MoneyGram Takes Over Nexxo

Money transfer firm MoneyGram has acquired the assets of Nexxo Financial, a financial services outfit.

Terms of the purchase were not announced.

MoneyGram said that it will use “Nexxo’s technology to strengthen and expand its leading money transfer kiosk platform and also broaden its service offerings for banks and credit unions,” according to a joint statement. “Nexxo’s multi-channel platform enables financial institutions to easily deploy and manage an integrated suite of alternative financial services, including check cashing, prepaid cards, money transfer, bill payments and more.”

MoneyGram said it currently supports more than 1,000 financial institutions and 7,000 bank branches throughout the U.S..