← Embedded Finance Index 2026

Moneygram

Also a provider — view Moneygram’s profile →

“Can a legacy cash-remittance network reinvent itself as the world's largest fiat-and-stablecoin cross-border payments infrastructure, bridging cash access in 200+ countries with a crypto-native product layer?”

Founded1940
HQDallas, Texas, United States
Latest roundPE Growth (Madison Dearborn Partners acquisition, June 2023)
IndustryFintech / Cross-border payments
The story

Founded in 1940 as a domestic money-order business, MoneyGram evolved into one of the world's two dominant cross-border remittance networks. After a failed Ant Group acquisition attempt (blocked by CFIUS in 2018), the company went private via Madison Dearborn Partners in 2023 and pivoted aggressively into digital and blockchain-enabled payments. By 2026, MoneyGram had launched its own stablecoin (MGUSD) on Stellar and a stablecoin-backed Visa card in Colombia, repositioning itself from a legacy cash-pickup network into a hybrid fiat-and-crypto cross-border payments infrastructure provider.

Last 12 months
2026-06
2026-09
Product timeline
1940
Founded as Travelers Express Company, later becoming a money order and wire transfer business.· pivot
1998
MoneyGram International formed as a standalone entity focused on money transfers and financial paper products.· pivot
2021
Launched MoneyGram Online digital platform and mobile app with fast account-to-account and wallet transfers.· banking
2021
Partnered with Stellar Development Foundation to enable blockchain-powered cash-to-crypto and crypto-to-cash transfers.· banking
2023
Acquired by Madison Dearborn Partners and taken private; delisted from NASDAQ (former ticker: MGI).· acquisition
2026
Launched MGUSD, MoneyGram's own stablecoin, on the Stellar network in partnership with Bridge (Stripe) for issuance infrastructure and Fireblocks for custody.· banking
2026
Launched MoneyGram Card — a stablecoin-backed Visa prepaid card in Colombia powered by Rain, Crossmint wallet infrastructure, and Circle USDC.· card
Regulated entities
6
regulatory licences held by Moneygram
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Moneygram’s embedded-finance stack
Payments / PSP
MoneyGram Payment Systems Inc. (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Card network
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Crypto
in the full report
Accounting gap: none
10 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.