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Currencies Direct completes £165 million dividend recapitalisation

Source: Currencies Direct

Currencies Direct (the “Company”), a global leader in digital foreign exchange (“FX”) and international payment services, has completed a £165 million dividend recapitalisation.

The recapitalisation was provided by incumbent lenders CVC Credit and Alcentra, which backed the acquisition of Currencies Direct in 2015 by private equity owners, Palamon Capital Partners and Corsair.

A pioneer in the Fintech space, Currencies Direct is today one of the largest platforms globally in an increasingly consolidating international payments market. The Company focuses on high-value transactions and the mass affluent segment of the FX market, as well as SMEs. Currencies Direct combines a full-stack, fully digital offering with a premium, award-winning expert-led customer service model that allows it to cater to the universal needs of its target customer segments.

Currencies Direct has seen significant growth over the past five years through expanding its B2B2C affiliate network and broadening its geographic reach to become one of the most profitable players in the market. Its strong cash generation has allowed it to invest heavily in a new, fully automated technology stack with full API and machine learning capabilities. Underpinned by the launch of its market leading technology stack, the Company has clear ambitions to accelerate growth further through new products such as multi-currency wallets, new verticals, global expansion and further M&A. It has recently signed an exclusive white label agreement to provide FX services to Hargreaves Lansdown, one of the largest wealth managers in the UK with approximately 1.5 million active clients.

Keith Hatton, Chief Executive of Currencies Direct, said: “Currencies Direct is at an exciting turning point, and our continued investment in technology has set the stage for a new phase of transformative growth. Our recent wealth management contract wins and growing global footprint - including through the recent opening of our new office in Singapore - underline our success in pursuing new expansion initiatives.”

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