London-based money transfer service FC Exchange is being acquired by Global Reach Partners (GRP). The purchase was made with the backing of GRP’s private equity investor Inflexion Private Equity Partners.
Financial details of the deal remain undisclosed.
GRP provides payment and hedging services to businesses and individuals. It says that the acquisition will increase its annual transactions to more than £5.5bn ($7.1bn) with its team growing to 170 employees.
GRP was bought out by Inflexion in March of this year. FC Exchange is its first acquisition.
“We are making this acquisition as we recognise the huge opportunity in the cross-border payments market,” said GRP CEO and co-founder Mark Smith-Halvorsen.
“FCE’s business is a perfect complement to our own. We each excel in our respective segments – they have a predominantly private client base compared to our mainly corporate client revenue stream. The goal of this transaction is to combine forces to create a leading FX payments company.”
The company says the acquisition will give it immediate scale, increase its reach and add new capabilities to its service.
FC Exchange CEO Nick Fullerton says the firm has experiences 57% year-on-year growth.
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