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Moneycorp

From Wikipedia, the free encyclopedia

TTT Moneycorp Limited
Company typePrivate
IndustryFinancial services
Founded1962; 62 years ago (1962)
Headquarters
London
,
United Kingdom
Number of locations
30+
Key people
ProductsForeign exchange
ServicesInternational money transfer, Currency exchange, FX Hedging solutions, Global payments API, Multi-currency prepaid card
OwnerBridgepoint Capital
Number of employees
864[2] (2020)
Websitewww.moneycorp.com

Moneycorp is a British payment company that provides foreign 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 120 currencies[3] through services that include foreign exchange spot, forward contracts, and option contracts. Moneycorp uses payments technology, which include liquidity providers, API-integrations for mass payments, and a self-service platform.[5][6]

History

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Foundation and early years

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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 operated bureau de change sites and traditional foreign exchange retailer, delivering services for individuals at locations in central 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 on technology and payments through licensing and technology upgrades.[9]

In December 2006 the Royal 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 by Bridgepoint for £212 million.[12][13]

International expansion

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In 2014, it expanded internationally, obtaining money service business licences across Spain, Romania, and the United States. Moneycorp also obtained banking licences in Brazil[14] and Gibraltar, 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 in Canada in 2020.[16]

In November 2019, Moneycorp became the first of two non-U.S. bank members of the United 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 of banknotes to institutions globally, promoting repatriation and recirculation of banknotes. Through Moneycorp FIG, the company has built a customer base of financial institutions including commercial and central banks.[6]

Technical development

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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.

Services

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Throughout the various trading divisions, Moneycorp offers its clients:

References

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  1. ^ Khairnar, Shruti (2023-07-06). "Moneycorp appoints Velizar Tarashev as new CEO". Retrieved 2023-02-08.
  2. ^ "Moneycorp: Key Facts" (PDF). Moneycorp. Retrieved 18 May 2022.
  3. ^ a b c d "Moneycorp teams up with Cambrist". thepaypers.com. Retrieved 2022-04-09.
  4. ^ "Moneycorp". BEROCC. 2019-07-29. Retrieved 2022-04-09.
  5. ^ a b "TTT Moneycorp Ltd - Company Profile and News". Bloomberg.com. Retrieved 18 May 2022.
  6. ^ a b c "Moneycorp Americas announces global expansion". FXcompared. Retrieved 18 May 2022.
  7. ^ "TTT MONEYCORP LIMITED - Overview". Companies House. UK Government. Retrieved 3 March 2020.
  8. ^ "Bridgepoint buys forex provider Moneycorp for 212 million pounds". Reuters. 29 August 2014. Retrieved 18 May 2022.
  9. ^ "Foreign exchange firm Moneycorp spurred on by 50 per cent rise in half-year profits". CityAM. 4 November 2014. Retrieved 18 May 2022.
  10. ^ "Press Release - The Royal Bank of Scotland (RBS) acquires a shareholding in the Group". Moneycorp. 28 December 2006.
  11. ^ Kleinman, Mark (February 6, 2014). "Foreign Currency Provider Moneycorp Eyes Sale". Sky News. Archived from the original on February 6, 2014.
  12. ^ Dan Primack (September 2, 2014). "Term Sheet -- Tuesday, Sept. 2, Private Equity Deals". Fortune.
  13. ^ "Moneycorp In Talks On £200m Bridgepoint Deal". Sky News. June 9, 2014.
  14. ^ Dakers, Marion (2016-04-02). "Moneycorp gets a banking licence". The Telegraph. ISSN 0307-1235. Retrieved 2022-04-09.
  15. ^ "MONEYCORP (HONG KONG) LIMITED company key information - UK.GlobalDatabase.com". uk.globaldatabase.com. Retrieved 2022-04-09.
  16. ^ PYMNTS (2020-07-06). "moneycorp Expands FX Services Into Canada". www.pymnts.com. Retrieved 2022-04-09.
  17. ^ "Participant Announcements". www.frbservices.org. Retrieved 2022-04-09.
  18. ^ "Foreign Bank International Cash Services Program". www.frbservices.org. Retrieved 2022-04-09.
  19. ^ "Moneycorp plots complete withdrawal from retail as fintech giant shifts focus to payments and banking". CityAM. 5 April 2022. Retrieved 18 May 2022.
  20. ^ "Brits shun new home purchases in Europe post-Brexit -Moneycorp". Reuters. 2016-11-18. Retrieved 2022-04-09.
  21. ^ "Moneycorp, Rates & Fees - Save Today [2022 Exclusive]". MoneyTransfers.com. Retrieved 2022-04-09.
  22. ^ a b c "Moneycorp licenced to be its fifth forex bank in Brazil". International Finance. 11 September 2019. Retrieved 18 May 2022.
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