FinTech: Crypto Network Stellar Buys Piece Of MoneyGram International

August 16, 2023 | Digital Assets, FinTech, News

Stellar acquired the MoneyGram stake during the fintech’s privatization this year.

Stellar, a cross-border cryptocurrency payments network, has strategically invested in MoneyGram International, a prominent money transfer company, solidifying their years-long collaboration. Although the exact monetary value remains undisclosed, this move accentuates Stellar’s dedication to digital advancements in the fintech realm.

MoneyGram, recognized for its association with Ripple, has partnered with Stellar in the past, resulting in the creation of a cash-to-crypto service. (Decrypt)

Stellar’s investment stems from its belief in MoneyGram’s management, board, and future objectives. The collaboration aims to bolster MoneyGram’s digital ventures and enhance accessibility for unbanked populations through digital-centric experiences.

Stellar said in a blog: “MoneyGram’s vision for its digital transformation and execution capabilities gave us confidence that if an opportunity to take a more active role in MGI’s future ever arose, we would take it. Today, I can share that opportunity came to pass. During the recent go-private transaction with Madison Dearborn Partners (MDP), SDF became a minority investor in MGI. The investment was made out of SDF’s own cash treasury, the assets set aside to support the operations of the SDF, rather than the Enterprise Fund, a fund to invest in startups and earlier-stage companies.”

Earlier this year, Chicago-based private equity firm Madison Dearborn Partners acquired MoneyGram International and delisted the company from the Nasdaq exchange.

The primary focus of the investment by Stellar encompasses amplifying digital operations, exploring blockchain technology, and contributing to MoneyGram’s mission of facilitating global money movement and management.

Stellar’s involvement is a significant stride towards reinforcing MoneyGram’s position as a frontrunner in the digital fintech landscape. Notably, Stellar’s CEO and executive director, Denelle Dixon, has secured a seat on MoneyGram’s Board of Directors, further cementing their partnership.

The alliance’s origin traces back two years, during which Stellar aided MoneyGram in launching a cash-to-crypto service. This strategic investment not only underscores the commitment to digital innovation but also underscores MoneyGram’s trajectory towards becoming a digital-forward leader in the financial technology sector.

Related Story:  MoneyGram Launches Crypto Transactions Via Its App

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Epic Lays Off 830 Employees As Metaverse Underperforms
September 29, 2023     Digital Assets, News

Earlier today, Tim Sweeney, the head of Epic Games, shared an email with the company’s employees, announcing some significant changes within the organization. In this message, Sweeney discussed the necessity…
Artificial Intelligence: Mysterious US-Based Books3 Dataset Used To Train AI Was A Massive Trove Of Pirated Books
September 29, 2023     Artificial Intelligence, Latest News, News

Thousands of books penned by some of Australia’s most esteemed authors may have fallen victim to what Booker prize-winning novelist Richard Flanagan has described as “the biggest act of copyright…銅鑼灣_Causeway_Bay_銅鑼灣時代廣場_Times_Square_office_Tower_One_阿里巴巴_Alibaba_Hong_Kong_June_2022_Px3_03.jpg
FinTech: Ant’s Chongqing Consumer Finance Arm Raising $616M To Ramp Up Loans
September 29, 2023     FinTech, News

Chongqing Consumer Finance, the consumer finance arm of Ant Group, a prominent player in China’s financial technology landscape, is currently in the process of raising a substantial sum of fresh…
Venture Capital: Mercury’s Fund V Mops Up $160M For US Startups “Between The Coasts”
September 29, 2023     News, Venture Capital

Mercury Fund, the premier early-stage venture firm with a focus on non-coastal tech hubs, has successfully closed its largest fund to date, Mercury Fund V, with a total capital commitment…