"Since his appointment, Soohoo has wasted little time accelerating MoneyGram's transition into a competitive force. Over lunch, the new CEO told me that digital transactions accounted for only about 20% of total transactions in 2019, but had climbed to 50% when he took over. During his tenure, he has already boosted that to 70% and, in another impressive feat, integrated a stablecoin tool into MoneyGram's app."
"MoneyGram, if you're unfamiliar, is a textbook case of the innovator's dilemma. The company started out in 1940 as Travelers Express, which specialized in money orders, and was acquired by Greyhound to be part of the bus company's suite of services. In 1988, that firm bought a smaller slinger of paper-based money services called MoneyGram, and a few years later adopted its name."
MoneyGram began in 1940 as Travelers Express and evolved through acquisitions into a paper-based money services company reliant on physical distribution. The rise of digital wallets and blockchain left the company heavily indebted and struggling by 2023, prompting Madison Dearborn Partners to take it private and install Anthony Soohoo as CEO. Soohoo, with prior experience at Apple, Walmart, and CBS, accelerated digital adoption, increasing digital transactions from roughly 20% in 2019 to 70% under his leadership. MoneyGram integrated a stablecoin tool into its app and launched the offering in Colombia, leveraging a large remittance market and over 6,000 local retail locations.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]