EXCLUSIVE: MoneyGram CEO On Digital Growth, Crypto Potential

·2 min read

MoneyGram International Inc (NASDAQ: MGI) recently announced better-than-expected second-quarter financial results.

MoneyGram CEO Alexander Holmes appeared on Benzinga's YouTube show "Power Hour" for an exclusive interview Monday.

MoneyGram is a global leader in cross border money transfers, enabling fund flows across almost every country in the world, Holmes told Benzinga.

MoneyGram's Growth Drivers: MoneyGram reported a 54% increase in online active customers, which led to 44% growth in online transactions year-over-year, he said.

Digital growth has been "phenomenal" over the last two years, he said, adding that growth really accelerated after the company relaunched its MoneyGram app in 2018.

The MoneyGram CEO told Benzinga he expects the company's online business to continue to grow in the 20% to 30% range.

"We are super excited about it, particularly as the way that consumers think about sending money, the way that they think about interacting with each other definitely continues to be more and more and more about that online experience and how they can interact with each other more dynamically and that's exactly what our services are beginning to bring."

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MoneyGram And Cryptocurrency: Crypto is one of the most relevant topics when thinking about anything in the realm of finance in this day in age, Holmes said.

View more earnings on MGI

Crypto is something that is going to be relevant for a "very, very long time," he said.

MoneyGram recently announced the launch of a new partnership with Coinme to enable the cash funding and payout of digital currency purchases and sales.

Coinme has been reolutionary in making cryto more mainstream for Americans, Holmes told Benzinga.

"What we are doing with Coinme is enabling consumers to do cash-in and cash-out of their Coinnme wallet, which effectively allows them to get fiat currency into the network so they can actually buy and sell their Bitcoin (CRYPTO: BTC) through Coinme."

Holmes went on to talk about improving consumer access to currencies, MoneyGram's potential as an acquisition target and more.

See the full interview here:

MGI Price Action: MoneyGram has traded as high as $12.36 and as low as $2.61 over a 52-week period.

The stock was down 1.52% at $9.06 at the close Monday.

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