International Money Express moves cash across borders, letting people in the US send money to family in Mexico, Latin America, and the Caribbean via agents, stores, and an app.
Remittance fees and payment services drive revenue of USD 0.61B in 2025, with a gross margin around 36% and net margin near 5%, though quarterly swings show thin, variable profitability.
A dense network of payout agents in Latin America and the Caribbean creates switching costs for senders, but digital rivals like Wise and Remitly undercut fees, eroding that edge.
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The author criticizes Western Union's proposed acquisition of rival Internex, suggesting it combines two struggling companies without clear benefit.
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