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MoneyGram has appointed Seth Ross as the new Chief Digital Officer, effective April 24, 2023. Ross will oversee the company's direct-to-consumer business and global digital strategy, a crucial role as digital transactions now constitute over 50% of its money transfer business. Ross joins MoneyGram from Ceridian, where he successfully led the Dayforce Wallet and Consumer Services, enhancing the consumer app's capabilities. His previous experience includes significant roles at American Express and Green Dot Corporation. The CEO, Alex Holmes, expressed confidence in Ross’s ability to drive digital growth, given his background in technology innovation and financial services. This strategic appointment aims to propel MoneyGram's digital offerings further in the fintech sector.
On April 14, 2023, MoneyGram International (NASDAQ: MGI) announced an expansion of its services in collaboration with Carrefour Group. This partnership will introduce MoneyGram services to over 500 Carrefour locations across Europe and Latin America in 2024, allowing customers to send money to over 200 countries from Carrefour stores. MoneyGram will assist in technical implementation and customer service for this new operation. Carrefour has successfully offered MoneyGram services in Romania for over a decade, reflecting a growing customer demand for these financial services. This strategic collaboration aims to enhance accessibility to cross-border payments and serve the increasing needs of consumers by integrating financial services at Carrefour's retail locations.
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MoneyGram (NASDAQ: MGI) has partnered with Lynk, Jamaica's largest mobile wallet, allowing users to receive cross-border payments directly to their smartphones. This partnership marks MoneyGram as the first money transfer organization to introduce this capability in Jamaica. The service aims to provide a faster and safer way for consumers to collect funds sent from abroad, enhancing Lynk's offerings which already include diverse payment services. Lynk reported $1.5 billion JMD (approximately $9.8 million USD) in transactions in its first year. This development aligns with MoneyGram's strategy to adapt to the growing demand for digital financial services.
MoneyGram International, Inc. (NASDAQ: MGI) reported strong Q4 2022 results with total revenue of $342.1 million, up 5% year-over-year. Digital revenue surged to an all-time high of $98.6 million, representing a 33% increase. Digital transactions grew 47% over the previous year, with MGO revenue at $52.9 million. Operating income jumped 111% to $35.1 million, while net income reached $21.8 million, a 419% increase. The company also announced nearing completion of its acquisition by Madison Dearborn Partners, with required regulatory approvals mostly secured, anticipating closure in Q1/Q2 2023.