Euronet's expansion in FY 2023 attributed to increased money transfer volumes from Ria and Xe transactions
In the final quarter of 2023 and throughout the entire year, Euronet Worldwide experienced significant growth and profitability, particularly in its money transfer division. The company's robust performance can be attributed to several key factors.
Firstly, Euronet reported strong revenue growth across the company, with total revenue increasing by approximately 8.18% year-over-year in 2024. This growth brought the company's revenue to around $3.99 billion in 2024, compared to $3.69 billion in the previous year. Euronet's earnings also increased by 9.4% to approximately $306 million. Although the exact Q4 2023 figures are not separately detailed, this trend indicates solid performance sustaining into the end of the year.
Secondly, Euronet operates across three main segments: Electronic Funds Transfer (EFT), epay, and Money Transfer. The continued expansion and operational efficiency in these segments support overall growth and profitability. The money transfer division benefits from Euronet's broad global footprint and robust technological infrastructure, enabling efficient cross-border payments.
A significant event contributing to Euronet's growth was the acquisition of CoreCard Corporation. Announced in 2025 but likely impactful from late 2023, Euronet acquired CoreCard, a high-performance credit processing platform, valued at about $248 million. This acquisition improved Euronet’s capabilities, particularly enhancing its service offerings, speed-to-market, and technology offerings in credit processing and digital finance.
Lastly, the company strategically invests in businesses and technologies that promote recurring, high-margin revenue streams, such as its modern card issuer platform and payment processing services. These investments underpin profitability in money transfer and other payment services.
As a result, Euronet's growth and profitability derive from robust organic revenue increases in its multiple financial technology segments, strategic acquisitions like CoreCard strengthening its technological edge, and emphasis on scalable, high-margin, global payment solutions—especially in money transfer services where technology platform enhancements and global distribution leverage drive volume and margins.
In Q4 2023, Euronet's adjusted EBITDA rose by 16% to $148 million. The money transfer division contributed $405.1 million in Q4 and $1.6 billion for the full year. For the full year, the money transfer segment's adjusted EBITDA rose by 15%. On the money transfer side, Q4 adjusted EBITDA rose by 23%. The EBITDA margin for the money transfer segment for the full year rose slightly year-over-year, from 13% to 13.9%.
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In conclusion, Euronet Worldwide's strong growth and profitability in Q4 2023 and for the full year 2023 can be attributed to a combination of organic growth, strategic acquisitions, and a focus on high-margin, global payment solutions, particularly in the money transfer division. The company's continued investment in technology and its global footprint position it well for future growth in the financial technology sector.
Investing in businesses and technologies that offer recurring, high-margin revenue streams, such as payment processing services and a modern card issuer platform, has greatly contributed to Euronet Worldwide's profitability, particularly in the money transfer services. The company's strategic acquisitions, like the high-performance credit processing platform CoreCard Corporation, have also significantly enhanced Euronet’s capabilities in digital finance and credit processing.
