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Moneycorp, the UK’s leading foreign exchange provider, has successfully completed its application to acquire a bank licence. The new licence from Gibraltar will allow moneycorp to continue its expansion into #European markets – a key element of its international growth strategy. Once fully operational in May 2016, Gibraltar-based #Moneycorp Bank will hold deposits in multiple currencies and service the payment needs of corporate and private clients in #Gibraltar. The Bank will operate as a separate legal entity to moneycorp’s main operating company which is headquartered in the #UK. Moneycorp Bank will be regulated in #Gibraltar by the Gibraltar Financial Services Commission.
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PRESS RELEASE
4th April 2016
Major milestone as moneycorp acquires bank licence
Moneycorp, the UK’s leading foreign exchange provider, has successfully completed its
application to acquire a bank licence.
The new licence from Gibraltar will allow moneycorp to continue its expansion into European
markets – a key element of its international growth strategy. Once fully operational in May
2016, Gibraltar-based Moneycorp Bank will hold deposits in multiple currencies and service
the payment needs of corporate and private clients in Gibraltar. The Bank will operate as a
separate legal entity to moneycorp’s main operating company which is headquartered in the
UK. Moneycorp Bank will be regulated in Gibraltar by the Gibraltar Financial Services
Commission.
Moneycorp’s overseas expansion has accelerated during 2015 and 2016. Most recently
moneycorp announced the launch of one of its largest ever commercial partnerships with
global news giants CNN, representing a solid platform for expansion into the US market. In
August 2015, moneycorp signed an agreement to acquire a minority stake in Novo Mundo
Corretora de Câmbio, a fast-growing Brazilian foreign exchange business. Earlier in 2015,
the business opened an office in France to service consumers taking advantage of property
investment opportunities, and businesses exporting across the border.
Moneycorp’s overseas growth strategy is being delivered in the context of its thriving UK
business, which enjoyed record growth during 2015 with more customers, more transactions
and greater market share. Customer retention for the business is at an all-time high.
Moneycorp Bank has appointed Michael Azopardi to lead the business as CEO. Colin
Buchan will be chairman of Moneycorp Bank’s board and Mark Horgan, CEO of Moneycorp
Group and Nick Haslehurst, CFOO of Moneycorp Group, will both have non-executive roles
on the board.
Nick Haslehurst, CFOO of Moneycorp Group, said:
"Moneycorp is making solid progress in establishing itself as a leading FX and international
payments specialist, in overseas markets as well as the UK. The acquisition of a bank
licence is a major step in this journey. It will enable moneycorp to continue its controlled
growth within our existing international markets but also support expansion into new markets
with stable economies and strong cross-border payments.”
www.moneycorp.com
-Ends-
For further press information and interviews please contact Francesca Rivett-Carnac
on 0203 6965800 / 07966 227390 / [email protected]
Notes to editors:
Moneycorp is the trading name of TTT Moneycorp Limited – one of the UK’s fastest
growing foreign exchange providers
Moneycorp provides a quick, secure and competitively priced international payments
service to individuals and a wide range of businesses
Moneycorp offers online payments and currency platform allowing customers to
move money internationally via the banking network, or load up their pre-paid
Explorer card which holds up to 7 currencies
Moneycorp began dealing in foreign exchange in 1979. The business was acquired
by Bridgepoint in 2014 to support the growth and expansion of its international
payments platform
TTT Moneycorp Limited is authorised and regulated by the Financial Conduct
Authority for the provision of payment services
