Intermex CEO Robert Lisy Discusses Multichannel Approach with Daniel Webber
Intermex, a leading player in the cross-border payments industry, is addressing the challenges in customer lifetime value claims and driving growth through a strategic focus on both retail and digital channels.
The company's omnichannel strategy, catering primarily to blue collar customers, has been instrumental in its growth. In Q2 2021, Intermex reported record results, with a 37% increase in revenue to $117 million, and a significant 53% increase in volumes to $4.4 billion.
Part of this growth can be attributed to Intermex's strengthened retail presence. The company has been forging strategic partnerships, such as joining the Hispanic Retail Chamber, to deepen its access to the U.S. supermarket sector. This move is aimed at reaching its primarily Latino customer base more effectively. By reinforcing its retail footprint, including a vast network of retail agents and company-operated stores, Intermex is committed to maintaining operational excellence and world-class customer service that cater to traditional cash pickup and in-person remittance needs.
Simultaneously, Intermex is innovating with digital transformation. The company has launched a fully redesigned Remittance-as-a-Service (RaaS) platform, a B2B digital solution that allows other businesses to embed fast, secure cross-border money transfer capabilities into their own branded services. This platform supports markets across Latin America, the Caribbean, Southeast Asia, the EU, and Africa, leveraging Intermex’s extensive payout network to enable various distribution methods such as cash pickups, home delivery, and bank deposits.
The RaaS platform is a cornerstone for diversifying Intermex’s revenue, moving beyond consumer transaction fees to include partnership-driven income via licensing, revenue sharing, and API access fees. It removes barriers related to technology, compliance, and licensing for its partners, thereby accelerating growth opportunities in the cross-border payments space.
Intermex's CEO, Bob Lisy, discussed these plans for the future in a conversation with Daniel Webber. The conversation was a follow-up to the company's Q2 2021 earnings call. Lisy emphasised Intermex's commitment to continuing its success with a focus on retail and digital channels. He also hinted at potential acquisition plans to further the company's growth.
In summary, Intermex’s continued success strategy balances solidifying retail engagement, particularly within the Hispanic retail ecosystem in the U.S., with expanding digital innovation through its RaaS platform. This dual focus enables the company to serve traditional consumer needs effectively while aggressively pursuing scalable, partnership-based growth in the digital remittance market. This integrated approach aligns with Intermex's mission to deliver money safely, quickly, and reliably wherever customers need it.
Remarkably, Intermex recently achieved a milestone with remittance transactions reaching 10 million for the first time. This achievement underscores the company's position as a key player in the cross-border payments industry and its commitment to catering to the cash needs of blue collar customers.
[1] Intermex Global Announces Q2 2021 Results and Launch of Remittance-as-a-Service Platform, Intermex Global Press Release, [date] [2] Intermex Global Joins Hispanic Retail 360, Intermex Global Press Release, [date] [3] Intermex Global Pursues Growth through Acquisitions, Business Insider, [date] [4] Intermex Global Strengthens Retail Network, American Banker, [date]
In line with its growth trajectory, Intermex Global is expanding its business ventures by exploring partnerships and acquisitions, leveraging technology to advance its remittance services through the launch of its Remittance-as-a-Service (RaaS) platform. This strategic technological innovation aims to generate revenue beyond consumer transaction fees, by including partnership-driven income via licensing, revenue sharing, and API access fees.
To cater more effectively to its primarily Latino customer base and reinforce its retail footprint, Intermex Global has forged strategic partnerships with organizations such as the Hispanic Retail Chamber. This side of the business, rooted in retail engagement, focuses on operational excellence and world-class customer service for traditional cash pickup and in-person remittance needs, while also maintaining a vast network of retail agents and company-operated stores.
