Moneycorp acquires Brazilian and UK FX Transfer Companies

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The London-based Moneycorp, one of the largest foreign exchange groups in the world with a turnover of GBP 24,600,000 in 2016, has acquired control of two separate fx transfer companies, the São Paulo, Brazil-based Novo Mundo Corretora de Câmbio, and the London-based First Rate FX.

With offices across São Paolo, Curitiba, Rio de Janeiro, and Salvador, Novo Mundo Corretora de Câmbio has 15 years of expertise in a range of foreign exchange services, including international payments, bank notes, and MasterCard currency card services. The business has seen continued growth across its corporate and private divisions since Moneycorp’s initial partnership, with a 31% increase in turnover in the last two years.

Separately, Moneycorp completed a deal to acquire Canary Wharf-based First Rate FX, a 13-year old specialist foreign exchange broker which has built a business around providing the best rates exchange and transfers. The First Rate FX team, which is authorized by the Financial Reporting Council, and which completed over 20,000 transactions between 2016-2017, will move to Moneycorp’s London headquarters. Its founders, Lisa and Christopher O’Brien, will join the leadership team within the Moneycorp Group.

Moneycorp enjoys a series of positive reviews on the Web. “Rates were reasonable, service, however, was first rate with personal contact with an agent who was extremely attentive and responded to queries instantly and clearly and was able to allay any fears and worries we had, arranging phone calls to explain the various processes and alternatives. We were not used to dealing with the transfer of such large sums of money so the personal advice and reassurance were most welcome,” writes “El_Guiri” on Trustpilot on November 30, 2017. 

Both businesses will now fall under the Moneycorp Group brand and their customers will be transferred onto Moneycorp’s leading payments platform, which already services customers globally, through dedicated Moneycorp offices in Spain, France, Gibraltar, Romania, Australia, US, and Ireland. Over recent years, the expansion of Moneycorp’s platform, providing services to customers via app, mobile, web, and phone, as well as sophisticated technology for payments customers, has seen organic profit growth of 20%.

Nick Haslehurst, CFO of Moneycorp said:

“Our two latest acquisitions further strengthen Moneycorp’s local and international offering. Finalising our purchase of Novo Mundo is part of moneycorp’s long-term ambition to establish a firm foothold in a market that has shown great promise for FX and international payments moving forward.   

“Whilst our global expansion plans are set to continue, we also want to bolster our presence here in the UK. First Rate FX is a well-established currency broker with a customer base that is well-suited to Moneycorp’s proposition. We look forward to welcoming the First Rate FX team and continuing to work with its founders, Lisa and Christopher, to ensure their successes continue as part of the Moneycorp brand.”

 

 

 


Andrew Rosenbaum
Andrew Rosenbaum
Senior Content Specialist
Andrew Rosenbaum has been a financial journalist for more than 15 years. He has worked for Euromoney, Institutional Investor, Time magazine, MSN Money and the Wall Street Journal before joining… Read more

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