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THE WESTERN UNION COMPANY

(WU)
  Report
Delayed Nyse  -  04:00 2022-11-29 pm EST
14.47 USD   +1.47%
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Western Union Expands its Digital Wallet to Latin America

09/12/2022 | 08:05am EST

  • New Acquisition Expected to Accelerate Market Launch, with Brazil Anticipated to be Live in First Half of 2023

Following a successful introduction of its digital banking offering in Europe in February 2022, Western Union (NYSE: WU) is gearing up to launch in Latin America. The Company announced the acquisition of Te Enviei, a Brazil-based digital wallet that will accelerate the time to market of Western Union’s financial ecosystem offerings in Brazil.

As part of its renewed purpose-driven strategy, Western Union is expanding its value proposition to customers by offering a broader set of digital financial services. By introducing its digital wallet in Brazil, Western Union plans to enable its customers to store funds, send money overseas and domestically, and pay their bills; all from the convenience of their phones.

“We are changing the way we interact with our customers today, moving from a transactional business to a customer-centric, relationship-based approach,” said Thomas Mazzaferro, Chief Innovation & Data Officer at Western Union. “Offering our Brazilian customers an integrated digital banking and money transfer solution will be a key milestone in this effort. We believe this acquisition will allow us to significantly accelerate our planned technology build, allowing for the faster roll out of our digital wallet in Brazil,” Mazzaferro added.

“Brazil is a strategically important market where we already hold a banking license, and it is a highly digitized banking market. Additionally, our internal research indicates that many Brazilians are looking for financial products that can address their needs in a global economy,” explained Ricardo Amaral, President of Western Union Brazil.

More information on the Company’s strategic plans, including with respect to its digital banking offerings, will be shared at its upcoming Investor Day on October 20.

WU-G

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. Western Union’s platform provides seamless cross-border flows and its leading global financial network bridges more than 200 countries and territories and approximately 130 currencies. We connect consumers, businesses, financial institutions, and governments through one of the world’s widest reaching networks, accessing billions of bank accounts, millions of digital wallets and cards, and a substantial global network of retail locations. Western Union connects the world to bring boundless possibilities within reach. For more information, visit www.westernunion.com.


ę Business Wire 2022
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Financials (USD)
Sales 2022 4 461 M - -
Net income 2022 828 M - -
Net Debt 2022 1 252 M - -
P/E ratio 2022 6,91x
Yield 2022 6,53%
Capitalization 5 588 M 5 588 M -
EV / Sales 2022 1,53x
EV / Sales 2023 1,68x
Nbr of Employees 10 500
Free-Float 99,3%
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Mean consensus HOLD
Number of Analysts 20
Last Close Price 14,47 $
Average target price 14,61 $
Spread / Average Target 0,98%
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Managers and Directors
Devin B. McGranahan President, Chief Executive Officer & Director
Matthew Cagwin Head-Business Unit Financial Planning & Analysis
Jeffrey A. Joerres Non-Executive Chairman
Tyler Hand Chief Compliance Officer
Betsy DeHaas Holden Independent Non-Executive Director
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