International Money Express Inc. (IMXI) Reports Record Remittances in March 2021, With Digital Up 105%
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International Money Express, Inc. (NASDAQ: IMXI), (“Intermex” or the “Company”) a leading money remittance services company, today announced that it set an all-time high for remittances in March 2021, delivering 3,147,116 transfers, up 23.3% over March 2020. This resulted in a 30.4% increase in total funds transferred, exceeding $1.3B for the month, a record for the Company. Also contributing to the record growth in March was Intermex’s digital platform which increased 105.2% over March 2020. Intermex’s core markets, Mexico and Guatemala, grew at a very strong 17.8% and the Company recorded a share of 21.3% to these markets as of January 2021, compared to 18.9% in the prior-year period. In addition, the emerging growth markets for the Company which includes Dominican Republic, Ecuador, Colombia, Nicaragua, and Brazil among others also experienced strong growth increasing 43.9% versus the prior-year period.
“Intermex’s unique hybrid strategy of focusing on customer choice, allowing the consumer to choose from digital via our national agent network, or from our app continues to resonate with the customer and gain share in the marketplace. Our laser-focused, high-quality agent network, situated in convenient locations in the neighborhoods where our customers live and work, coupled with our proven track record of delivering high reliability and excellent service quality continues to prevail at retail,” said Chairman, CEO, and President, Bob Lisy. “This strategy of focusing on customer service and choice has allowed Intermex to generate double-digit revenue growth every year since 2011 and has allowed the Company to grow remittances and capture market share over that same period.” Lisy added.
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