MoneyGram Online recorded 95% year-over-year cross-border transaction growth which drove 111% revenue growth for April
As growth accelerates and consumer demand increases, MoneyGram expects digital to cross 50% of all transactions in 2024
MoneyGram International, Inc., a global leader in the evolution of digital P2P payments, announced MoneyGram Online (MGO) recorded 95% year-over-year cross-border transaction growth which drove 111% revenue growth in April. 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 MoneyGram mobile app with its real-time transfer capabilities and high customer retention rates.
“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,” said Alex Holmes, MoneyGram Chairman and CEO. “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.”
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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.
Holmes concluded: “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.”
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