A Brief Profile
MoneyGram is a global money transfer company in the United States of America. The company is headquartered in Dallas, Texas with offices all across the globe. This is a public company and popularly known by its symbol “MGI”. The company is functioning since the year 1940 and currently, Pam Patsley is the CEO and the Chairman.
This international money transfer company has been categorized into two service units. They are:
1. Financial paper products
- Money orders
- Official checks
2. Global funds transfers
- Money transfer
- Bill payment services
MoneyGram is known to work with both the individuals and the business houses via a chain of networks consisting of agents and the customers of the financial institutions. The company features an operational center in St. Louis Park in Minnesota and several other local and regional offices around the globe. According to the reports, MoneyGram is functional in more than 200 nations connected through an international network of around 347,000 agent offices.
In the year 1940 MoneyGram International was formed due to the merging of two business ventures. They are:
1. Minneapolis-based Travelers Express
2. Denver-based Integrated Payment Systems Inc.
Initially, MoneyGram operated as the subsidiary of Integrated Payment Systems Inc. In 1998 it was acquired by Travelers Express and thereby became an independent company. It was in the year 2004 when Travelers Express was transformed into MoneyGram International Inc.
It was in 2006 when the company started expanding globally by adding 96,000 agents from regions like Central America, Eastern Europe, and Asia-Pacific. It was during this period when MoneyGram also included the bill payment and online money transfer services.
During the financial crisis ranging from 2007 to 2009 the company was suffering from a loss which led to selling off the stakes to Goldman Sachs and Thomas H Lee Partners substituting for cash. But the company began to come on line and experience profitability once again from 2009. The agent network in Africa has expanded to around 25,000 locations and a new agreement with the Mauritius Post Office has also been executed.
MoneyGram International Inc. is considered as the second largest money transfer company in the world. The USP of this company is that it offers a chain of a network across the globe and thus connects the world without any boundaries. Apart from making profits and doing business the company is also involved with social work for the welfare of the society as a whole.
In the year, 2013 MoneyGram Foundation was introduced with the primary focus of supporting education. This was catered by distributing grants globally. In the first year operation, the Foundation was reported distributing grants to 19 nations.
The Foundation has made a donation of $100,000 to World Vision International for education and school supplies. MoneyGram Foundation is also reported to make a donation of $30,000 for the Girls Exploring Math and Science Program in Dallas.
During the natural calamities also the Foundation has done its contributions. It has provided relief aid during 2010 Haiti Earthquake, 2012 Hurricane Sandy, Typhoon Haiyan etc.
Apart from seamless money transfers functioning MoneyGram is popular and well known for its philanthropy work all across the globe.