• Intermex has purchased LAN Holdings and I-Transfer Global Payments, allowing them to service markets in Spain, Italy, Germany and Canada.
• Through this acquisition, Intermex will now provide outbound remittances from these regions for the first time.
• Ripple Labs recently partnered with Intermex which focuses on the Mexico-US corridor, leveraging Ripple’s technical ability to instantly send transactions at a lower cost.
Intermex Acquires LAN Holdings
In a move that expands its services across more than 60 countries, International Money Express, Inc (Intermex) has announced the acquisition of LAN Holdings Corp. Through this purchase Intermex will acquire I-Transfer Global Payments E.P., S.A.U., which facilitates money transfers from Spain, Italy and Germany. The company also plans to expand its presence in Canada as well with this move.
Recently Ripple Labs partnered with Intermex to focus on the Mexico-US corridor as Mexico received $36 billion in remittance payments last year making it one of the largest remittance corridors in the world according to World Bank estimates. With Ripple’s technology Intermex can send transactions faster and cheaper than before through their partnership with Ripple Labs.
At closing $8.6 million was paid for the purchase of LAN holdings and is subject to customary price adjustments post transaction closure according to Bob Lisy who is chairman, chief executive officer, and president of Intermex .The leadership team will report directly to him and I-Transfer will continue operations as an independently licensed entity under LAN holdings ownership.
With over 30 million transactions processed every year by Intermex they are now one of the world’s largest remitter services with 100,000 payer locations spread out across 170 countries worldwide ,giving them a global reach that can be expanded further through their new acquisitions .
Taking all things into consideration ,Intermex’s recent acquisitions ,partnership with ripple labs ,and expansion into new countries gives it an edge over other companies in terms of providing fast & cheap money transfer solutions while increasing its global reach significantly .