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Currencies Direct Announces £140 Million Strategic Investment From Blackstone

Mar 08, 2022•over 3 years ago

Amount Raised

£140 Million

London

Description

Palamon Capital Partners (“Palamon”), a pan-European growth investor, and Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services market, today announced that funds managed by Blackstone Tactical Opportunities (“Blackstone”) have agreed to make a £140 million strategic investment in Currencies Direct (the “Company”), a leading global provider of digital foreign exchange (“FX”) and international payment services to private clients and small and medium sized enterprises (SMEs). The investment will be made in partnership with Currencies Direct’s management team, led by Keith Hatton, and Palamon and Corsair (“the Sponsors”), which will retain their majority co-controlling stake in the Company. Blackstone’s strategic investment will be used to accelerate the Company’s growth ambitions through further acquisitions.

Company Information

Company

Currencies Direct

Location

London, Ontario, Canada

About

Currencies Direct is a leading player disrupting the traditional banking industry by offering a superior value proposition to consumers and businesses for their FX and international payment requirements. The company focuses on higher-value consumer use cases and segments of the FX market, as well as SMEs. Currencies Direct combines a full-stack, fully-digital product offering (including multi-currency digital wallets, API-led B2B and B2B2C platforms) with an award-winning premium customer service, including MoneyAge’s “Money Transfer Provider of the Year” accolade. Since founding in 1996 and with offices across five continents, Currencies Direct has worked with more than 425,000 customers, growing substantially through a 3,500-strong B2B2C affiliate network, delivering consistently high customer revenue retention and broadening its go-to-market strategy across B2B, B2C and B2B2C channels. The company has recently entered exclusive relationships with the leading wealth and asset management firms in the UK to service their high-value clients, just one of the many initiatives that has driven consistent organic profit growth of over 20% p.a. over the past decade. For more information, visit www.currenciesdirect.com

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