Central 1 and Agility Forex in FX-ing great partnership
Canada’s Central 1 and Agility Forex have teamed up to give the former a foreign exchange (FX) service to its clients, credit unions and their members.
The partnership was formed through Central 1’s newest subsidiary, C1 Ventures, a venture capital corporation which secured a 28% ownership stake in Vancouver-based Agility Forex, and a seat on its three-person board of directors.
“Forming C1 Ventures and our partnership with Agility Forex is key to our client-centric strategy, and an example of how we are focused on the needs of our credit unions and clients to bring them proven, innovative solutions that provide them with a competitive edge,” says Mark Blucher, president and CEO of Central 1.
Agility Forex has a software platform and business model with over two years of operations. It offers a digital, next-day settlement of cross-border payments with automated identity verification and anti-money laundering (AML) procedures.
This partnership is the first of its kind for Agility Forex, and the investment from C1 Ventures was a “significant” part of an unspecified capital raise.
Central 1 has $19.5 billion in assets, and works with 300 credit unions and other financial institutions.