If you have ever reviewed bulk landlord lawsuits for eviction or rent and possession, you will notice many exhibits attached containing “Moneygram” payments. If you are not familiar with Moneygram, it is a domestic money order company that functions like Western Union.
If you don’t have a bank account and need to pay your $700 monthly rent, you find a moneygram location near you and then turn your cash into a money order that can provide a form of verifiable payment to your landlord. It’s one of the leading providers of verifiable funds in low-income communities.
I tend to ignore the Moneygrams and Western Unions of the world as a potential investment candidate, mostly because I believe the core model is ripe for disruption. If you are a political dogooder, removing the exorbitant fees from the everyday financial transactions of the poor seems like an obvious source for corporate altruism … Read the rest of this article!
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