Funds Transfer and Remittance Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES

Prices Reset Across the Board While Operators Post Record Results

This update covers what moved, what companies announced, and what the transaction record showed across September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES

   Cover page introducing the Funds Transfer and Remittance Services bi-weekly update for September 14–28, 2026.

   We open this bi-weekly update on Funds Transfer and Remittance Services, covering what changed, who moved, what transacted, and what it means for the two weeks ending September 28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › FUNDS TRANSFER AND REMITTANCE SERVICES Prices Reset Across the Board While Operators Post Record Results This update covers what moved, what companies announced, and what the transaction record showed across September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad De-Rating, Not a Single-Company Story

   This page summarizes the two-week period: all 6 covered names declined, with a -8.7% median move against the S&P 500's +0.8% return.

   We start with the headline: every one of the 6 covered names fell over the two-week period, and the median move was -8.7% while the S&P 500 returned +0.8%. That uniformity across the set points us toward a set-level repricing rather than six separate company stories. We treat this as the frame for everything that follows on this page and the next. So what: any name-specific explanation should be tested against this broader pattern first.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad De-Rating, Not a Single-Company Story The two-week period in one page · 6 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 6 of 6 Covered Names Fell; The Median Move Was -8.7% Every covered name in Funds Transfer and Remittance Services lost ground over the two-week period while the S&P 500 returned +0.8%. NeuraCap reads the uniformity as a set-level repricing rather than a set of separate company stories. 2 One Name Gave up Far More than the Group International Money Express, Inc. (IMXI) fell -17.8% over the window, with its steepest single day at -7.5% on Sep 24. That is roughly double the median decline across the covered set. 3 Operating Results Ran the Other Way IDT Corporation (IDT) reported record fourth quarter and fiscal 2026 results on Sep 28, with gross profit up 18%, income from operations up 52% and adjusted EBITDA up 22%. Price direction and reported performance parted company this two-week period. 4 The Transaction Record, Not New Deals, Set the Reference No new sector transactions landed in the window. The trailing record of 15 transactions carries a median EV / EBITDA of 12.0x, against the 4.9x CY2027E sector median in NeuraCap's standing study. -1.6% Best mover — Remitly Global, Inc. (RELY) worst: IMXI -17.8% · 0 up / 6 down of 6 covered -8.7% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   One Name Fell Well Past the Pack, and the Record Does Not Explain the Gap

   This page shows each covered name's two-week price move and highlights IMXI's -17.8% decline as the outlier versus the -8.7% sector median.

   International Money Express, Inc. moved -17.8% over the two-week period, including a -7.5% single-day drop on September 24, well past the -8.7% sector median. We hold this move against our ±13.1% materiality bar, and it clears that bar with room to spare. The recorded filings and headlines in the window do not fully account for the size of the gap. So what: we flag IMXI for continued monitoring rather than treating the move as explained.

   Everything on this page

   PUBLIC MARKET MOVERS One Name Fell Well Past the Pack, and the Record Does Not Explain the Gap Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -8.7% · S&P 500 +0.8% · materiality bar ±13.1% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -8.7% International Money Express, Inc. (IMXI) -17.8% No notable in-window news was identified that clearly explains the move. The -17.8% decline ran materially deeper than the -8.7% median across the covered set. In a set that moved down together, the widest decliner still owes the market a corridor-level story. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Earnings Strength on One Side, Sender Communities on the Other

   This page contrasts IDT Corporation's record fiscal 2026 results with the pressure on peers serving sender communities during the window.

   IDT Corporation reported record fourth-quarter and fiscal 2026 results on September 28, with gross profit up 18%, income from operations up 52%, and adjusted EBITDA up 22%. That performance ran opposite to the price direction we saw across the covered set in the same window. We read this as evidence that operating results and price moves parted company this period, not that one caused the other. So what: strong fundamentals did not shield the group from the broader repricing, which is itself a signal worth watching.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Earnings Strength on One Side, Sender Communities on the Other The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire IDT posts record fourth quarter and full fiscal year 2026 results Gross profit up 18%, income from operations up 52% and adjusted EBITDA up 22% show margin expanding while the covered set repriced downward. Operators that convert volume into contribution margin are the ones with a result to point at this period. Sep 16 · NEWS · GlobeNewsWire Western Union backs an immersive Guadalajara-themed experience in Los Angeles The campaign, opening Sep 25 for Hispanic Heritage Month, sits directly on one of the highest-frequency diaspora corridors. On dense corridors, community standing is a distribution asset, not a marketing line item. Sep 16 · NEWS · Globe News Wire Western Union issues the same Los Angeles campaign in Spanish for corridor senders Releasing the announcement in the sender's own language is a small but direct signal about how the company approaches acquisition and retention on the send side. Language and community reach shape first-send economics as much as fee and FX spread do. Sep 14 · NEWS · GlobeNewsWire IDT sets the date for its fourth quarter and fiscal 2026 results report A scheduled reporting date framed the window and gave the period a fixed point for the sector's only hard operating result. It signals a company ready to put the full year in front of the market on a firm timetable. Calendared results are the sector's main source of new operating evidence in a quiet transaction window. Sep 23 · NEWS · 24/7 Wall Street Western Union's dividend draws outside scrutiny over payout coverage The Western Union Company (WU) sits in the Discount tier of NeuraCap's standing study, and commentary of this kind keeps the focus on cash conversion and the durability of capital return rather than on growth. At the mature end of this sector, the argument is about cash conversion, not corridor expansion.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Quiet; The Existing Record Still Sets the Reference

   This page shows that no new transactions were announced in the window, leaving the trailing record of 15 deals at a 12.0x median EV/LTM EBITDA as the reference.

   No new sector transactions landed in this two-week period, so the existing record continues to set the reference point. That record holds 15 transactions with a median EV/LTM EBITDA of 12.0x. We treat this multiple as the benchmark acquirers and targets should measure against until fresh deal evidence arrives. So what: the absence of new deals does not reset the bar, it confirms it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Stayed Quiet; The Existing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 15 recorded deals · median 12.0x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 15 transactions carries a median EV / EBITDA of 12.0x, above the 4.9x CY2027E sector median in NeuraCap's standing study. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 15 Recorded precedent transactions the reference set buyers and sellers price against 12.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Broad Down Two Weeks Changes — and What It Does Not

   This page translates the two-week period into observations for owners, acquirers, and advisors without offering investment recommendations.

   For owners and operators, IDT's quarter shows the operating record is the lever within reach, with gross profit and adjusted EBITDA able to expand even while the set trades lower. For acquirers, the absence of new marks means the existing 12.0x median EV/LTM EBITDA across 15 transactions still anchors valuation conversations. For advisors, the clearest story to lead with is the split itself: 6 of 6 covered names fell against a -8.7% median move, while the one company reporting full results posted gross profit up 18% and adjusted EBITDA up 22%. So what: each audience should weigh the operating record and the price record separately before drawing conclusions.

   Everything on this page

   WHAT IT MEANS What a Broad Down Two Weeks Changes — and What It Does Not The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 4.9x 6 companies in the study 3 valuation tiers Standing thesis: Funds Transfer and Remittance Services is four businesses, and the cross-border rails sit at the top of the range FOR OWNERS & OPERATORS The Operating Record Is the Thing You Control IDT's quarter showed that gross profit and adjusted EBITDA can expand while the set trades lower. FOR ACQUIRERS No New Marks Landed, so the Old Ones Still Anchor With no transactions announced in the window, the reference set is unchanged: a trailing record of 15 transactions at a 12.0x median EV / EBITDA, and a standing tier structure of 7.9x at the Premium median, 4.9x at Core and 3.9x at Discount. FOR ADVISORS Lead with the Split Between Results and Prices The evidence to put first is straightforward: 6 of 6 covered names fell and the median move was -8.7%, while the one company reporting full-year results posted gross profit up 18% and adjusted EBITDA up 22%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure in the update, from market prices to filings and transaction records.

   Every figure on these pages traces back to a recorded source: market prices, SEC filings, and transaction records observed through September 28, 2026. Driver attributions use calibrated language because they represent our reads of the recorded evidence, not certainties. Where a page states that no driver is recorded, that reflects the absence of a matching filing or headline in the window, not an omission on our part. So what: readers can trace any figure in this update back to the record it came from.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Funds Transfer and Remittance Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T225904Z_605_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: globenewswire.com · 247wallst.com

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