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.
You might also like
| 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. |
-
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?
-
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?
-
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?
-
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?
-
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.
Darrin Peller
Wolfe Research, LLC
5 questions for WU
Tien-tsin Huang
JPMorgan Chase & Co.
5 questions for WU
Bryan Keane
Deutsche Bank
4 questions for WU
Ramsey El-Assal
Barclays
4 questions for WU
Andrew Schmidt
Citigroup Inc.
3 questions for WU
Jamie Friedman
Susquehanna International Group
3 questions for WU
Jason Kupferberg
Bank of America
3 questions for WU
Nate Svensson
Deutsche Bank
3 questions for WU
Rayna Kumar
Oppenheimer & Co. Inc.
3 questions for WU
Tim Chiodo
UBS Group AG
3 questions for WU
Will Nance
Goldman Sachs
3 questions for WU
Zachary Gunn
Financial Technology Partners
3 questions for WU
Cris Kennedy
William Blair
2 questions for WU
Cristopher Kennedy
William Blair & Company
2 questions for WU
Gus Gala
Monness, Crespi, Hardt & Co., Inc.
2 questions for WU
James Faucette
Morgan Stanley
2 questions for WU
Kartik Mehta
Northcoast Research
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
Kenneth Suchoski
Autonomous Research
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.
- Western Union has introduced its "Beyond" strategy to transform into a digital-first financial services network, expanding beyond traditional remittance services.
- The company projects revenue to grow roughly 20% by 2028, reaching between $4.8 billion and $5.3 billion, and adjusted earnings per share to increase by about 30% over the next three years.
- This growth is anticipated from double-digit revenue increases in its Consumer Services segment and the expansion of its Digital Asset Network and USDPT stablecoin strategy, despite a -1.2% average annual decline in operating margin over the past five years.
- Analysts maintain a cautious outlook, with some issuing neutral or sell ratings due to concerns over high leverage and technical market factors.
- Western Union projects 2028 revenue of $5 billion and adjusted EPS of $2.30, with over $1.7 billion in free cash flow expected over the next three years.
- For 2025, the company anticipates adjusted revenue between $4,035 million and $4,135 million and adjusted EPS between $1.65 and $1.75.
- The company is strategically expanding "Beyond Remittances," targeting $1 billion in Consumer Services revenue by 2028 and expecting Digital and Consumer Services to account for approximately 50% of total revenue by 2028, up from ~30% in 2022.
- Shareholder returns include $1.8 billion through dividends and share buybacks over the past three years, with $1 billion in dividends and $900 million in stock buybacks, resulting in the retirement of 20% of outstanding shares.
- The Intermex acquisition is expected to contribute $0.5 billion to $0.6 billion to 2028 revenue, add 10 cents incremental EPS in the first full year, and generate $30 million in annual cost synergies.
- Western Union projects total revenue to grow to between $4.8 billion and $5.3 billion by 2028, with adjusted revenue per share reaching $2.30 by 2028, a 30% increase over 2025.
- The company expects to generate $1.7 billion in free cash flow over the next three years.
- Growth will be fueled by the Intermex acquisition, anticipated to be accretive and add $0.10 of EPS in its first full calendar year post-close, and the Consumer Services segment, which is forecast to achieve $800 million to $1 billion in revenue by 2028.
- Western Union is also developing a Digital Asset Network to bridge digital currencies to fiat, with funds-out ramps expected to be activated in the first half of 2026.
- The company successfully completed its $150 million cost-free deployment program two years ahead of schedule and returned $1.8 billion to shareholders through dividends and share buybacks over the past three years.
- Western Union introduced its "Beyond" strategy at an Investor Day on November 6, 2025, emphasizing a digital-first approach and expansion of its Digital Asset Network and USDPT stablecoin strategy.
- The company provided a medium-term financial outlook for 2028, projecting revenue between $4.8 billion and $5.3 billion.
- Adjusted earnings per share (EPS) for 2028 are expected to range from $2.15 to $2.45.
- Western Union anticipates its Consumer Services segment will continue to achieve double-digit revenue growth.
- Western Union introduced its "Beyond" strategy and provided a medium-term financial outlook at its Investor Day on November 6, 2025.
- The company projects revenue to improve 20% over the next three years, reaching a mid-point of $5 billion by 2028, with an outlook range of $4.8 – $5.3 billion.
- Adjusted earnings per share (EPS) are expected to grow 30% over the next three years to a mid-point of $2.30 by 2028, with an outlook range of $2.15 – $2.45.
- The "Beyond" strategy focuses on evolving into a digital-first company, expanding its Digital Asset Network, and implementing a USDPT stablecoin strategy.
- Western Union (WU) announced plans to launch U.S. Dollar Payment Token (USDPT), a new stablecoin built on Solana and issued by Anchorage Digital Bank, aiming to expand money movement options and support treasury capabilities.
- The company also introduced an innovative Digital Asset Network designed to bridge digital and fiat worlds, providing access to cash off-ramps for digital assets through partnerships with wallet providers.
- USDPT is anticipated to be available in the first half of 2026 and will allow Western Union to own the economics linked to stablecoins.
- Western Union reported Q3 2025 adjusted revenue of $1,033,000,000, a 1% decline year-over-year excluding Iraq, with adjusted EPS at $0.47.
- Growth was driven by Consumer Services adjusted revenue, up 49%, and Branded Digital adjusted revenue, up 6% with transactions increasing 12%.
- Adjusted operating margins improved to 20% from 19% in the prior year, reflecting continued cost discipline.
- The company reaffirmed its 2025 adjusted revenue guidance of $4,035,000,000-$4,135,000,000 (anticipating the lower end) and adjusted EPS guidance of $1.65-$1.75 (expecting the upper end).
- Strategic initiatives include the Intermex acquisition to accelerate the U.S. retail model and expansion of its digital wallet strategy, now live in seven countries.
- Western Union reported Q3 2025 adjusted revenue of $1.033 billion, a 1% decline year-over-year excluding Iraq, with adjusted EPS at $0.47 and adjusted operating margins at 20%.
- The branded digital business saw transactions increase by 12% and adjusted revenue by 6%, marking its eighth consecutive quarter of solid revenue growth. Consumer services adjusted revenue grew 49%, driven by the Eurochange acquisition and strong European travel.
- The company reaffirmed its 2025 guidance, expecting adjusted revenue at the lower end of $4.035 billion to $4.135 billion and adjusted EPS at the upper end of $1.65 to $1.75.
- The retail business in North America continues to face headwinds from U.S. immigration policies, particularly the U.S. to Mexico corridor, though some recent stabilization is noted. The recently announced acquisition of Intermex is expected to accelerate the U.S. retail model.
- The Western Union Company and International Money Express, Inc. announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 on October 7, 2025.
- This expiration represents an important regulatory approval for Western Union's planned acquisition of Intermex, which was initially announced on August 10, 2025.
- The acquisition is expected to close in mid-2026, subject to obtaining other regulatory approvals, approval by Intermex's stockholders, and the satisfaction or waiver of certain other customary closing conditions.
- The Western Union Company (NYSE: WU) and International Money Express, Inc. (NASDAQ: IMXI) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
- This expiration represents an important regulatory approval for Western Union's planned acquisition of Intermex, which was first announced earlier this year.
- The acquisition is expected to close in mid-2026, subject to obtaining other regulatory approvals, the approval by Intermex's stockholders, and the satisfaction or waiver of certain other customary closing conditions.