MoneyGram International, Inc., self-described as "a global leader in the evolution of digital P2P payments," announced the launch of MoneyGram Online (MGO) in Brazil, where they already retain over 1,000 retail locations, in a press release published on Tuesday. The Dallas-based P2P payments and money transfer company has expanded to serve over 150 million customers over the last five years.
"As we continue to execute our strategy to grow and expand MoneyGram Online geographically, I am thrilled to announce that our website is now officially live in Brazil," said MoneyGram Chairman and CEO Alex Holmes. "We are extremely proud of the immersive online platform we've built for customers around the world, and our sustained digital growth globally demonstrates that consumers truly value our leading user experience. We're confident that this launch will enable us to capture growth from new customer segments, deepen relationships with established customers, and create tremendous value for years to come."
According to the World Bank, recent years have seen outbound remittances from Latin America steadily increasing. In Brazil alone, immigration flow has increased 24% over the last decade, reaching 1 million immigrants in 2022. As the demand for digital solutions grows within the country, the Brazilian digital remittances segment is expected to grow by approximately 10% in the next five years.
"This is a significant growth opportunity for MoneyGram to capture market share in a country with one of the largest populations in the world," Holmes said. "As we approach the start of the new year, we're set up for success."
The launch of MGO was made possible by MoneyGram International's partnership with Frente Corretora, a leading financial technology company based in Brazil.