International Money Express, Inc. (NASDAQ:IMXI) has seen its stock price increase by approximately 49% in the past six months. On January 5, a Monness analyst restated a Hold rating for the stock, setting a price target of $16.
Earlier, on December 2, the company revealed a partnership between its Intermex division and Banco Industrial to introduce a digital remittance service through the Zigi App. Intermex is a key remittance provider concentrating on Latin America and the Caribbean, and Banco Industrial is a top bank in Guatemala. This collaboration will integrate Intermex's Amigo Paisano app with Zigi, allowing Guatemalans to get money transfers sent directly to their accounts using just a phone number. Management pointed out that this represents a move from cash pickups to instant and secure digital deposits for remittances.
Additionally, International Money Express, Inc. stated plans to simplify the remittance process by fully digitizing the transfer from sender to receiver. Management thinks this integration could enhance adoption and raise transaction volumes for the firm.
The company offers omnichannel money remittance services, employing proprietary technology to enable consumers to send funds from the US, Canada, and Europe to more than 60 countries.