Western Union
Western Union is one of the world’s oldest financial services companies. Starting as a telecommunications company in the United States, the company then known as the New York and Mississippi Valley Printing Telegraph Company held a monopoly on the booming telegraph market for the latter half of the 1800s.
The company became Western Union in 1856 and remained a communications company for most of the early 1900s. It didn’t start offering money transfers until 1982. Today, Western Union is one of the largest money transfer platforms in the world, servicing over 200 countries and regions and offering transfers in over 130 currencies.
According to Western Union’s most recent annual reports from 2021, the company had a net income of $805 million and revenue of $5.07 billion over that year. This is an increase in 2020’s numbers, where they reported a net income of $744 million and revenue of $4.835 billion.
The only time in the previous nine years the company reported a negative net income was in 2017, when results show a loss of $557 million, but it still reported revenue of $5.524 billion for that year.
| Year | Revenue | Net income |
|---|---|---|
| 2013 | $5.542 billion | $798 million |
| 2014 | $5.607 billion | $852 million |
| 2015 | $5.483 billion | $837 million |
| 2016 | $5.422 billion | $253 million |
| 2017 | $5.524 billion | -$557 million |
| 2018 | $5.589 billion | $851 million |
| 2019 | $5.292 billion | $1.058 billion |
| 2020 | $4.835 billion | $744 million |
| 2021 | $5.070 billion | $805 million |
Western Union was started in the 1800s, but a company doesn’t stay around this long without embracing digital innovation. It launched its website to the public during the dot-com boom in 2000, followed by several other innovations, such as the ability to pay by Apple Pay and its own mobile app.
The company has reported the growth of website transaction volume in its annual reports over the years. In annual reports from 2020 onwards, it further broke this down to show the growth of its digital money offerings.
| Transaction type | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| Digital money | n/a | n/a | 81% | 32% |
| westernunion.com | 12% | 16% | 44% | 19% |
Several acquisitions over the years have bolstered Western Union’s business segment, including Canada-based Custom House in May 2009 and Travelex’s Global Business Payments Division in 2011. However, the largest part of the company is still its consumer products.
| Segment | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| Consumer-to-Consumer | 80% | 83% | 87% | 87% |
| Business Solutions | 7% | 7% | 8% | 8% |
| Other | 13% | 10% | 5% | 5% |
While Western Union was launched in the United States, it has an increasingly growing presence in Europe, Russia and the Commonwealth of Independent States (CIS), which now make up a third of its business. The revenue split by region has not changed much since 2018.
| Region | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|
| North America | 37% | 38% | 38% | 37% |
| Europe & Russia/CIS | 32% | 32% | 33% | 32% |
| Middle East, Africa & South Asia | 15% | 15% | 15% | 15% |
| Latin America & the Caribbean | 9% | 9% | 8% | 9% |
| East Asia & Oceania | 7% | 6% | 6% | 7% |
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