MoneyGram International, Inc. (NASDAQ: MGI), a global leader in cross-border P2P payments and money transfers, today announced the Company delivered 150% year-over-year cross-border transaction and revenue growth for October in its direct-to-consumer digital business, MGO. This marks the tenth consecutive month of triple-digit year-over-year cross-border transaction growth in this channel.
“These results continue to demonstrate our ability to capture share as we strengthen our market position due to the success of our customer-led digital transformation,” said Alex Holmes, MoneyGram Chairman and CEO. “We are encouraged by both our strong momentum and our purpose to mobilize the movement of money, which is now more relevant than it ever has been. MoneyGram’s growth reinforces the essential role we play in our customers’ daily lives, and we’re increasingly excited about our long-term trajectory.”
Growth continues to be driven by high customer retention rates, strong consumer demand for the Company’s leading mobile app and sends directly to bank accounts. Investments in these key areas over the past few years have enabled MoneyGram to build a modern, mobile, and customer-centric organization delivering consistent results.
“Our leading customer experience is driving these phenomenal results. Customers are choosing MoneyGram over other options because the app is easier to use, faster, and more affordable,” said Kamila Chytil, MoneyGram Chief Operating Officer and leader of the Company’s digital business. “As we execute our strategy to build upon our momentum in the market, we expect our direct-to-consumer digital business to continue to deliver profitable growth.”
The Company’s impressive October results come on the heels of strong third-quarter results where MoneyGram reported that Operating Income increased 123% and Adjusted EBITDA increased 33% year-over-year. Those results were driven by the profitability of the digital business, the resurgence of growth from the money transfer business, the agile management of the Company throughout the crisis, and operational efficiencies from the Company’s digital transformation.
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