to effective digital transformation and operational efficiencies.

MoneyGram International (NASDAQ: MGI) reported its Q3 2020 results, highlighting a 5% year-over-year increase in money transfer revenue, totaling $297.6 million. Digital transactions surged, with MGO seeing 111% transaction growth. Adjusted EBITDA rose 33% to $68.8 million, while net income reached $10.9 million, marking a significant rebound. However, total revenue was slightly down by 1% on a constant currency basis. The company anticipates a modest 1% revenue growth for Q4 2020, amid ongoing economic uncertainty due to the pandemic.