Dublin-based money transfer outfit CurrencyFair is to expand into the Asian markets through the acquisition of Hong Kong-based Convoy Payments.
The deal forms part of a part of a €20 million investment plan to drive global growth, supported by internal cash flow and a clutch of private investors: Convoy Global, Octopus Ventures, Harbert European Growth Capital and Seligman Private Equity Select.
The company, which reached profitability earlier this year, says it intends to hire 90 new staff over the next 18 months with particular emphasis on product development, customer service, compliance and marketing and global partnership development.
The acquisition accelerates the company's entry into the Asian market and opens up access to the US market through Convoy Payments’ existing business. CurrencyFair says it will launch the Chinese currency renminbi (RMB) on its platform in the next phase.
Paul Byrne, CEO and president of CurrencyFair, comments: “In addition to being able to provide more Asian currencies to our 100,000 plus customers, we are very excited about the opportunity to bring our products to the world’s fastest growing region, which will account for approximately 33% of global money transfers by 2026. Being able to offer RMB gives CurrencyFair access to the inbound Chinese money transfer market, estimated to be worth $61 billion in 2016.”