Foreign Currency Direct has bought the corporate FX unit of Earthport, the cross-border payments firm acquired by Visa last year. Financial terms were not disclosed.
Earthport FX offers corporate payment services to small and medium sized businesses. Earthport bought the business, originally called Baydonhill, in 2013 and rebranded it in 2016.
It will now join Infinity International, Foreign Currency Direct’s corporate division, which was acquired in May 2019. The deal will add scale and market presence for the group which has transacted over £9 billion in the past three years.
Founded in 2000, Foreign Currency Direct was acquired by Pollen Street Capital in 2018, the first part of a collection of FX firms acquired by the asset management firm.
Michael England, partner, Pollen Street Capital, says: "Earthport FX is the latest addition to the group and is an impressive business with a track record of helping businesses manage their transactions efficiently."
Earthport was acquired by Visa in a £247 million package last year following a bidding war with Mastercard, giving the card scheme a way into the $80 trillion account-to-account payments market.