European growth investor Palamon Capital Partners and private equity investor Corsair Capital are to acquire foreign exchange (FX) and international payment solutions company Currencies Direct for a consideration exceeding £200 million (€283 million).
Currencies Direct private FX business provides services to 150,000 registered retail clients. Its corporate FX business offers foreign exchange services to small medium enterprise (SME) clients for import/export-related activities across a variety of industries, including the e-commerce segment.
Currencies Direct has established market presences in the UK, Continental Europe, Australia, South Africa and the US, and is well positioned to continue to expand internationally. The retail and SME FX market is worth over £3 billion in the UK alone.
The chief executive of Currencies Direct, Keith Hatton, is pleased with the acquisition as it will provide the company with capital, experience and further global reach.
Daan Knottenbelt, partner of Palamon Capital Partners, says: “Currencies Direct’s proven business model, powered by its proprietary affiliate network, positions the company ideally to capitalise further on its strong momentum in this fast growing, dynamic sector.”
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