History
MoneyGram International is a result of two business merging. One company, Minneapolis-based Travelers Express Co. Inc. was founded in 1940 and became the world’s largest processor of money orders and a major player in the electronic payments industry. The other company that helped create MoneyGram International was Denver-based Integrated Payment Systems Inc., which entered the international money transfer business in 1988. Travelers Express and MoneyGram Payment Systems joined forces in 1998 when Travelers Express’ parent, Viad, purchased MoneyGram Payment Systems. In 2004 Viad spun off the Travelers/MoneyGram group into a new publicly traded company - MoneyGram International Inc.
From 2007-2009, MoneyGram's shares fell 96 percent. It lost more than $1.6 billion from investments in securities backed by risky mortgages in 2008; the losses led the company to sell a majority stake to Thomas H. Lee Partners and Goldman Sachs in exchange for a cash infusion. During the drop, U.S. Bancorp shifted its money transfer services to Western Union. The company began to see profitability again in 2009.
In September 2010, MoneyGram announced that it will move its global headquarters to the city of Dallas, Texas, although Minneapolis, Minnesota will continue to be the hub for its Global Operations and Information Technology Centers of Excellence, and Denver, Colorado will continue to host its Call Center Operations. The company officially moved its headquarters as of Nov. 1, 2010.
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