Stellar Development Foundation has contacted MoneyGram International about a potential acquisition in partnership with private equity firm Advent, according to Bloomberg. The deal would represent a significant move into remittances and could reshape the competitive landscape following Ripple's previous investment and subsequent exit from MoneyGram.
The Stellar Development Foundation has approached MoneyGram International about a possible acquisition, partnering with private equity firm Advent on the potential deal. Bloomberg reported the development on Wednesday, citing unnamed sources, though both parties could decide not to proceed. This move comes after Stellar's $15 million investment in AirTM in May and represents a strategic play in the remittances space. MoneyGram previously attracted investment from Ripple, which acquired a $50 million stake in 2019 but later sold a third of it and wound down their partnership following the SEC's case against Ripple. A Stellar acquisition would be notable given the historical rivalry between Stellar and Ripple, which originated when Ripple co-founder Jed McCaleb left to start Stellar in 2013.
