Digital money transfer service MoneyGram (NASDAQ: MGI) announced on Thursday its MoneyGram Online (MGO) recorded 95% year-over-year cross-border transaction growth which drove 111% revenue growth in April 2021. MoneyGram revealed that MGO delivered an all-time high for transactions in the month, marking strong sequential growth that continues to be supported by strong consumer demand for the company’s mobile app with its real-time transfer capabilities and high customer retention rates.
As previously reported, MoneyGram describes itself as a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. The company offers person-to-person money transfer and payment services in more than 200 countries and territories through a global network of approximately 350,000 locations, working with retailers, international post offices, and banks.
MoneyGram also reported that 86% of all transactions were initiated on a mobile device in the first quarter, as consumer demand for the MoneyGram app has continued to soar.
“The growth rate of monthly active users is accelerating and outpacing the competition, and the average customer lifetime value for users on the app remains about 3-times as high as the average retail walk-in customer.”
Speaking about the latest milestone, Alex Holmes, MoneyGram Chairman and CEO, stated:
“Coming off a strong first quarter, we delivered impressive sequential growth in April, and our digital business continues to reach new heights with record customers and strong growth rates in monthly active users. With our current growth trajectory, we expect the digital business to cross 50% of all money transfer transactions in 2024, which marks an incredibly rapid transformation of our company.”
Holmes added:
“The size, growth rates and profitably of our digital business has redefined MoneyGram as a meaningful financial technology company, and we continue to innovate to lead the evolution of digital P2P payments.”
