Western Union could be buying cross-border funds firm MoneyGram.
Based on a June 1 article on Bloomberg, the funds large not too long ago made a takeover provide for MoneyGram. If profitable, this may mix the 2 of the largest money-transfer firms in the USA.
Ups and downs throughout pandemic
Lockdowns and shelter-in-place orders in response to the coronavirus have closed many companies throughout the U.S., together with native branches of MoneyGram.
The variety of digital transactions have risen as folks keep at dwelling, however they accounted for simply 18% of its cash transfers within the first quarter, in response to Bloomberg. Regardless of partnering with Ripple in 2019 for cross-border funds overseas trade settlements, MoneyGram reported a “quiet” first quarter for 2020.
MoneyGram has a market cap of roughly $155 million, with Western Union valued at roughly $8.2 billion.