MEMO Financial Services

What MEMO Financial Services does

MEMO Financial Services, Inc. and Subsidiaries is a Pennsylvania-incorporated money services business founded in 1986 and headquartered in Camp Hill, PA. The company operates a B2B2C distribution model, recruiting and supporting a network of over 3,000 retail agents — supermarkets, convenience stores, check cashers, dollar stores, pharmacies, and travel agencies — across 26 states to deliver alternative financial services to underbanked and unbanked consumers. MEMO is a wholly-owned subsidiary of Catalina Acquisitions, LLC, with three wholly-owned operating subsidiaries (MEMO Financial Services America, Inc.; MEMO Financial Services USA, Inc.; and MEMO Financial Services New York, Inc.) organized along geographic and licensing lines.

The company's core products are MEMO Money Orders (face values up to $500 or $1,000 depending on document type) and MEMO Bill Payments (walk-in utility, telecom, credit card, and auto loan payments posting within 1-3 business days). These are extended through add-on modules including Mobile Top Up across 140+ domestic and international carriers, Prepaid Transit Services for SEPTA in Philadelphia, and MEMOPay, an electronic money order alternative to credit card processing that eliminates merchant chargeback risk. All agent operations run on a proprietary platform integrating Verifone Vx570 terminals, aXcess systems, PI23 and Certex printers, and a web-based Agent Portal for reporting and administration. MEMO holds NMLS licensure and money transmitter / payment instrument licenses across 23+ states (including Florida under Chapter 560) and operates a Bank Secrecy Act / USA PATRIOT Act compliance program audited across all 3,500 agent locations, led by a CAMS-certified CCO/General Counsel.

Revenue is generated through transaction fees: bill payment convenience fees averaging $2.00-$2.25, agent-set money order retail fees, mobile top-up commissions, MEMOPay merchant transaction fees, and equipment/supplies sales. The company maintains a regional direct sales team, a bilingual 24/7 customer service line, and full-time Help Desk technicians for agent equipment support. Corporate headcount is reported at 11-50 employees, reflecting the lean operating structure typical of agent-network MSB models where scale is achieved through distributed retail rather than internal staffing.

Name

MEMO Financial Services

Legal name

MEMO Financial Services, Inc.

Website

https://memoco.com

Company type

Private

Founded year

1986

Operating status

Operating

Headcount range

11–50 employees

Short description

MEMO Financial Services is a Pennsylvania-based money services business founded in 1986, operating through 3,000+ retail agents across 26 states to deliver money orders, walk-in bill payments, mobile top-up, and merchant payment services to underbanked consumers and SMB retailers.

Ownership category

akta.pro rank

Product category

Money Services Business

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)

SIC

Finance Services (6199)

akta.pro primary industry

Biller Direct EBPP Platforms (FSAMAJAA)

akta.pro secondary industries

Payables & Disbursements (ACH/SEPA, wires, checks, virtual cards) (FSABAIAB), Loyalty, Points Currency & Stored Value Payments (THALAHAK)

Keywords

• Money order services
• Walk-in bill payment
• Mobile top-up services
• Prepaid transit services
• Alternative financial services

Headquarters

HQ city

Camp Hill

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain, Infrastructure

Revenue model

1. Money Order Sales: MEMO generates revenue from money order sales at retail agent locations. Agents purchase money order stock and earn commissions on each transaction. Money orders can be issued with face values up to $500 or $1,000 depending on document type selected.
2. Bill Payment Convenience Fees: Revenue generated from convenience fees charged to consumers for walk-in bill payments. Average convenience fee is approximately $2.00-$2.25 per transaction, though fees vary by biller. Higher commissions for bill payments compared to money orders.
3. MEMOPay Services: Electronic money order service for merchants seeking alternative to credit card processing. Generates transaction fees from merchants who accept MEMOPay as payment method.
4. Mobile Top-Up Services: Commission revenue from adding prepaid mobile airtime at retail agent locations. Over 140 domestic and international mobile providers supported including AT&T, Verizon, Cricket, MetroPCS, Lyca Mobile, and others.
5. Equipment and Supplies Sales: Sale and maintenance of money order equipment including Verifone Vx570 terminals, aXcess systems, and PI23/Certex printers to retail agents. Help Desk support available for equipment issues.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

MEMO Financial Services sells and processes money orders, walk-in bill payments, mobile airtime top-up, prepaid SEPTA transit cards, and electronic money orders (MEMOPay) through a network of over 3,000 retail agents across 26 states. The company provides proprietary equipment, training, and AML compliance support to its retail agent network, while end consumers access these alternative financial services at participating supermarkets, convenience stores, check cashers, dollar stores, pharmacies, and travel agencies.

Product overview

MEMO Financial Services operates as a money services business offering a suite of alternative financial products through a network of over 3,000 retail agents across 26 states. The core product portfolio centers on MEMO Money Orders (traditional money orders available up to $1,000) and MEMO Bill Payments (walk-in bill payment processing for utilities, telecom, and credit cards). The offering extends through add-on modules including Mobile Top Up (mobile airtime reload for 140+ carriers), Prepaid Transit Services (SEPTA cards in Philadelphia), and MEMOPay (merchant electronic money order solution for chargeback protection). All agent operations run through the MEMO aXcess System platform and Agent Portal, which handle money order printing, bill payment processing, and administrative functions. The company has provided bill payment services since 2008.

Differentiator

Problem solved

Functional benefit

Brands

• MEMOPay: Electronic money order service for merchants to accept credit cards without the risk of chargebacks. Also referred to as MEMO aXcess.
• MEMO Money Orders
• MEMO Bill Payments
• MEMO Mobile Top Up
• MEMO Prepaid Transit Services

Products and services

• MEMO Money Orders Traditional money order product providing a secure, traceable payment alternative to cash or personal checks. Sold through a network of over 3,000 retail agents across 26 states, with face values up to $500 or $1,000 depending on document type.
• MEMO Bill Payments Walk-in bill payment service allowing customers to pay utilities, cell phones, car payments, and credit cards at retail agent locations. Payments typically post within 1-3 business days with convenience fees averaging $2.00-$2.25 per transaction.
• Mobile Top Up

Quantifiable outcome

• Bill payments typically post within 1-3 business days
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration13 records

Feature5 records

Partnerships

Two partnerships are on record, tiered minor.

• Money Services Business Association (MSBA)minorOthersMEMO is affiliated with the Money Services Business Association (MSBA), a nonprofit organization serving the money services industry. MSBA provides industry advocacy and standards for money order and bill payment providers.
• Ohio Grocers Association (OGA)minorChannel Partner/ Reseller/ DistributorMEMO is affiliated with the Ohio Grocers Association (OGA), representing grocery retailers in Ohio. This affiliation supports MEMO's agent recruitment among supermarket and grocery store chains in the Ohio market.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MoneyGram: MoneyGram directly competes with MEMO in money orders and walk-in bill payment services distributed through grocery, convenience, and mass-merchant agents. Both target underbanked consumers needing cash-based payment instruments.
• ACE Cash Express: ACE Cash Express is a directly comparable retail alternative financial services chain offering money orders, bill payment, and prepaid products. Both target underbanked consumers through physical retail distribution.
• Check Into Cash: Check Into Cash is a directly comparable storefront and online alternative financial services provider offering money orders, bill payment, and prepaid cards. Both compete for underbanked consumer transactions through physical and agent distribution.
• Ria Money Transfer: Ria is a direct competitor in money orders and consumer money transfer services, particularly in cross-border corridors. MEMO's international mobile top-up and money order businesses serve a similar underbanked immigrant consumer base.
• PayNearMe: PayNearMe operates a cash bill payment and money transfer network across U.S. retail locations, directly overlapping MEMO's walk-in bill payment value proposition. Both monetize per-transaction convenience fees through retail agents.
• Western Union: Western Union's Money Order and Consumer Money Transfer businesses are the closest direct comp to MEMO, operating a global agent network that issues money orders and processes consumer payments through retail locations. Both serve underbanked consumers via a retail-agent distribution model.
• Blackhawk Network: Blackhawk distributes prepaid products (gift cards, prepaid debit, mobile top-up) through a large U.S. retail agent network, overlapping directly with MEMO's mobile top-up and stored-value payment products. Both monetize through retail-distributed prepaid instruments.
• InComm: InComm is a comparable prepaid products and gift card distributor whose retail agent network overlaps with MEMO's money order and bill payment footprint. Both serve retailers needing alternative financial service revenue streams at the register.

Broad incumbents

• Green Dot: Green Dot is a broader incumbent in the underbanked consumer space, offering prepaid debit cards, mobile banking, and money services through retail distribution. It competes with MEMO for the same end-customer wallet share but with a wider product portfolio.
• PayPal: PayPal (including Xoom, Venmo, and Zelle) is the most significant competitive threat to MEMO's core money order and bill payment use cases via digital P2P and bill pay. It does not directly compete in retail agents but is the secular force eroding MEMO's category.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/memo-financial-services-inc.

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MEMO Financial Services