Intermex CEO Bob Lisy discusses the company's international expansion in light of their FY 2021 financial results
Intermex Unveils Growth Strategy for US-Mexico Corridor and Beyond
Intermex, a leading player in cross-border payments, has identified key growth drivers in the US-Mexico corridor and beyond. In a recent discussion with Daniel Webber, CEO Bob Lisy and CFO Andras Bende outlined their plans for the company's future.
The fourth quarter of 2021 saw Intermex experience a 32% increase in its emerging markets business. This growth is set to continue, with the company planning to expand internationally in Canada and Africa. However, Intermex faces challenges in these new markets, particularly in Canada and Africa.
Cryptocurrency is a potential factor in Intermex's cross-border payment strategy. The company aims to leverage this technology to improve its services and stay competitive in the rapidly evolving digital payments landscape.
In 2024, Intermex plans to enter the African remittance market through a strategic partnership with Zeepay. This partnership will allow Intermex to leverage Zeepay's local network and Intermex's digital infrastructure to capture rapidly growing digital remittance flows across more than 20 countries in Africa.
Intermex's growth plan includes furthering its operational efficiency and rolling out additional value-added services. The company reported a 28% year-on-year increase in revenue for Q4 2021, totaling $127 million, and aims to increase its adjusted EBITDA to between $140 million and $150 million in FY 2024. Intermex also aims to grow its revenue to between $800 million and $855 million in FY 2024.
To achieve these goals, Intermex intends to acquire new customers to boost its revenue. Building relationships with banks is a focus for Intermex's growth strategy. The company's market share in its core markets grew to 21% in FY 2021, and it aims to maintain this momentum.
Intermex's growth plan also includes furthering its omnichannel focus. The company plans to develop its app and add strategically located agents to provide customers with a seamless and convenient cross-border payment experience.
In conclusion, Intermex is poised for significant growth in the coming years. With a focus on operational efficiency, value-added services, and strategic partnerships, the company is well-positioned to capture opportunities in emerging markets and stay competitive in the rapidly evolving cross-border payments landscape.
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