Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Moneygram International Inc    MGI

MONEYGRAM INTERNATIONAL INC (MGI)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

WorldRemit sees strong revenues, rapid user growth, eventual IPO

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/07/2017 | 06:02am CEST

LONDON (Reuters) - Cross-border digital money transfer service WorldRemit aims to increase its customers fivefold to 10 million in 2020, with half of them in Africa, Chief Executive Ismail Ahmed said.

The London-based company enables its immigrant customer base to use digital financial remittances to bypass more expensive cash transfer options from the likes of Western Union (>> The Western Union Company) and MoneyGram (>> Moneygram International Inc) to send money home to families and friends.

WorldRemit said on Thursday it aimed to achieve its aggressive growth target with $40 million in new funding from venture backers and after doubling revenue growth in the last two years, which has made it increasingly self-sufficient.

"The revenue we generate, the funding that we have received, together, gives us the war chest that we need to significantly expand our business," Ahmed said in an interview. The Somaliland-born entrepreneur once worked as a United Nations adviser on money-laundering rules.

The funding round is led by emerging markets investor LeapFrog Investments, with backing from existing stakeholders Accel Partners and Technology Crossover Ventures (TCV). WorldRemit has raised $220 million since its founding in 2010. 

WorldRemit is set to generate around 60 million pounds this year, up from 40 million pounds in 2016 and 27 million pounds in 2015, the founder said. "The revenues we generate allow us to self-finance the business."

Ahmed said its strategy is to enable intra-African money transfers, helping its 1 million customers on the continent avoid some of the world's most prohibitive cross border bank transfer costs. For example, small business traders in Kenya might source inventory from Uganda or online shoppers in South Africa might pay for goods in Nigeria.

The company also is counting on surging growth in the United States, where it expects to generate up to 40 percent of revenue in coming years, compared to 14 percent, he said. Britain and Australia are now its largest revenue generators, each contributing 20 percent of overall revenue.

WorldRemit will reinvest potential profits to fuel rapid expansion, Ahmed said. "We could be profitable even today, if we wanted to, but we are investing in growth."

The company is reaching the crossover point where it can finance itself from cash flows, and is gearing up to go public in the next few years, he said.

"I think the business is mature. We have reached the stage where we could be a candidate for an IPO (initial public offering)," Ahmed said. "Not 2018. We haven't put a date on it."

(Reporting by Eric Auchard; Editing by Richard Chang)

By Eric Auchard

Stocks mentioned in the article
ChangeLast1st jan.
NASPERS LIMITED 2.13% 3371.9 End-of-day quote.-3.83%
WESTERN UNION 0.64% 20.4 Delayed Quote.7.31%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on MONEYGRAM INTERNATIONAL IN
07/13MONEYGRAM INTERNATIONAL : Do not send strangers money in your name, expatriates ..
AQ
07/10MONEYGRAM : to Release Second Quarter 2018 Results
PR
07/10MONEYGRAM : and UK Post Office Extend Long-Term Partnership
PR
07/09Free Research Reports on LendingClub and Three More Credit Services Stocks
AC
07/05MONEYGRAM INTERNATIONAL : Launches New Banking Program "Send to Account"
AQ
06/30ALIBABA : taps blockchain
AQ
06/28Worsening trade row deepens chill felt by Chinese dealmakers seeking to do U...
RE
06/28Worsening trade row deepens chill felt by Chinese dealmakers seeking to do U...
RE
06/27MONEYGRAM INTERNATIONAL : Okeechobee residents advised to beware of scams
AQ
06/26ALIBABA : Ant Financial taps blockchain technology to offer cheaper internationa..
AQ
More news
News from SeekingAlpha
07/10MoneyGram extends partnership with U.K. Post Office 
06/11Genworth Set To Fly On CFIUS Approval 
05/09FINANCIALS - TOP 5 GAINERS / LOSERS : 00 pm (05/09/2018) 
05/08MoneyGram plunges after big Q1 miss; FY18 declines expected 
05/08MoneyGram International's (MGI) CEO Alexander Holmes on Q1 2018 Results - Ear.. 
Financials ($)
Sales 2018 1 560 M
EBIT 2018 89,0 M
Net income 2018 21,2 M
Debt 2018 -
Yield 2018 -
P/E ratio 2018 20,82
P/E ratio 2019 12,88
Capi. / Sales 2018 0,24x
Capi. / Sales 2019 0,23x
Capitalization 367 M
Chart MONEYGRAM INTERNATIONAL IN
Duration : Period :
Moneygram International In Technical Analysis Chart | MGI | US60935Y2081 | 4-Traders
Technical analysis trends MONEYGRAM INTERNATIONAL IN
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 8,88 $
Spread / Average Target 34%
EPS Revisions
Managers
NameTitle
W. Alexander Holmes Chairman & Chief Executive Officer
Kamila Chytil Global Chief Operations Officer
Lawrence Angelilli Chief Financial Officer & Executive Vice President
Wayne F. Mcgurk Chief Information Officer & Executive VP
Ganesh B. Rao Director
Sector and Competitors
1st jan.Capitalization (M$)
MONEYGRAM INTERNATIONAL INC-49.85%367
FISERV17.67%31 711
WIRECARD65.36%21 998
FIRST DATA CORP34.95%20 726
FLEETCOR TECHNOLOGIES, INC.12.36%19 741
GLOBAL PAYMENTS17.66%18 818