Intermex has become the latest remittance provider to report record results in Q2 2021, with year-on-year revenue climbing 37% to $117m. This has been fuelled by a 53% increase in volumes to $4.4bn, with remittance transactions reaching 10m for the first time. I spoke to CEO Bob Lisy to learn what the company plans next – download our conversation below.
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In ‘Intermex’s Omnichannel Strategy’
Some highlights from the earnings announcement:
- Intermex saw particularly strong growth in its core markets, with Mexico, Guatemala, El Salvador and Honduras reaching market share of 21% for the first time.
- Emerging markets were also strong, with the Dominican Republic, Nicaragua and Ecuador seeing transactions growth of 41%.
- Despite traditionally catering to blue-collar customers who prefer cash, Intermex is growing its digital presence, combining this with a strong retail presence to form an omnichannel strategy that CEO Bob Lisy attributes to the company’s strong quarter.
- More than 22% of transactions are processed digitally, and more than 20% of its remittances are now settled digitally in the receiving country. Intermex also saw bank account deposits increase 50% year-on-year.
- Looking to the next few years, Intermex is looking to improve its presence in areas of the US that are currently under or unserved. Digital is seen as a key aid to this, although Bob believes this approach could see the company’s retail remittance business “more than double in size” over the next few years.
- The strong quarter has led Intermex to update its revenue guidance for 2021, which has now risen by around $30m to $441m – $450m.
Building on this, my conversation with Bob covers the following:
- Key drivers of Intermex’s growth
- Definition and drivers of digital
- Challenging customer lifetime value claims
- Intermex’s omnichannel strategy
- Growing the retail business
- Intermex’s acquisition plans