American payments and money transfer company, MoneyGram, has been announced as the new title sponsor in multi-year agreement with America’s only Formula One (F1) team, Haas.

Operating in over 200 countries, MoneyGram is one of the largest money transfer services in the world and will lend it’s name to the F1 team as they become the MoneyGram Haas F1 Team, with the company’s branding also set to feature on the team’s livery from 2023.

Commenting on the partnership, Haas F1 Team founder and chairman, Gene Haas, said: “We are pleased to welcome such an incredible brand like MoneyGram as our new title sponsor.”

“Since our entrance into the F1 World Championship in 2016, Haas F1 Team has earned a reputation of strength, agility and resilience.

“MoneyGram brings a similar drive to the world of financial services, and we’re ready to work together to maximise results on and off the track,” he said.

MoneyGram Chairman and CEO, Alex Holmes, added: “MoneyGram is a different company than it was five years ago.”

“We’ve reinvented ourselves into a global leader in the evolution of cross-border payments with our fast-growing digital business and strong culture of fintech innovation – and we’re just getting started.

“We will continue to disrupt ourselves to meet the ever-changing financial needs of consumers, and we’re determined to make sure the world know it.

“That’s why we’re hitting the accelerator by making our debut into the world of F1 and teaming up with Gene and Haas F1 Team,” he said.

Haas F1 have a tumultuous history when it comes to title sponsors, their 2019 partnership with Rich Energy ended when a power struggle within the energy drinks company turned public with a bizarre tweet by a ‘rogue individual’ on their official twitter account claiming the partnership with Haas had been terminated.

More recently, Haas F1 abandoned their sponsorship deal with Russian fertilizer producer and exporter, Uralkali following the Russian invasion of Ukraine.

The announcement follows the renewal of the Mercedes-AMG F1 team’s long-term title sponsorship deal with energy group Petronas.