- Ripple partner Intermex acquires LAN Holdings, Corp. and its Spain-based money transmitter, I-Transfer Global Payments E.P., S.A.U.
- The acquisition enables Intermex to expand its services in Canada and provides outbound remittances from Spain, Italy, and Germany for the first time.
Miami-based Intermex, a leading omnichannel money remittance services company, has completed its acquisition of LAN Holdings, Corp., which also includes the Spain-based money transmitter, I-Transfer Global Payments E.P., S.A.U. The acquisition will enable Intermex to expand its services and presence in Canada and provide outbound remittances from Spain, Italy, and Germany for the first time.
We are excited to close on the international entities for the La Nacional acquisition which represent a tremendous opportunity for growth. The Company’s global footprint now reaches more than 60 countries from our current 28. In these new markets we will continue to pursue our mission of great service to our customers and partners, with continued focus on profitable growth for our shareholders,
said Bob Lisy, chairman, chief executive officer, and president of Intermex.
Tracking: #Ripple partner Intermex (ODL), has acquired LAN Holdings, which includes I-Transfer Global Payments, allowing Intermex to "provide outbound remittances from Spain, Italy, & Germany…and will expand its services and presence in Canada."https://t.co/HpYy6Xx3i1
— WrathofKahneman (@WKahneman) April 20, 2023
Intermex paid cash of $8.6 million on closing, subject to customary purchase price adjustments, for LAN Holdings. LAN Holdings through I-Transfer will operate as an independently licensed entity with the leadership team reporting to Bob Lisy.
The acquisition also highlights Intermex’s partnership with Ripple, as the company has been using Ripple’s On-Demand Liquidity (ODL) solution since 2018 to enable faster and cheaper cross-border payments. ODL uses XRP, the digital asset native to the XRP Ledger, as a bridge currency for cross-border transactions, reducing the need for pre-funding accounts in destination currencies.
Intermex’s use of ODL has significantly improved the speed and efficiency of its cross-border payments, allowing its customers to receive funds in just a few minutes. In addition, ODL has helped Intermex reduce its reliance on traditional correspondent banking relationships, which can be expensive and slow.
Intermex’s acquisition of LAN Holdings and I-Transfer will further strengthen its partnership with Ripple and expand its services to new markets, positioning the company for continued growth in the competitive money remittance industry.