Moneygram, a money-transfer company, has secured $9 million investment from the Brink's Company according to a company release.
Brink's, a cash management and ATM services firm, said the investment lays the foundation for a long-term partnership that will pursue mutually beneficial short and long-term opportunities for both companies. It emphasized, however, that it had no plans to buy a controlling stake in Moneygram.
Just before the announcement, Brink's said it had acquired 4.95% of Moneygram shares on the open market during the fourth quarter.
The cash management needs of Moneygram's agent network, which spans 200 countries worldwide, closely aligns with Brink's' next-gen retail solutions business, according to the release.
