The acquisition has been authorised by the Brazilian President and has regulatory approval from the Brazilian Central Bank. Following the acquisition, moneycorp holds a 90% majority interest in Novo Mundo.
Novo Mundo has an established presence across São Paulo, Curitiba, Rio de Janeiro, Belo Horizonte and Porto Alegre, offering a range of foreign exchange services, including international payments, banknotes, and Mastercard currency card services.
The business will adopt the international moneycorp brand and Novo Mundo’s corporate and private customers will transfer to the brand’s international payments platform serving 14,000 businesses worldwide.
moneycorp’s digital platform provides SME and midcap clients with access to a network of 18 international banks and advanced back-to-back hedging abilities usually only available to larger corporates.
moneycorp’s expansion into Brazil follows the recent opening of moneycorp offices in North America and Hong Kong, building on its established international presence in Spain, France, Gibraltar, Romania, Australia, and Ireland.
From its London HQ moneycorp provides hedging solutions and multi-currency payment accounts supporting 5.2 million customer transactions every year.
Mark Horgan, CEO of moneycorp said;
“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.
“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.”
Juliana Scolari, Head of Latin America of moneycorp said;
“The acquisition of Novo Mundo is a defining achievement that highlights our ambition to lead growth in international payments and foreign exchange services for our customers in Brazil.
“moneycorp brings a wealth of experience and state of the art technology that under the leadership of our CEO in Brazil, Roberto Amaral de Almeida, will strengthen our proposition as a business with global reach.”
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Established in 1979, the moneycorp group serves the growing foreign exchange and payments needs of global businesses, importers and exporters, online sellers and personal clients.
- moneycorp has been awarded Feefo’s 2019 Gold Trusted Service Award for excellence in customer service
- moneycorp provides a quick, secure and competitively priced international payments service to individuals and a wide range of businesses
- moneycorp traded £35.5bn worth of currencies and handling millions of transactions in 2018
- moneycorp offers telephone, mobile and online payments on a multi-currency platform, helping thousands of customers exchange across 120 currencies in the last year
- moneycorp began dealing in foreign exchange in 1979. The business was acquired by Bridgepoint Advisors Ltd in 2014
- moneycorp group has multiple entities that are authorised and regulated for the provision of payment services in all relevant jurisdictions.
About Novo Mundo
Novo Mundo Corretora de Câmbio, is a fast-growing Brazilian currency broker with a 20-year heritage in international and retail FX payments. Headquartered in São Paulo, the business has offices in Curitiba, Rio de Janeiro, Belo Horizonte and Porto Alegre.