Intermex Corporation's Expansion Across the Globe: CEO Bob Lisy Discusses FY 2021 Financial Results
Intermex Unveils Ambitious Three-Year Growth Plan, Aims for $800m Revenue by 2024
In a revealing conversation during the Investor Day conference held on 7 March, Intermex CEO Bob Lisy and CFO Andras Bende outlined the company's ambitious growth strategy for the next three years.
The financial year 2021 saw Intermex's revenue grow by 29% year-over-year to $459m. In Q4 alone, the company reported a significant 28% year-on-year revenue increase to $127m. Moreover, Intermex's emerging markets business witnessed a 32% surge in Q4.
Intermex plans to build upon these successes by furthering its omnichannel focus. This includes additional development of its app and rolling out more value-added services. The company also aims to boost operational efficiency to support its growth ambitions.
One of the key growth drivers for Intermex is the US-Mexico corridor, where the company has seen increased demand. Intermex intends to capitalise on this by adding strategically located agents and furthering its international expansion in Canada and Africa.
To achieve these goals, Intermex is looking to collaborate with Canada-based fintech company VersaPay. This partnership is expected to support Intermex's strategic expansion in Canada and Africa.
The company also emphasised the importance of building relationships with banks. Intermex believes that these partnerships will be crucial in its quest to become a leader in the cross-border payments industry.
In terms of new products, Intermex announced plans to launch them in the near future. The company did not reveal specific details but stated that these new offerings would be designed to cater to the evolving needs of its customers.
Intermex also addressed the role of cryptocurrency in cross-border payments. While the company did not disclose any immediate plans to adopt cryptocurrencies, it acknowledged the potential benefits they could bring to the industry.
Despite the ambitious growth plans, Intermex acknowledged the challenges in its international expansion. The company is committed to overcoming these hurdles and is confident in its ability to achieve its targets.
Intermex's market share in its core markets grew to 21%, underscoring the company's operational competitiveness in the cross-border payments industry. The company is optimistic about its future and is looking forward to continuing its growth trajectory.
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