MoneyGram International Inc. (MGI) announced today that it has acquired MTI Money Transfer Limited, a United Kingdom-based company offering MoneyGram services across Europe.
MTI has been providing MoneyGram's service through its established network of over 500 agent locations in the UK, Republic of Ireland, Denmark, Norway, Sweden, Finland, and the Czech Republic. The acquisition positions MoneyGram for continued growth in key European markets and further strengthens its direct retail network and sales force. As MoneyGram continues to grow in the region, it's quick, affordable and reliable person-to-person money transfer services will be even more accessible to customers who depend on MoneyGram to stay connected to family and friends around the globe.
"We are very excited about our acquisition of MTI," said Carl-Olav Scheible, MoneyGram's executive vice president of Europe and Africa. "This acquisition will enable MoneyGram to further accelerate its position in the European retail market. Direct control of the MTI network and sales force brings us one step closer to the consumer and allows us to more consistently bring our innovative services to all those who depend on it on a daily, weekly or monthly basis."
MoneyGram provides consumers easy access to its services through a variety of store formats in Europe and around the world, including company-owned stores as well as agent relationships at large retailers, postal offices and small businesses. The acquisition of MTI is another step in MoneyGram's strategy to streamline and harmonize its network, getting closer to the consumer and focusing on user experience and consistency of service.