Moneycorp buys Commonwealth Foreign Exchange for US boost
The acquisition, subject to regulatory licensing approvals, will allow Moneycorp to “extend the geographical reach of its payments platform”.
Nick Haslehurst, chief financial and operating officer at Moneycorp, says it sees “huge potential in the US among corporate and private clients alike” and it has “already laid the foundations for a solid platform in the US via our major partnership with CNN [a money transfer firm]”.
Commonwealth FX was established in 1996, and offers foreign exchange and international payments services to corporate clients in the US. According to Moneycorp, during 2016, the business enabled over $3 billion to be moved across the world. The business is headquartered in Providence, Rhode Island, with regional offices in New York, Los Angeles, San Francisco and Washington DC. It has 4,000 customers in the US, with a team of over 60 staff.
Moneycorp says last year it got a bank licence allowing it offer more FX products; introduced a corporate offering in Spain; and launched a full branch in Romania.
According to Moneycorp, in 2016, corporate international payments business experienced record revenue growth of 28% year on year in its domestic market.
Moneycorp was founded in 1962 and is headquartered in London. It has around 500 employees.