Founded Year

2003

Stage

Acq - Pending | Acquired

Valuation

$0000 

About MoneyGram International

MoneyGram International (NASDAQ: MGI) provides money transfer services to financial institutions and retail customers. MoneyGram also provides bill payment services, issues money orders, and processes official checks in select markets.

MoneyGram International Headquarter Location

1550 Utica Avenue South

Minneapolis, Minnesota, 55416,

United States

952-591-3000

MoneyGram International's Product Videos

MoneyGram Money Transfers Demo.jpg

Predict your next investment

The CB Insights tech market intelligence platform analyzes millions of data points on venture capital, startups, patents , partnerships and news mentions to help you see tomorrow's opportunities, today.

MoneyGram International's Products & Differentiation

See MoneyGram International's products and how their products differentiate from alternatives and competitors

  • Money Transfers

    We offer money transfer services through our retail business and direct-to-consumer digital business. The retail segment connects customers around the world through our global agent network of over 410,000 locations. Whether through friendly human interaction or our seamless kiosk service, customers can send and receive money to and from more than 200 countries and territories, all while picking up groceries and other essentials. The digital segment includes our leading mobile app and moneygram.com, where consumers can send money from the convenience of their own homes to any of our agent locations worldwide, a recipient's bank account or a recipient's mobile wallet. MoneyGram has a trusted network of two billion+ accounts around the world, which allows our customers to conveniently send money directly to their loved ones.

  • Subscribe to see more

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

  • Subscribe to see more

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

  • Subscribe to see more

    We're on a mission to enable every organization to make smarter decisions about tech. Whether it's finding a new game-changing vendor or understanding a new market, it's easier, faster and smarter with CB Insights. All made possible by the smartest, hardest-working team in tech. Subscribe to see more.

Research containing MoneyGram International

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned MoneyGram International in 2 CB Insights research briefs, most recently on Jan 28, 2020.

Expert Collections containing MoneyGram International

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

MoneyGram International is included in 3 Expert Collections, including Gig Economy Value Chain.

G

Gig Economy Value Chain

155 items

Startups in this collection are leveraging technology to provide financial services and HR offerings to the gig economy industry

P

Payments

1,949 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.

F

Fintech

7,344 items

US-based companies

MoneyGram International Patents

MoneyGram International has filed 117 patents.

The 3 most popular patent topics include:

  • Payment systems
  • Payment service providers
  • Mobile payments
patents chart

Application Date

Grant Date

Title

Related Topics

Status

12/14/2017

3/22/2022

Computer memory, Payment systems, Rotating disc computer storage media, Banking technology, DVD

Grant

Application Date

12/14/2017

Grant Date

3/22/2022

Title

Related Topics

Computer memory, Payment systems, Rotating disc computer storage media, Banking technology, DVD

Status

Grant

Latest MoneyGram International News

Chopra's expansive vision for CFPB authority is facing industry pushback

May 11, 2022

10 Min Read REGISTER NOW A dizzying number of policy changes and enforcement actions by the Consumer Financial Protection Bureau in recent weeks has prompted aggressive pushback from banks and industry executives. Efforts by CFPB Director Rohit Chopra to extract big fines and settlements from repeat corporate offenders and to hold individual executives personally liable for wrongdoing has sent ripples through the financial services industry. More companies are disputing the CFPB’s allegations, refusing to pay large fines or admit wrongdoing, and vowing to vigorously defend themselves in court. Chopra also has made several policy changes outside the normal notice-and-comment process that are renewing concerns about regulatory risks and big compliance costs ahead, especially for large firms. Consumer Financial Protection Bureau director Rohit Chopra is pursuing an expansive enforcement agenda at the bureau, and facing considerable pushback from the financial services industry. Bloomberg News “We have a new leadership that is intent on expanding their reach and the likely effects of that are going to be broader investigations involving a greater number of entities,” said Bryan Schneider, a partner at the law firm Manatt, Phelps & Phillips and a former CFPB associate director of supervision, enforcement and fair lending. The bureau recently expanded its supervisory authority over nonbanks , including fintechs that it deems risky. While that move was welcomed by bankers, the bureau's crackdown on discrimination in all financial products — from payments to checking accounts to prepaid cards — could have wider-ranging impacts in the financial industry. “The number of things coming out of the agency for which there could be challenges with respect to its authority is growing,”  said Eamonn Moran, of counsel at Morgan Lewis. Though Chopra has been on the job just seven months, bankers already are pushing back hard against what they see as incendiary and, in some cases, derogatory language aimed at specific companies and industries. A crackdown on so-called junk fees has many policy experts concerned that Chopra is stoking an adversarial relationship with bankers. The wide array of new policies and actions has bankers and other financial executives scrambling to read the tea leaves of the CFPB’s orders, to figure out how to comply In the absence of further guidance. “All of these things combined creates an additional layer of responsibility for compliance, which, again, includes personal liability and the sense that there’s no room for error,” said Catherine Brown, a partner at Klaros Group, a financial advisory and investment firm. Personal liability Some see personal liability and protracted litigation as potential hallmarks of Chopra’s tenure at the CFPB. The very mention of personal liability causes anxiety for chief compliance officers, chief risk officers or any signatory on quarterly and annual certifications. Financial regulators have rarely held individual executives accountable for wrongdoing at least not since the savings and loan crisis of the early 1990s, Brown said. Chopra said in a recent speech that his thinking on the subject stems from regulators not holding enough executives accountable for wrongdoing after the financial crisis. "After the savings and loan crisis of the 1980s and early 1990s, scores of individual bankers were convicted by the Department of Justice," Chopra said in March at the University of Pennsylvania Carey Law School. "Many were sent to prison. But almost no single senior executive went to jail or was truly held financially accountable for their role in the 2008 financial crisis, even as so many Americans paid a serious price when they lost their homes because they were underwater with toxic mortgages." Chopra has repeatedly stated that he is primarily interested in going after large companies that have breached terms of a past settlement with regulators. In two recent lawsuits, the CFPB alleged that individual executives at TransUnion and MoneyGram International violated the law. Both MoneyGram and TransUnion denied the claims and said they would vigorously defend themselves in court. The CFPB also recently banned the CEO of a student loan debt relief and general debt-settlement company from working in the industry for five years. “This is in the vein of Chopra keeping his word that he is going to go after repeat offenders, he’s going to use the levers of the media to exact maximum reputational impact so you can see an immediate effect on market capitalization and of stocks taking a hit, even if it may be temporary,” Brown said. In a lengthy rebuttal, MoneyGram this week pushed back aggressively on what it called Chopra’s “false, inflammatory and misleading statements.” The CFPB has alleged that the Dallas-based remittance firm repeatedly violated rules around remittance transfers for years. “While we prefer to not comment on pending litigation, we cannot stand by quietly while unfair and disparaging public statements are made about our company,” MoneyGram said in a press release. Meanwhile, TransUnion called the CFPB’s lawsuit “meritless” and cited “failed settlement negotiations,” despite the company's good-faith efforts, it said, to resolve the matter. TransUnion said in a regulatory filing that it has a $56 million accrued liability related to the CFPB’s lawsuit which could have “a material adverse effect” on the company’s operations and financial condition. “Despite TransUnion’s months-long, good faith efforts to resolve this matter, CFPB’s current leadership refused to meet with us and were determined to litigate and seek headlines through press releases and tweets,” TransUnion said. “The CFPB’s unrealistic and unworkable demands have left us with no alternative but to defend ourselves fully.” Both companies were accused of being repeat offenders — having agreed in fix a problem in the past with the CFPB or another regulator — which is just one element driving up the cost of settlements, lawyers said. The CFPB's settlement demands are considered to be too far apart from what companies are willing to agree to based on the claims and allegations, lawyers said. Still, a key concern is that any allegations of wrongdoing can be extended beyond just management. The CFPB has the authority to hold accountable third-party service providers, joint venture partners, independent contractors and even shareholders if any person offers substantial assistance to someone violating the law, experts said. Is discrimination 'unfair'? One of Chopra’s most controversial moves involves a new anti-discrimination policy that states any form of discrimination is "unfair," and constitutes a federal violation. The policy went into effect immediately in March after the bureau announced in a press release and blog post that it had updated its exam manual. The policy states that discrimination on the basis of age, race, national origin, religion, sex and marital status — regardless of intent — violates the prohibition on “unfair, deceptive or abusive acts or practices," known as UDAAP violations. The move is a significant departure from past practices, some experts said, and is seen as expanding the scope of the CFPB's scrutiny to non-credit products. “If the intention is to declare that everything is potentially a UDAAP violation, that’s going to have a significant impact,” said Joe Lynyak, a partner at Dorsey & Whitney. Some experts have raised concerns that the CFPB may try to allege that certain fees, such as overdraft fees, could be deemed “unfair” to protected classes of consumers and could be considered a UDAAP violation. “Banks want clarity about disclosures on overdraft fees and whether the CFPB is going to consider it a UDAAP violation to even charge an overdraft fee,” Lynyak said. Alexandra Megaris, a partner at Venable, said the CFPB likely will be challenged on the policy because of the “highly problematic” way in which it was released, without a rulemaking. “Fundamentally making law through press releases and blog posts evades the basic notice-and-comment process that we all expect,” she said. “Even further, this is an interpretation of a statute for which it’s not clear that [any] practices outside of lending violate [the Equal Credit Opportunity Act].” Megaris also said the issues related to ECOA are not settled. “Any financial service other than lending has now been included within the gamut of making sure there is not overt or unintentional discrimination, and that’s when it gets difficult to be in compliance,” she added. Banks are especially concerned that the CFPB is signaling a big shift in compliance management that now entails additional work, and by extension additional costs. Many are looking at systems’ testing for alleged discrimination or discriminatory effects. The CFPB said it will closely examine financial institutions’ choices in advertising, pricing and other areas to ensure that companies are “appropriately testing for and eliminating illegal discrimination.” “The testing of discriminatory impact is very tricky and very difficult to get right, no matter what size of organization you are,” Megaris said. “It remains to be seen how that will play out in real exams. It will be easily an add-on claim in enforcement actions that are already there.” Some note that the CFPB and Biden administration have been signaling all year that racial equity and fair lending are major priorities in investigations and supervisory exams. Nonbank supervision Chopra has gained some credibility with banks by saying the CFPB will hold nonbanks including fintechs to the same supervisory authority as regulated banks. Now that has all kinds of nonbank fintechs companies concerned about oversight. “Until now there hasn’t been the thought that fintechs would be subject to supervisory oversight,” said Jessica Rodriguez, a senior associate at Morris, Manning & Martin. In April, the CFPB expanded its authority over nonbanks by invoking what it called “a largely unused legal provision” that would allow the agency to examine nonbank financial companies that pose risks to consumers.” The CFPB cited the need to quickly ward off further risks to consumers and specifically cited fintechs that are not subject to the rules and regulations that come from having a bank, thrift or credit union charter. “This authority gives us critical agility to move as quickly as the market, allowing us to conduct examinations of financial companies posing risks to consumers and stop harm before it spreads,” Chopra said. Whichever nonbanks the CFPB is targeting would have to be outside its existing authority to supervise nonbanks in the mortgage, payday lending and private student loan industries. In addition to supervising large depositories with more than $10 billion of assets and their service providers, the CFPB has oversight of markets for consumer reporting, debt collection, student loan servicing, international remittances and auto loan servicing. Some suggest the push is related to Chopra’s efforts to rein in Big Tech companies with products or services that encroach on regulated banking activities. “The bureau may decide to push the envelope into players that might not traditionally have fallen into the consumer finance bucket,” Moran of Morgan Lewis said. “This director is very interested in making use of every single authority the bureau has and in taking stands that may be untested." The CFPB also is putting some booming fintech sectors on notice, particularly buy now/pay later companies that appear to be operating outside existing regulations. In addition, many small companies, such as restaurants, are relying on earned wage access programs that provide benefits to employees. Some companies are concerned that providing employees early access to their pay may be considered an extension of credit and therefore subject to CFPB regulations. “Some of these providers are so new, it’s unclear whether they fall under the definition of offering a loan, and the fear is it will increase the cost of compliance,” said Rodriguez. “I do think there is a concern that this type of move into nonbanks could potentially lead to excessive oversight.” The CFPB said it will base its determination of a company posing a risk to consumers on complaints, judicial opinions, administrative decisions, and other input such as whistleblower complaints and news reports. Many contend Chopra is an even more aggressive regulatory than former CFPB Director Richard Cordray, who assessed more than $13 billion in fines and settlements. “There’s just a lot on their plate,” Moran said.

MoneyGram International Web Traffic

Rank
Page Views per User (PVPU)
Page Views per Million (PVPM)
Reach per Million (RPM)
CBI Logo

MoneyGram International Rank

  • When was MoneyGram International founded?

    MoneyGram International was founded in 2003.

  • Where is MoneyGram International's headquarters?

    MoneyGram International's headquarters is located at 1550 Utica Avenue South, Minneapolis.

  • What is MoneyGram International's latest funding round?

    MoneyGram International's latest funding round is Acq - Pending.

  • Who are MoneyGram International's competitors?

    Competitors of MoneyGram International include Leaf Global Fintech, TransferGo, BeeTech, Global66, CurrencyCloud and 11 more.

  • What products does MoneyGram International offer?

    MoneyGram International's products include Money Transfers and 3 more.

You May Also Like

ZEPZ Logo
ZEPZ

ZEPZ provides a digital money transfer platform. The company specializes in international transfers to mobile money accounts – a technology where a customer's phone numbers acts like a bank account to hold funds.

Western Union Logo
Western Union

The Western Union Company provides money movement and payment services worldwide. The company operates in three segments: Consumer-to-Consumer, Consumer-to-Business, and Business Solutions.

Global66 Logo
Global66

Global66 is a fintech company offering online money transfer and money order services.

CashQ Logo
CashQ

CashQ develops a mobile money transfer chatbot.

IBanFirst Logo
IBanFirst

iBanFirst provides businesses with an international optimized financial services platform, combining technological, financial, and regulatory expertise.

Ebury Logo
Ebury

Ebury provides small and mid-sized businesses with solutions to make and receive payments in foreign currencies, with competitive exchange rates, emerging-market currencies, hedge currency risk and benefit from liquidity. Users can also access short-term finance, as well as make transactions in a number of currencies.

Discover the right solution for your team

The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.

Request a demo

CBI websites generally use certain cookies to enable better interactions with our sites and services. Use of these cookies, which may be stored on your device, permits us to improve and customize your experience. You can read more about your cookie choices at our privacy policy here. By continuing to use this site you are consenting to these choices.