Top 3 money transfer companies to watch in 2022
The money transfer industry was under intense pressure in 2021 as growth started slowing down. Most companies in the sector, including PayPal, MoneyGram, and Western Union saw their share prices crash during the year. So, here are the top 3 money transfer companies to watch in 2022.
Wise, formerly known as Transferwise, went public in London in 2021. This was a notable development since the company had established a reputation as the best fintech company in London.
The initial days of Wise as a publicly-traded company were good as the stock jumped to an all-time high of 1,175p. This trend was short-lived as the company’s stock crashed by more than 37% as it warned of slowing growth and high stock-based compensation.
Therefore, analysts will focus closely on the company’s trends in 2022. Many analysts believe that Wise is a good company that will recover in the coming year.
MoneyGram had a difficult year. Its stock price initially jumped to a high of $12 and then crashed by more than 58%. The stock has rebalanced since November and is currently at $7.50. The initial rally was because of speculation that the firm would get acquired by Stellar Foundation in a $1 billion deal.
The two companies did not confirm or deny the rumours. They also announced a partnership that will see people be able to withdraw their USD Coins at all MoneyGram platforms. USD Coin is a stablecoin that is developed using Stellar’s platform. Therefore, MoneyGram will be watched in 2022 because it is still a good acquisition target.
WorldRemit is a popular money transfer company that has raised millions of dollars from investors. It is a leading unicorn that acquired SendWave in a $500 million deal. For years, there have been talk that WorldRemit will go public. But the company is yet to declare when it will go public. Therefore, there is a possibility that it will follow the footsteps of Wise and Remitly and have an IPO.