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The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement, offering innovative financial services that empower individuals and businesses worldwide. With over 160 years of history, Western Union has firmly established itself as the largest money transfer company globally, handling over 270 million transactions in 2023 alone.
The company’s core business revolves around providing domestic and international money transfers through an extensive network of approximately 600,000 agents located across more than 200 countries and territories. This network ensures that families, friends, and businesses can easily send money and stay connected almost anywhere in the world. Western Union’s agents and employees are considered ambassadors of trust, responsibility, and hope, reflecting the company’s core values and dedication to its consumers.
Recent achievements include the expansion of Western Union’s network of concept stores and company-owned hubs in Europe. As of December 2023, the company has inaugurated 100 locations across 13 European markets, including Spain, Italy, France, Germany, and the United Kingdom. These concept stores not only facilitate international money transfers but also provide a premium brand experience and enhanced service levels. This initiative is part of Western Union's broader retail strategy, aiming to offer an omni-channel experience to customers, support local micro-entrepreneurs, and promote financial inclusion within migrant communities.
Western Union continues to innovate with new ventures, such as the launch of WU Digital in San Francisco, CA. This technology-driven platform enhances the company's digital capabilities, providing faster, easier, and more convenient access to its services. The company’s commitment to financial inclusion is evident through its investments in micro-entrepreneurship, allowing retail partners to open exclusive Western Union locations and play a vital role in their communities.
Financially, Western Union is robust, with a strong presence in both the digital and physical realms, offering services across nearly 130 currencies. The company’s mission is to help people and communities prosper by providing accessible financial services, thereby enabling consumers, businesses, financial institutions, and governments to connect with billions of bank accounts, millions of digital wallets and cards, and a global network of retail locations.
For more information, visit www.westernunion.com.
Western Union reported Q2 2024 results with revenue of $1.07 billion, down 9% on a reported basis or 7% on an adjusted basis. Consumer Money Transfer transactions grew 4%, led by 13% growth in Branded Digital transactions. The company reported GAAP EPS of $0.41 and adjusted EPS of $0.44. Consumer Services revenue grew 21% on a reported basis and 14% on an adjusted basis. The revenue decline was primarily driven by lower contribution from Iraq and the sale of Business Solutions. Excluding Iraq, the company reported positive adjusted revenue growth for the first time since 2021. Western Union reiterated its full year 2024 outlook, projecting revenue between $4.15 billion to $4.225 billion on an adjusted basis.
Western Union (NYSE: WU) has declared a quarterly cash dividend of $0.235 per common share. This dividend will be payable on September 30, 2024, to stockholders of record at the close of business on September 16, 2024. The announcement demonstrates Western Union's commitment to returning value to its shareholders through regular dividend payments. This decision by the board of directors reflects the company's financial stability and confidence in its future prospects.
Western Union (NYSE: WU) has been named the official money transfer partner of the Mexican Men's National Team for their annual 'MexTour' across the United States. This three-year partnership aligns with the team's preparation for the 2026 FIFA World Cup in North America. The collaboration began in May and June with matches against Bolivia, Uruguay, and Brazil.
Western Union aims to engage Mexican National Team fans through media assets, fan programs, and unique experiences. The MexTour has an average attendance of nearly 60,000 per match, with an estimated fan base of 60 million people. This partnership, facilitated by Soccer United Marketing, is expected to build new customer relationships and deepen engagement with existing customers for Western Union.
Western Union has released its 2023 Environmental, Social and Governance (ESG) Report, highlighting the company's progress in supporting financial inclusion and mobility worldwide. The report focuses on three key themes:
1. Furthering Economic Prosperity: Connecting people with simple and trusted financial solutions to empower communities and drive financial inclusion.
2. Advancing Diversity, Equity, Inclusion and Belonging (DEIB): Creating an inclusive work culture that reflects the global communities Western Union serves.
3. Promoting the Integrity of Global Money Movement: Ensuring safe and secure cross-border money transfers while combating illicit activity and fraud.
CEO Devin McGranahan emphasized the company's commitment to innovation and accessibility in financial services, supporting economic prosperity for customers, and maintaining the integrity of global money movement.
Western Union (NYSE: WU) has announced its upcoming second quarter 2024 financial results release, scheduled for July 30, 2024. CEO Devin McGranahan and CFO Matt Cagwin will host a webcast and conference call at 4:30 p.m. ET to discuss the results. The financial press release will be issued at approximately 4:05 p.m. ET on the same day.
Investors and interested parties can access the webcast and presentation at https://ir.westernunion.com. For those wishing to join via telephone, U.S. participants should dial +1 (719) 359-4580 15 minutes before the call starts, using the meeting ID 931 4556 9038 and passcode 422904. International callers should refer to the provided international directory for country-specific numbers.
Western Union has launched its first concept store in Morocco in partnership with Cash Plus, marking its debut in Africa. This store, located in Errahma, Casablanca, offers a unique, branded experience for international money transfers. This launch is part of Western Union's 'Evolve 2025' strategy, which aims to enhance financial accessibility and inclusion. Morocco, receiving around USD 12 billion in remittances annually, is a important market for Western Union. The new store aims to provide customers with personalized support and greater convenience, building on Western Union's global network of over 200 such locations.
Western Union has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent's cross-border payment platform. This allows customers worldwide to send money from Western Union's digital channels directly to Weixin (WeChat) users in China. The initiative enhances Western Union's Evolve 25 strategy to boost digital growth by offering more options, accessibility, and convenience for international money transfers. Senders can now transfer up to USD 5,000 per transaction directly to recipients' Weixin Pay wallets or linked bank accounts. China, a major recipient of remittances, benefits significantly from this service, meeting the needs of its digitally savvy population.
Western Union and Katapulk have partnered to offer money transfer services to Cuba from the United States through the Katapulk Marketplace website and mobile app. This expands Western Union's existing service channels, which include its website, mobile app, and retail locations across the US. Users can send up to $2,000 per transaction, with funds available the same day, including weekends and holidays. The service allows real-time tracking of transactions to accounts at Banco Popular de Ahorro, Banco Metropolitano S.A., and Banco de Credito y Comercio. The partnership aims to enhance financial inclusion and offers a first-class customer experience through digital and physical means.
The Western Union Foundation's 2023 Impact Report reveals that it facilitated over $150 million in wage gains, created nearly 4,000 new jobs, and improved economic opportunities for over 11,000 individuals. This marks the first year of their three-year 'Prosperity Beyond Borders' initiative aimed at achieving $500 million in cumulative wage gains. Key stories include Arian, a cancer research student, Catherine, a fellow empowering refugee women, and Enrique, an aspiring developer. The Foundation’s efforts are supported by Western Union's employees and partners, who donated to over 800 organizations and volunteered more than 15,700 hours in 2023.
Western Union (NYSE: WU) announced it will present at the BofA Securities 2024 Global Technology Conference on June 4. The event will feature comments from CFO Matt Cagwin and start at 2:40 p.m. PDT. Interested parties can listen to the presentation via a webcast on Western Union's investor relations website. An archived version will be accessible after the event concludes.
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