moneycorp profit surges on global service integration

moneycorp profit surges on global service integration

moneycorp group, the foreign exchange and payments provider, today reports record FX volumes up 19% to £35.5bn and a rise of 48% in its YOY profits to £27.3m.

The company attributes a significant element of its buoyant performance and outlook to the integration of its global businesses onto a single integrated payments platform.

In 2018, UK headquartered moneycorp handled over 5.9m transactions globally, trading £35.5bn worth of currency through its offices in the UK, USA, Brazil, Hong Kong, Spain, France, Gibraltar, Romania, Australia, UAE and Ireland.

 

Commenting on record results, Mark Horgan, CEO of moneycorp said:

“Our strategic model is proving itself across international markets. Wherever we’ve established the moneycorp business we are seen to be delivering efficiency and results, bringing the reduction of risk and greater profits for our clients seeking to hedge and not speculate.

We have a clear line of sight for future development and are planning for our next phase of international growth.”

With the establishment of moneycorp’s integrated payments platform in international markets, the company is positioned for a sustained global roll-out into new territories.   

These will benefit from moneycorp’s agility for integrating established local businesses, such as Commonwealth FX, the US based corporate international payments company acquired in January 2018, and a licensed payments business and office in the UAE.

Following this year’s controlling acquisition of Novo Mundo in Brazil, which secures entry into South America’s fast growing foreign exchange market, the São Paulo headquartered business will be integrated onto moneycorp’s payments platform.

Domestic growth for moneycorp includes the expansion of its regional presence in Coventry and the opening of new offices in Leeds and Edinburgh to bring dedicated foreign exchange services for key regional commercial centres.

moneycorp’s strong investment in its payments solutions technology includes the launch of its API for third-party use, allowing clients to integrate the company’s payments platform into their systems.

Nick Haslehurst, CFOO of moneycorp commented:

“Faced with an ever changing market climate CFO’s and Corporate Treasurers recognise the benefits of our platform to efficiently manage risk, provide group wide visibility and streamline international payments.

We continue to invest significantly in adding further sophistication, new products and benefits as we grow in our organic markets and new geographies.”

 

For further press information and interviews please contact the press team on +44 207 932 3671 / moneycorp@goodrelations.co.uk

 

About moneycorp:

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 servicesin all relevant jurisdictions.

Why choose moneycorp?

Market updates to keep you informed on the currency movements

Market updates to keep you informed on the currency movements

Easy upload functionality for mass payments

Easy upload functionality for mass payments

Competitive pricing giving you access to more than 13 liquidity providers

Competitive pricing giving you access to more than 13 liquidity providers

Exchange more than 120+ currencies

Exchange more than 120+ currencies

Get in touch

Sign up for a free account

Sign up for a free account

Access our convenient and secure online platform to process your international payments. Manage beneficiaries and view payment status and history at the click of a button.

Find out more
FX business solutions

FX business solutions

We provide tailored services to help companies make international payments and manage their foreign exchange risk

Find out more