MoneyGram International, a leading global payment services company, today announced it has acquired MoneyCard World Express, S.A. and Cambios Sol S.A., two money transfer entities affiliated with its network in Spain, as part of the company's strategy to accelerate expansion and assume more control over network growth and distribution in key send markets. Terms were not disclosed.
Through the transactions, MoneyGram acquired approximately 500 agent locations in Spain. Pedro Moragriega, a former MoneyCard executive, has been named general manager, reporting to Giovanni Crociani, MoneyGram's vice president retail and owned agents.
According to Chief Operating Officer Tony Ryan, MoneyGram has made it a priority to further strengthen and diversify its agent network in strategic markets around the globe. The acquisitions provide MoneyGram with a money transfer license in Spain and a platform to expand its business in a highly competitive market and a state-of-the-art technology process in line with existing Anti-Money Laundering regulations.
"We've had long-standing relationships with both MoneyCard and Cambios Sol as remittance businesses in our money transfer network," said Ryan. "By integrating their services into MoneyGram operations, we will be able to continue building our business and providing convenient, high-quality service throughout this important region."
In addition to operating its own network, MoneyGram will continue to grow its money transfer services in Spain with the support of the remittance businesses in its network.