Euronet Worldwide is a US provider of electronic payment services. They operate in three services: Electronic Funds Transfers (EFT); prepaid processing; and local and international money transfer.
Headquarters: Euronet Worldwide Inc, 3500 College Blvd, Leawood, KS 66211, United States
Euronet Worldwide was founded in Budapest, Hungary in 1994 by brothers-in-law Dan Henry and Mike Brown. The initial goal was to establish the first independent ATM network in Central and Eastern Europe. They achieved the milestone of their first ATM installation in Hungary in 1995, and were approved by Visa and American Express. Soon after, they launched ATM networks in Poland and Germany and were approved by Mastercard for ATM transactions.
In 1997, Euronet Worldwide listed publicly on the NASDAQ, offering of approximately 6.0 million shares of common stock at $13.50 per share.
They continued their expansion in Europe, and in 1998 reached the UK. Later that same year, they acquired Arkansas Systems, a leading developer of integrated transaction software based. This began their forays into developments outside of the ATM networks.
Their rapid growth led to them branching into prepaid processing and electronic payments and transfers. In 2005 they were ranked #34 on FORTUNE’s List of 100 Fastest-Growing Companies. They continued to acquire new businesses, allowing them to offer constantly developing functions and technologies.
Euronet Worldwide has acquired several money transfer companies, and provides a range of functions and services.
Ria Financial Services
Euronet acquired Ria in 2007. Ria has been a top money transfer company since it was founded back in 1987. RiaMoneyTransfer.com is Euronet’s online channel. Available in the US, it is one of the most progressive money transfer services.
HiFX was acquired in 2014, and provides online initiated, account-to-account international payments and foreign exchange services for businesses and high net worth individuals. They offer low fees for transfers under 3000. Anything over comes with zero fees.
In 2015, Euronet acquired XE, a Canada-based currency service. XE provides online tools for foreign exchange and money transfer, including currency apps for iOS, Android, BlackBerry, Firefox, and Windows devices.
The management team
Michael J Brown is the Chairman, CEO, and Executive President of Euronet Worldwide. He co-founded the company, and has held his current position since 1996. He is still actively involved in Euronet’s day-to-day operations and oversees the company’s business strategy, financial performance and the growth of the business across all markets. He has over three decades experience in entrepreneurship, having founded Innovative Software in 1979. Innovative Software merged with Informix in 1988, and he served as president and chief operating officer as well as president of the workstation products division. In 1993, he was a founding investor of Visual Tools.
Rick L Weller is the executive Vice President and Chief Financial Officer of Euronet Worldwide. He too has more than three decades experience in business and financial management. Prior to his roles at Euronet, Rick served as Chief Operating Officer of ionex telecommunications, a competitive local exchange company. Prior to ionex, Rick served as chief financial officer of Intek Information, Inc., an information technology outsource service provider.
Jeffrey B Newman is the Executive Vice President and General Counsel of Euronet. Previously, he practiced law in Paris with the law firm of Salans Hertzfeld & Heilbronn and then with the Washington, D.C. based law firm Arent Fox Kintner Plotkin & Kahn. He established the Budapest office of Arent Fox in 1991 and became a partner with Arent Fox in 1993.
Size and reach
Euronet Worldwide is now a massive financial services corporation. In 2014, they processed approximately $72 billion in ATM, prepaid and money transfer payments for approximately 200 financial institutions, 200 mobile operators, approximately 554,000 retailer and agent locations, and millions of individual consumers worldwide.
They have 4 300 employees around the world.
Euronet Worldwide brought in revenues of $481.4 million in the third quarter of 2015. This is a 6% increase from $453.4 million in the same period in 2014.
They saw an operating income of $70.3 million – a 39% increase from $50.7 million in the same period in 2014.
Public stock performance
Euronet Worldwide, Inc. (EEFT) went public on the NASDAQ index in 1997. In July 2015, Euronet Worldwide’s financials far exceeded expectations, causing the stock to jump by 10%. Since then, it has continued to rise, but at a consistent pace, with neither sudden jumps or falls.
Euronet Worldwide is licensed by various national and state regulators in each of its locations.
Despite its incredible growth in over 2 decades of existence, Euronet Worldwide has kept a highly positive reputation among individuals and businesses. Its many acquisitions have proved fruitful and made it one of the world leaders in foreign exchange.