How an Apple vet is teaching an old fintech new tricks

Core Insights - MoneyGram is undergoing a significant transformation under new CEO Anthony Soohoo, who has a background in digital transformation at major companies like Apple and Walmart [1][3] - The company has shifted from a traditional cash-based model to a more digital-focused approach, with digital transactions increasing from 20% in 2019 to 70% currently [4] Company Background - MoneyGram was founded in 1940 as Travelers Express and became known for money orders, later acquiring the name MoneyGram in 1988 [2] - The company struggled with debt and declining share prices as digital payment solutions like Venmo and blockchain emerged [3] Recent Developments - In 2023, MoneyGram was taken private by Madison Dearborn Partners, which appointed Soohoo as CEO [3] - The company has integrated a stablecoin tool into its app, launching it in Colombia, a market with a significant remittance economy [4] Strategic Initiatives - Soohoo has focused on transforming the organizational culture and has brought in new leadership, including a former Klarna VP as Chief Technology Officer [5] - The company is described as "consistently profitable" with positive and growing free cash flow, although specific financials are not disclosed [4]