Remittance Giants Surge in Q1 2023: Intermex, MoneyGram Lead Growth
Remittance companies have seen a surge in revenue growth in the first quarter of 2023 (Q1 23), driven by market expansion and digital advancements. Key players like Intermex, MoneyGram, Remitly, and Euronet (through Ria and Xe) have experienced faster growth compared to the same period last year.
Intermex's revenues climbed 26.8% to $145.4m in Q1 23, marking its fastest quarterly growth since Q4 21, primarily due to strategic acquisitions. MoneyGram also saw a 30% year-over-year (YoY) increase in digital revenues, driving a 3.6% YoY increase in money transfer revenue to $294.8m. Notably, MoneyGram achieved its 2024 digital transaction goal a year early, with 50% of its transactions now digital.
Western Union, however, saw a 6% decline in consumer money transfer revenues to $938.3m, despite a 7% increase in branded digital transactions. Meanwhile, Remitly nearly doubled the number of corridors it serves to 4,500, driving a 50% revenue growth to $203.9m in Q1 23. Euronet expanded its money transfer network to 528,000 retail locations, contributing to a 6% growth in overall consumer transfer revenues to $359.4m.
The remittance industry's growth in Q1 23 was marked by increased digital adoption and geographic expansion. While some companies like Intermex and MoneyGram experienced significant revenue increases, Western Union continues to face challenges. Despite this, the overall outlook for the industry remains positive, with companies like Remitly and Euronet demonstrating strong growth potential.
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