Western Union's CEO Concedes Ground to Digital Rivals — But Questions Their Staying Power
At an investor conference this week, Devin McGranahan acknowledged that Wise and Remitly are winning on customer growth, while defending Western Union's profitability and agent network.
It's rare for the CEO of a 170-year-old financial institution to publicly concede competitive ground. But that's exactly what Western Union's Devin McGranahan did at the Wolfe Research investor conference on March 14, offering a candid assessment of where the money transfer giant stands against a new generation of digital-first rivals.
The candid admission
"Are they growing customer counts faster than us in certain digital corridors? Yes," McGranahan told analysts, referencing Wise and Remitly by name. "But customer count growth and sustainable, profitable growth are different conversations."
His argument centres on unit economics. Western Union, despite losing digital market share, remains enormously profitable: the company generated over $4 billion in revenue in 2025 with operating margins above 20%. Digital-first competitors, by contrast, have been spending heavily on customer acquisition — Remitly's sales and marketing costs topped $350 million last year — and several are still working toward consistent profitability.
The agent network advantage
McGranahan also emphasised Western Union's physical infrastructure: over 500,000 agent locations worldwide. "There are corridors and customer segments where cash-in and cash-out aren't going away anytime soon," he said. In sub-Saharan Africa, for instance, cash pickup remains the dominant delivery method for remittances, and Western Union's agent density in the region is unmatched.
What this means for consumers
The competitive tension between legacy operators and digital challengers is driving better outcomes for customers across the board. Western Union has been steadily lowering digital fees, Wise continues to compress margins, and Remitly's promotional offers (currently $25 off your first transfer) reflect the intensity of the battle for market share.
Our advice? Let the providers compete for your business. Use our comparison tool to check real-time rates and fees before every transfer — the cheapest option varies by corridor, amount, and delivery method.