MoneyGram has acquired the assets of Nexxo Financial, a money transfer and prepaid technology provider in Burlingame, Calif.

The deal allows MoneyGram to expand its self-service offerings for banks and credit unions, the Dallas-based company said in a Sept. 9 news release. The financial terms of the deal were not disclosed.

"We are very excited about acquiring Nexxo's additional technology assets and deepening our self-service talent and capabilities," said Pete Ohser, an executive vice president at MoneyGram, in the release.

The acquisition increases MoneyGram's previous investment the alternative financial services company.  MoneyGram last year bought Nexxo's kiosk-based money transfer business in a deal that included 200 kiosks across California, Illinois and Texas.

MoneyGram has been an aggressive acquirer in the past year. The company last week announced its purchase of the U.K.-based MTI Money Transfer. It also recently bought Advanced ChronoCash Services and MoneyGlobe Payment Institution, both located in Athens, Greece

 

Subscribe Now

Authoritative analysis and perspective for every segment of the payments industry

14-Day Free Trial

Authoritative analysis and perspective for every segment of the industry