Fexco in the city: Kerry fintech buys London’s biggest FX firm

15 Aug 2018990 Views

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London city. Image: Engel Ching/Shutterstock

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Killorglin payments player Fexco is now the biggest retail FX player in the city of London.

Irish company Fexco has acquired London’s largest specialist foreign exchange (FX) player, Thomas Exchange Global, giving it control over 12pc of the £9bn UK travel money market and 4m customers.

The deal is reportedly worth around £10m. This is Fexco’s eighth acquisition in the UK since 2012.

‘The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio’
– JOE REDMOND

Thomas Exchange Global serves more than 1m customers in London across 15 branches.

The acquisition now positions Fexco as the largest independent FX operator in the city of London.

The future of money is (Kerry) golden

“Following recent outages across major card schemes along with the rise in fees charged by banks when using cards abroad, customers are increasingly seeing benefits in the convenience, reliability, security, anonymity and value that foreign cash provides,” explained Joe Redmond, managing director of Fexco’s retail FX division.

“This explains why our transactions and revenues are growing rapidly every year, and why there are more banknotes in circulation today than ever before.

“The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio.”

Founded in 1981 in Killorglin, Co Kerry, Fexco has grown to operate in 29 countries worldwide and employs 2,300 people.

It serves some of the biggest brands in various industries with services such as dynamic currency conversion, multi-currency pricing, tax-free shopping and retail FX.

“This deal presents a fantastic opportunity for Fexco and Thomas Exchange Global to further capitalise on the significant opportunities present in the national and international FX marketplace,” said Sakthi Ariaratnam, CEO and director of Thomas Exchange Global.

“We look forward to working closely with Fexco in facilitating the next stage of growth for the company.”

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com