KERRY-BASED FINANCIAL SERVICES firm Fexco has acquired London’s Thomas Exchange Global to take a bigger slice of the foreign exchange market in the UK.
According to the Irish company, the acquisition will make it the largest independent FX operator in UK where it says it holds 12% of the £9 billion market.
No financial terms for the acquisition were officially disclosed, however the deal was reportedly valued at around £10 million.
Thomas Exchange Global will add more than a million customers across 15 London branches to Fexco’s ranks.
Fexco has been busy in the UK by scooping up several companies to bolster its position in the market. This marks its eighth acquisition in recent years and comes just a few months after it acquired London-based foreign exchange operator Changelink.
Thomas Exchange Global chief executive Sakthi Ariaratnam, said the deal was a “testament to the quality of the business and the strong growth we have achieved over the years”.
Ariaratnam will remain with Thomas Exchange Global to advise on the transition period.
Fexco’s managing director of its foreign exchange division Joe Redmond said that customers are still cautious of moving to a totally cashless model, especially when travelling abroad.
The company cited a survey it conducted of its customers that said only 15% of those surveyed would consider travelling without cash.
“This explains why our transactions and revenues are growing rapidly every year, and why there are more banknotes in circulation today than ever before,” Redmond said.
Fexco said it has four million customers in Ireland and UK.