Rich Ricci, formerly CEO of Barclays Corporate and Investment Banking, is the latest in a growing list of financial services grandees to lend their business heft to a disruptive technology startup, joining currency exchange freemarketFX as chairman.
Launched by former Credit Suisse First Boston and Deutsche Bank vice president and director Alex Hunn in 2011, freemarketFX operates a peer-to-peer currency exchange for corporates and individuals, running daily scheduled currency crosses over a proprietary marketplace platform for a fixed 0.2% commission.
Ricci brings over 30 years of business experience to freemarketFX having previously held a diverse range of senior operational, technology, and front-office executive roles at major global banks.
A colourful character, Ricci was singled out by the tabloid press as a poster child for big bank excess alongside Barclays' former investment banking chief Bob Diamond. The negative publicity was water off a duck's back to Ricci, a keen horse racing fan who named one of his stallions as the 'Fatcatinthehat'
Ricci says he is now ready to add his business acumen and contact network to freemarketFX as he joins the "fintech revolution".
“Well applied technology in the financial sector is bringing significant benefits to individuals and businesses," he says. "FreemarketFX has developed a robust and secure currency exchange business, allowing its technological benefits to be applied to this sector and significantly reduce transaction costs for the benefit of its customers.”