Coinstar Moves into International Remittances

BELLEVUE, Wash.–Coinstar, Inc., best known for taking a long-time free service at credit unions–coin counting–and turning it into a profit center for retailers, has acquired Group Ex Financial Corp., a provider of electronic money transfer services between the U.S. and Latin America. Coinstar subsidiary Coinstar E-Payment Services made the purchase. Group Ex Financial, based in La Mirada, Calif., operates a network with approximately 1,650 send agents in 23 states servicing 13 countries. Upon close of the transaction, which is expected as soon as all regulatory approvals are obtained, the Coinstar Money Transfer service will be offered at more than 31,000 agent locations in 143 countries, the company said. The purchase includes a $60 million cash payment upon closing with a contingent payment of up to $10 million within 15 months if certain performance hurdles are met.