IMXINasdaqServices-Business Services, NECUS GAAP · USD

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.

Ask about the company
Revenue608m USD
−7.7 %y/y
Operating profit (EBIT)55.7m USD
−41.4 %y/y
EBIT margin9.2%
−5.3 ppy/y
Net income32.7m USD
−44.5 %y/y
Free cash flow15.8m USD
−31.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0200400600800m USD2020: 357 m USD2020: EBIT 53 m USD20202021: 459 m USD2021: EBIT 68 m USD20212022: 547 m USD2022: EBIT 83 m USD20222023: 659 m USD2023: EBIT 95 m USD20232024: 659 m USD2024: EBIT 95 m USD20242025: 608 m USD2025: EBIT 56 m USD202560856
RevenueOperating profit (EBIT)

Business

Share of revenue
Money remittance80 %

Consumer-to-consumer international money transfers across the U.S.-LAC and other corridors.

Digital remittance channels10 %

Web, mobile and co-branded digital transfer channels that support faster-growing transaction volumes.

Foreign exchange and spread income5 %

Revenue generated from currency conversion spreads on eligible remittance transactions.

Remittance-as-a-Service3 %

Fee-based processing for digital partners using Intermex's licenses, software and payout network.

Ancillary financial products2 %

Online payment options, prepaid debit cards and direct deposit payroll cards.

Products

Reported · share of revenue
82.6%14.3%FY2025100 %
  • Wire Transfer and Money Order82.6 %
  • Foreign Exchange Gain14.3 %
  • Financial Service Other3.0 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Intermex serves consumers who send money to family and other beneficiaries, especially U.S.-based customers with roots in Latin America and the Caribbean. It also serves digital partners that outsource transfer processing and agents that distribute and support transactions. The business is built around convenience, trust, outlet availability and value for customers who often prefer remittance services over traditional bank transfers.

U.S.-to-LAC retail senders

Consumers in the United States sending recurring remittances to Mexico, Guatemala, El Salvador, Honduras and the Dominican Republic.

Digital remittance users

Customers using websites, co-branded sites and mobile apps for 24/7 transfers and card-funded transactions.

Sending and paying agents

Independent retail agents that originate and pay out transfers and are incentivized through commissions and service support.

Digital partners

Third-party platforms that use Intermex's licenses, software and payout network to process transfers.

Ancillary product users

Customers using online payment, prepaid debit card and payroll card offerings alongside remittance services.

Strategy

Intermex is investing in digital channels while maintaining its retail agent network, aiming to capture higher online adoption without losing its core cash-based customer base. Management also emphasizes loyalty programs for agents and consumers, broader product offerings and corridor expansion to defend share against larger remittance brands and digital entrants.

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.

Geography

The core business is centered on the United States, where Intermex originates most remittances into Latin America and the Caribbean. It also operates in Canada and in selected countries in Europe, including Spain, Italy, Germany and the United Kingdom, with payout reach into more than 60 countries across LAC, Africa, Asia and Europe. Geography matters because corridor mix, local currency movements, regulation and agent density directly affect transaction volumes and margins.

Risks

Intermex faces intense competition from global remittance brands, banks and digital platforms, which can pressure pricing, commissions and customer acquisition. Its business is also exposed to cybersecurity, regulatory and foreign-exchange risks, while corridor demand can be affected by immigration policy, consumer behavior and local currency movements. The pending merger with Western Union adds execution uncertainty and can distract management and employees.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory and compliance burden1Competitive pricing pressure2Cybersecurity and data protection3Merger-related disruption4Foreign exchange and corridor volatility5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory and compliance burdenImpact: HighLikelihood: High

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

    ExposureLicensingAML/KYCConsumer protectionCross-border payments
  2. Competitive pricing pressureImpact: HighLikelihood: Medium

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

    Exposure: Core remittance corridor economics

  3. Cybersecurity and data protectionImpact: HighLikelihood: Medium

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

    ExposureDigital channelsCall centersThird-party service providers
  4. Merger-related disruptionImpact: HighLikelihood: Medium

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

    Exposure: Corporate execution and near-term operating performance

  5. Foreign exchange and corridor volatilityImpact: MediumLikelihood: Medium

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

    ExposureMexicoGuatemalaOther LAC corridors

Accounting

Judgemental items
Revenue recognition for remittance transactions

Revenue is tied to completed transfer activity and fee allocation across senders, agents and payout partners.

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

Foreign exchange spread income

Some transactions generate revenue from currency conversion spreads, which can vary with market rates.

Impact: Can increase volatility in gross revenue and margins

Allowance for credit losses

The company must estimate collectability on receivables and related balances.

Impact: Impacts operating expenses and net income

Goodwill impairment

The company disclosed a goodwill impairment charge related to a foreign subsidiary investment.

Impact: Can materially reduce earnings in periods of impairment

Liquidity and working capital estimates

Remittance operations require sufficient highly liquid assets to meet payment obligations.

Impact: Affects cash flow planning, debt usage and balance sheet risk

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Last updated: 24/09/2026