International Money Express, Inc.

International Money Express, Inc. (Intermex) operates an omnichannel money remittance network focused on sending funds from the United States to Latin America and the Caribbean, with additional corridors from Canada and parts of Europe to destinations in Africa, Asia and Latin America. The company connects consumers to beneficiaries through agents, company stores, digital channels and call centers, and also offers ancillary payment and payroll-card services.

12,0 %

5,4 %

−7,7 %

2.51

— International Money Express, Inc.
	%
Money remittance	80% Consumer-to-consumer international money transfers across the U.S.-LAC and other corridors.
Digital remittance channels	10% Web, mobile and co-branded digital transfer channels that support faster-growing transaction volumes.
Foreign exchange and spread income	5% Revenue generated from currency conversion spreads on eligible remittance transactions.
Remittance-as-a-Service	3% Fee-based processing for digital partners using Intermex's licenses, software and payout network.
Ancillary financial products	2% Online payment options, prepaid debit cards and direct deposit payroll cards.

Intermex serves consumers who send money to family and other beneficiaries, especially U.S...

U.S.-to-LAC retail sendersprimary
Consumers in the United States sending recurring remittances to Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic.
Digital remittance usersprimary
Customers using websites, co-branded sites and mobile apps for 24/7 transfers and card-funded transactions.
Sending and paying agentsprimary
Independent retail agents that originate and pay out transfers and are incentivized through commissions and service support.
Digital partnerssecondary
Third-party platforms that use Intermex's licenses, software and payout network to process transfers.
Ancillary product userssecondary
Customers using online payment, prepaid debit card and payroll card offerings alongside remittance services.

The core business is centered on the United States, where Intermex originates most remittances into Latin America and...

•United States is the main sending market for LAC remittances
•Canada supports transfers to Latin America and Africa
•Spain, Italy, Germany and the UK expand Europe-to-emerging-markets corridors
•Payout reach spans more than 60 countries across LAC, Africa, Asia and Europe
•Agent density and local regulation shape corridor economics

Intermex is investing in digital channels while maintaining its retail agent network, aiming to capture higher online...

Digital channel expansionshort-term

Digital transactions are growing faster and can improve long-term economics and customer reach.

Retail network retentionshort-term

The agent network remains essential for cash-based customers and corridor coverage.

Product and corridor diversificationmedium-term

Broader offerings reduce dependence on the U.S.-LAC corridor and support growth.

Intermex faces intense competition from global remittance brands, banks and digital platforms, which can pressure...

high

Competitive pricing pressure

The market includes large incumbents and many niche providers competing on fees, commissions and service.

Scope: Core remittance corridor economics
Materiality: high

high

Cybersecurity and data protection

The business relies on secure processing of consumer, agent and employee data across proprietary platforms and vendors.

Scope: Digital channels, call centers and third-party service providers
Materiality: high

high

Regulatory and compliance burden

Money transmission is heavily regulated across the U.S., Europe and destination markets, increasing cost and complexity.

Scope: Licensing, AML/KYC, consumer protection and cross-border payments
Materiality: high

high

Merger-related disruption

The pending merger may affect operations, employee retention, customer behavior and strategic focus.

Scope: Corporate execution and near-term operating performance
Materiality: high

medium

Foreign exchange and corridor volatility

Revenue and profitability can be affected by exchange-rate spreads and by shifts in demand tied to local currencies.

Scope: Mexico, Guatemala and other LAC corridors
Materiality: medium

Revenue recognition for remittance transactions

Affects reported revenue timing and mix between fees and foreign exchange gains

Foreign exchange spread income

Can increase volatility in gross revenue and margins

Allowance for credit losses

Impacts operating expenses and net income

Goodwill impairment

Can materially reduce earnings in periods of impairment

Liquidity and working capital estimates

Affects cash flow planning, debt usage and balance sheet risk

International Money Express, Inc.

Competitive pricing pressure

Cybersecurity and data protection

Regulatory and compliance burden

Merger-related disruption

Foreign exchange and corridor volatility

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