November 29, 2020
Business News

Western Union Advances Its Digital Growth Strategy With Investment in stc pay

DENVER–()–The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced that the Company has entered into a definitive agreement to acquire a minority stake in fast growing Saudi Digital Payments Company, or stc pay, a fully owned subsidiary of Saudi Telecom Company. According to the terms of the transaction, Western Union will invest up to $200 million for up to 15% ownership of stc pay. In conjunction with the investment, the companies extended the terms of their commercial relationship.

stc pay has rapidly developed into a leading digital wallet service in Saudi Arabia, a young and quickly developing market which offers huge potential for…

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