Western Union (WU) is a global leader in cross-border, cross-currency money movement, payments, and digital financial services. The company provides fast, reliable, and convenient ways for consumers, businesses, financial institutions, and governments to send money and make payments. Its offerings include money transfers, bill payment services, and digital financial solutions, supported by a vast network of agent locations and digital platforms.
- Consumer Money Transfer - Facilitates international and domestic money transfers through a global network of agent locations, websites, and mobile devices, connecting over 200 countries and territories.
- Consumer Services - Offers bill payment services, money orders, retail foreign exchange services, prepaid cards, lending partnerships, digital wallets, and a media network.
- Business Solutions - Previously provided payment and foreign exchange solutions for small and medium-sized enterprises, focusing on cross-border, cross-currency transactions. This segment was divested in 2023 and is no longer part of the company's operations.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Devin B. McGranahan ExecutiveBoard | President, CEO, and Director | None | Devin B. McGranahan has been the President and CEO of WU since December 2021. He has extensive experience in financial services and operations, previously holding senior roles at Fiserv and McKinsey & Company. | View Report → |
Andrew Walker Executive | Executive Vice President, Chief Operations Officer | None | Andrew Walker joined WU in April 2022. He previously held senior roles at USAA and Nationwide Bank. | |
Benjamin Adams Executive | Executive Vice President and Chief Legal Officer | None | Benjamin Adams joined WU in June 2022. He previously held senior legal positions at PayPal and Microsoft. | |
Cherie Axelrod Executive | Executive Vice President, Chief Risk and Compliance Officer | None | Cherie Axelrod joined WU in 2012 and has held several compliance-related roles. She became Chief Risk and Compliance Officer in August 2022. | |
Giovanni Angelini Executive | President, Europe and Africa | None | Giovanni Angelini has been with WU since 2011, holding various leadership roles. He became President, Europe and Africa in September 2022. | |
Mark Hinsey Executive | Chief Accounting Officer and Controller | None | Mark Hinsey is the Chief Accounting Officer and Controller at WU. He announced his retirement effective June 30, 2025. | |
Matt Cagwin Executive | Chief Financial Officer | None | Matt Cagwin became CFO in January 2023, after serving as interim CFO. He joined WU in July 2022 and has a background in financial leadership roles at Fiserv and Coca-Cola Enterprises. | |
Rodrigo Garcia Estebarena Executive | President, North America | None | Rodrigo Garcia Estebarena joined WU in 2008 and has held various leadership roles. He became President, North America in October 2023. | |
Angela A. Sun Board | Director | Board member at Cushman & Wakefield plc | Angela A. Sun has been a director at WU since 2018. She has held leadership roles at Alpha Edison and Bloomberg. | |
Betsy D. Holden Board | Director | Director at Dentsply Sirona Inc., NNN Reit, Inc., Kenvue Inc. | Betsy D. Holden has been a director at WU since 2006. She serves on several boards and advisory roles. | |
Jan Siegmund Board | Director | None | Jan Siegmund has been a director at WU since 2019. He has held CFO roles at Cognizant and ADP. | |
Jeffrey A. Joerres Board | Non-Executive Chairman of the Board | Director at Artisan Partners Asset Management Inc., Director at ConocoPhillips | Jeffrey A. Joerres has been a director at WU since 2015 and became Non-Executive Chairman in May 2024. | |
Julie M. Cameron-Doe Board | Director | Director at Wynn Macau, Limited | Julie M. Cameron-Doe joined the WU Board in December 2023. She has held CFO roles at Wynn Resorts and Aristocrat Leisure. | |
Martin I. Cole Board | Director | Director at Western Digital Corporation | Martin I. Cole has been a director at WU since 2015. He has extensive experience in technology and management consulting. | |
Michael A. Miles, Jr. Board | Director | Advisory Director for Berkshire Partners, Chair of the Board of Portillo’s Inc. | Michael A. Miles, Jr. has been a director at WU since 2006. He has extensive experience in consumer goods and private equity. | |
Solomon D. Trujillo Board | Director | Founder and Chair of Trujillo Group, LLC, Non-Executive Chair of Cano Health, Inc. | Solomon D. Trujillo has been a director at WU since 2012. He has extensive experience in telecommunications and media. | |
Suzette M. Deering Board | Director | Founder of The Grit Advisory, Advisor for McKinsey & Company | Suzette M. Deering joined the WU Board in September 2023. She has held senior marketing roles at Ford and eBay. | |
Timothy P. Murphy Board | Director | Chair of the Board of Directors for Thomson Reuters Special Services | Timothy P. Murphy has been a director at WU since 2020. He has a background in law enforcement and cybersecurity. |
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In your Consumer Services segment, you reported 23% revenue growth but with 11% margins, and stated that you might accept lower margins for higher growth ; how sustainable is this approach, and what are your plans to improve margins while maintaining revenue growth?
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With retail transaction growth slowing in North America and the impact of migration patterns post-election affecting corridors like U.S. to Mexico , what specific strategies are you implementing to mitigate these challenges and drive growth in this critical market?
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Considering the significant revenue contribution from Iraq in the prior year, and the expected headwind due to its absence this year , how do you plan to offset this gap and meet your adjusted revenue growth targets for 2025?
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Your branded digital business shows strong transaction growth but slower revenue growth ; can you explain the factors behind this and what initiatives you're undertaking to accelerate revenue growth in digital?
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As competitors increase advertising spend in markets like Australia, intensifying competition , how do you plan to differentiate your digital offerings and capture market share amid such challenges?
Research analysts who have asked questions during Western Union earnings calls.
Ramsey El-Assal
Barclays
4 questions for WU
Andrew Schmidt
Citigroup Inc.
3 questions for WU
Darrin Peller
Wolfe Research, LLC
3 questions for WU
Jason Kupferberg
Bank of America
3 questions for WU
Tien-tsin Huang
JPMorgan Chase & Co.
3 questions for WU
Bryan Keane
Deutsche Bank
2 questions for WU
Cristopher Kennedy
William Blair & Company
2 questions for WU
Rufus Hone
BMO Capital Markets
2 questions for WU
Timothy Chiodo
UBS Group AG
2 questions for WU
Vasundhara Govil
Keefe, Bruyette & Woods (KBW)
2 questions for WU
William Nance
The Goldman Sachs Group, Inc.
2 questions for WU
Chris Zeng
UBS Group AG
1 question for WU
Jamie Friedman
Susquehanna International Group
1 question for WU
Kenneth Suchoski
Autonomous Research
1 question for WU
Nate Svensson
Deutsche Bank
1 question for WU
Rayna Kumar
Oppenheimer & Co. Inc.
1 question for WU
Tim Chiodo
UBS Group AG
1 question for WU
Will Nance
Goldman Sachs
1 question for WU
Zachary Gunn
Financial Technology Partners
1 question for WU
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
DASH | 2024 | Acquisition Target: Singapore-based digital wallet owned by Singtel Group, offering cross-border remittance capabilities with a robust cash-in network and debit card features. Strategic Fit: It is a small tuck-in designed to expand Western Union’s APAC digital ecosystem while providing technology and talent acquisition, with closure expected in the coming quarters. |
Mexico Digital Wallet | 2024 | Strategic Rationale: Recently launched digital wallet in Mexico to create an account-based relationship in a key remittance market. Key Details: Despite regulatory and product development delays (expected to delay a branded wallet for over a year), the “super small tuck-in” acquisition is intended to bolster Western Union’s ecosystem in Latin America without significantly impacting cash flow. |
Brazil Digital Wallet | 2022 | Completed Acquisition: Finalized in September 2022, this deal was Western Union’s first in several years, aimed at accelerating the digital wallet ecosystem launch by 12 months in Brazil. Key Assets: Leveraging 68 retail locations that capture 50% of country volume, this acquisition serves as a scalable testbed for future market expansions. |
Recent press releases and 8-K filings for WU.
- The Western Union Company (WU) entered into a Merger Agreement on August 10, 2025, to acquire International Money Express, Inc. (IMXI) for $16.00 per share in cash.
- The merger is subject to various closing conditions, including IMXI stockholder approval and regulatory clearances, such as the expiration or termination of the Hart-Scott-Rodino Antitrust Improvements Act waiting period.
- The agreement specifies an "Outside Date" for completion of May 11, 2026, which can be extended to August 10, 2026, or November 10, 2026, under specific conditions related to regulatory approvals.
- Upon termination of the Merger Agreement, a fee of $27,300,000 may be payable by Western Union to IMXI, or $19,800,000 by IMXI to Western Union, depending on the circumstances.
- Western Union (WU) has agreed to acquire International Money Express Inc. (Intermex) for approximately $500 million in an all-cash transaction, paying $16 per share, which represents a premium of over 70%.
- The acquisition aims to strengthen Western Union's presence in the high-growth Latin American and Caribbean remittance markets, particularly the U.S.-Mexico corridor, by integrating Intermex's 6 million customers and 12,000-agent network.
- The deal is expected to generate over $0.10 in adjusted earnings per share in the first full year after closing and deliver $30 million in annual cost savings within two years.
- Intermex recently announced it will stop issuing quarterly guidance starting in Q1 2025 and lowered its full-year revenue and profit forecasts due to economic uncertainty.
- Western Union reported Q2 2025 adjusted revenue of $1.026 billion, a 1% decline year-over-year excluding Iraq, and adjusted earnings per share (EPS) of $0.42. GAAP revenue for the quarter was $1 billion.
- While consumer money transfer transactions were down 3% overall due to weakness in the North America retail business, the branded digital business increased transactions by 9% and adjusted revenue by 6%, and Consumer Services adjusted revenue grew 40%.
- For 2025, the company updated its guidance, projecting adjusted revenue in the range of $4.035 billion to $4.135 billion, operating margins between 19% and 21%, and adjusted EPS from $1.65 to $1.75.
- The company is navigating short-term headwinds from increased immigration enforcement and a new 1% US remittance tax on cash-based transactions, effective early 2026, which is expected to have a limited impact (less than 20% of total company revenues). Western Union is also exploring opportunities with stablecoins for treasury operations and payment network integration, and integrating AI capabilities to improve efficiency and reduce costs.
- Western Union generated $148 million in cash flow from operations year-to-date and returned over $150 million to shareholders via dividends and share repurchases in Q2 2025.
- Western Union is actively exploring stablecoins to enhance its cross-border payment services, focusing on faster money transfers and improved fiat conversion.
- The company is piloting new settlement processes in South America and Africa to accelerate payments and ease currency conversions, targeting regions with high remittance volumes and currency challenges.
- Western Union is pursuing partnerships for stablecoin on- and off-ramps and considering integrating stablecoin wallets into its digital offerings.
- CEO Devin McGranahan views stablecoins as an opportunity, not a threat, with industry experts highlighting their potential for faster, cheaper, and more flexible alternatives to traditional banking systems.
- Evolve 2025 transformed the business with retail stabilization outside the Americas, achieving over 10% growth in non-American retail segments and strong digital transaction performance.
- Digital innovation is central, with new platform features like progressive KYC and lifecycle management aimed at enhancing customer acquisition and retention.
- The European retail strategy was emphasized, featuring modernized point-of-sale systems (UFS2.1) that reduced transaction times to under 3 minutes and dynamic, real-time pricing adjustments.
- Discussions also covered challenges from migration trends, potential impacts of new remittance taxes, and early-stage crypto pilots for settlements amid regulatory uncertainties.
- Andrew Walker, the Chief Operations Officer, has resigned effective June 13, 2025, citing personal reasons with no disputes regarding company policies or operations.
- The announcement was disclosed in an 8-K filing on May 22, 2025, ensuring transparency with investors.
- Q1 2025 results: $984 million GAAP revenue with adjusted revenue (excluding Iraq) down 2% and overall GAAP revenue down 6% due to lower Iraq contributions .
- Reported EPS of $0.36 GAAP EPS and $0.41 adjusted EPS (with adjusted EPS down from $0.45 in the prior period) .
- The Branded Digital segment delivered strong results with 14% transaction growth and 8% adjusted revenue growth (7% on GAAP basis) alongside +3% Consumer Money Transfer transactions .
- Achieved an 18% GAAP operating margin in Q1 2025 .
- Continued progress on the EVOLVE 2025 strategy with enhancements in European retail, the Euro Change acquisition, and a loyalty program relaunch .
- Advanced its $150M Expense Redeployment Program with $30M achieved in Q1 2025, nearing its Investor Day goal .
- Reaffirmed its 2025 financial outlook amid an uncertain macroeconomic environment .
- Strategic turnaround: Western Union implemented its Evolve 2025 strategy to stabilize retail operations, accelerate digital growth, expand consumer services, and enhance overall quality, resulting in approximately 1% growth in Q4 and 1.5% for the full year after a period of high single-digit declines.
- Digital momentum: The company reported 7 consecutive quarters of double-digit digital transaction growth, supported by key improvements including the rollout of a cloud-based POS system and an invigorated go-to-market strategy.
- Consumer services strength: The Consumer Services segment, making up roughly 10% of the business, delivered robust performance with a 15% revenue growth, driven by product innovations such as prepaid services, an expanding FX business in Europe, and a new media network.
- Capital allocation and cost efficiencies: Continued cost management efforts, including call center improvements and technology investments, are complementing its strategic initiatives, alongside a commitment to a 9% dividend yield and the exploration of M&A opportunities and share buybacks.