 | |
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1962; 64 years ago (1962) |
| Headquarters | , |
Number of locations | 30+ |
Key people |
|
| Products | Foreign exchange |
| Services | International money transfer, Currency exchange, FX Hedging solutions, Global payments API, Multi-currency prepaid card |
| Owner | Bridgepoint Capital |
Number of employees | 864[2] (2020) |
| Website | www |
Moneycorp is a Britishpayment company that providesforeign exchange and global payment services to individual and corporate customers.[3] The company was founded in London in 1979.[4] Its clients include individuals, corporations, and other financial institution. It has a branches in the United Kingdom, North America,Europe, Asia and a number of other countries.
Moneycorp offers payments in over 120currencies[3] through services that includeforeign exchange spot,forward contracts, andoption contracts. Moneycorp uses payments technology, which includeliquidity providers,API-integrations for mass payments, and a self-service platform.[5][6]
The company was established in 1962 under the name of David Leslie Jewellers (Oxford Street) Limited in London. It changed its name to Town Tickets and Tours Limited in December 1979, then to TTT Moneycorp Limited in April 1993.[7] Since 2008 it has used the brand name moneycorp, dropping the TTT as part of a rebranding.
It operatedbureau de change sites and traditionalforeign exchange retailer, delivering services for individuals at locations incentral London, competing with the local banks. It later expanded its retail division into several airports.[8]
In early 2000, Moneycorp expanded throughout the U.K. as it began to provide international payment capabilities for private clients, followed by a focus on corporate clients. During this time, Moneycorp pivoted towards a focus ontechnology and payments through licensing and technology upgrades.[9]
In December 2006 theRoyal Bank of Scotland (RBS) Special Opportunities Fund became a significant shareholder in the Group, as it purchased a stake from the Shlewet Family Trust, the company's former owners,[10] becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011.[11] After 8 years moneycorp was bought byBridgepoint for £212 million.[12][13]
In 2014, it expanded internationally, obtainingmoney service business licences across Spain,Romania, and theUnited States. Moneycorp also obtainedbanking licences in Brazil[14] andGibraltar, creating Moneycorp Banco de Cambio and Moneycorp Bank, respectively. A few years later, the company also obtained Money Service Business licences in Hong Kong in 2018[15] and inCanada in 2020.[16]
In November 2019, Moneycorp became the first of two non-U.S. bank members of theUnited States Federal Reserve's Foreign Bank International Cash Services (FBICS) program, providing Moneycorp direct access to Federal Reserve U.S. dollar currency services.[17][18] This relationship with the U.S. Federal Reserve acts as a payments gateway for international financial institutions via Moneycorp’s Financial Institutions Group (FIG).
Moneycorp FIG focuses on enabling safe distribution ofbanknotes to institutions globally, promoting repatriation and recirculation of banknotes. Through Moneycorp FIG, the company has built a customer base offinancial institutions includingcommercial andcentral banks.[6]
Throughout its expansion, Moneycorp continued to enhance its technical innovations as well as develop payment technology, while keeping a focus on security and compliance through its financial crime monitoring systems, compliance, and segregation of client funds.[19]
By 2022, Moneycorp stated it had more than 40,000 customers and sent payments to over 190 countries.[20][21] The company had more than 150 partners internationally.
Throughout the various trading divisions, Moneycorp offers its clients: