Moneycorp opens Leeds office, finalises Brazil acquisition

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  • The firm’s Lee McDarby says that Leeds is a “natural place” for Moneycorp’s second regional office
  • Novo Mundo is now owned by Moneycorp, with the company holding a 90% majority
  • Experts say that Moneycorp will keep growing in the years to come

 

Moneycorp just opened an office in Leeds and finalised its acquisition of a Brazilian firm on the same day, according to reports. The international payments company said that its decision to open an office in Leeds is in response to the needs of clients outside of London. In an announcement on Tuesday, Moneycorp told reporters that their Leeds office is meant for companies in need of cross border payments specialists. The company also noted that it is looking to hire more people by September 2019.

“As a finance centre and the home of industries from manufacturing to IT that are particularly affected by fluctuations in the currency markets, Leeds is a natural place for us to locate our second regional office”, says Lee McDarby, the Corporate IP Managing Director at Moneycorp.

Apart from its new regional office, the company is also celebrating another milestone, reports note. The firm just saw the completion of its South American deal, the full acquisition of Novo Mundo Corretora de Câmbio. The acquisition was authorised by Brazil’s President Jair Bolsonaro, according to the firm, and that it has been granted regulatory approval by the country’s central bank. The acquisition resulted in Moneycorp holding a 90% majority in Novo Mundo.

Novo Mundo is a household name in Brazil. According to a PR Newswire report, the brand is known for its foreign exchange and money transfer services across Rio de Janeiro, São Paulo, Curitiba, Porto Alegre and Belo Horizonte. Novo Mundo will be adopting the Moneycorp brand while its customers will be transferred to Moneycorp’s international payments platform.

"We are delighted to welcome Novo Mundo to moneycorp, bringing the benefits of its integration with our brand and service delivery platform. It fulfils our pledge to secure a strong presence in a market that has shown great promise for FX and international payments”, says Mark Horgan, the firm’s CEO.

"We are excited by the South American market opportunity, and foresee a bright future that we believe will be welcomed by all our customers as we progressively add the new capabilities and benefits that come from being part of a growing global business."

Moneycorp’s platform provides access to 18 international banks to its clients. It also has “advanced back-to-back hedging abilities” often used by its huge corporate clients, PR Newswire writes. Moneycorp also caters to small to medium enterprises and midcap clients.

The firm’s expansion in Brazil follows other milestones, Moneycorp executives say. The company recently opened offices in Hong Kong and North America. Insiders say that the payments specialist is also strengthening its presence in Ireland, Australia, Gibraltar, Romania, Spain and France. Its headquarters is in London and it provides hedging solutions as well as multi-currency payment capabilities to its customers. Based on recent data, the company processes 5.2 million multi-currency payments each year.

It is noted by experts that Moneycorp is expected to grow more in the coming years making it one of the best companies to invest money in. To get more information about Moneycorp’s services, take a look at our review here.


Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO at FXcompared and has numerous years of experience in the international finance world, especially within the media, technology and property sectors. Daniel is passionate… Read more

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