Moneycorp

moneycorp (TTT moneycorp Limited) is an international company offering foreign exchange and global payment services to individual and corporate customers.[2] It operates in a number of countries and also provides bulk foreign notes and travel money services (bureau de change) via a number of travel companies and airlines.

TTT Moneycorp Limited
TypePrivate
IndustryFinancial Services
Founded1962 (1962)
Headquarters
London
,
UK
Number of locations
London, Coventry, Edinburgh, Leeds, United Kingdom : San Francisco, Los Angeles, New York, Orlando, Providence, Washington DC, United States of America : Perth, Australia : São Paulo, Curitiba, Rio de Janeiro, Belo Horizonte, Porto Alegre, Brazil : Madrid, Costa Blanca, Costa del Sol, Spain : France : Gibraltar : Hong Kong : Ireland : Romania : UAE
Key people
Alan Bowkett (Chairman),
Mark Horgan[1] (Chief Executive)
ProductsForeign exchange
ServicesInternational money transfer, Currency exchange, FX Hedging solutions, Global payments API, Multi-currency prepaid card
OwnerBridgepoint Capital
Number of employees
+760
Websitehttp://www.moneycorp.com/

History

The company was established in 1962 under the name of David Leslie Jewellers (Oxford Street) Limited; it changed its name to Town Tickets and Tours Limited in December 1979, then to TTT Moneycorp Limited in April 1993.[3] Since 2008 it has used the brand name moneycorp, dropping the TTT as part of a rebranding.

The company began operating as a high street currency dealer in 1979.[4] Since then, the company has expanded into several airports.

In December 2006 the Royal Bank of Scotland (RBS) Special Opportunities Fund became a significant shareholder in the Group, as it purchased a stake from the Shlewet Family Trust, the company's former owners,[5] becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011.[6] After 8 years moneycorp was bought by Bridgepoint for £212 million.[7][8]

In August 2015 the company bought a 45% stake in Brazilian currency company Novo Mundo Corretora de Câmbio.[9] moneycorp has since acquired a 90% stake in the Brazilian business.[10][11]

In 2016, moneycorp acquired a Gibraltar banking license, leading to the establishment of moneycorp bank.[4] This step was described by moneycorp's CFOO as important in enabling "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." [12]

In London, moneycorp bought the Canary Wharf-based firm, First Rate FX. Ltd, who had been operating in the foreign exchange industry for 13 years. First Rate FX also operate in Dubai, allowing moneycorp the ability to expand their operations in the region.[13]

In May 2018, the company also acquired US-based corporate international payments business, Commonwealth Foreign Exchange Inc.[14][15]

moneycorp's focus has been on updating their technological offering in recent years, as well as utilising new technology for payments customers.[16] moneycorp's partners include, The Guardian, CNN, The Telegraph, Sainsburys Bank & G4S.[17]

Another source of differentiation for the company has been its focus on security. moneycorp state that they offer their clients:

  • Sophisticated financial crime monitoring systems
  • Bank grade compliance
  • Fast and automated payment allocation
  • Segregation of client funds[18]

Operations

The company headquarters are in Victoria, London, UK, with additional offices around the UK and in Ireland, Australia, Portugal, Spain, the United States, Dubai, Romania, Hong Kong, France and Brazil.[19]

The company is split into a number of trading divisions, including:

  • Commercial Foreign Exchange (CFX) - established in 1999, it provides foreign exchange to businesses and individuals, with spot and forward currency delivery, currency options and priority worldwide payments.
  • Bureau de change - the company operates 35 bureaux de change branches.[20] Primarily at airports, including London Gatwick, and shopping areas in city centers.[21]
  • Wholesale Banknotes - provides banknotes to businesses and FX providers in the Greater London area. Clients are split across several categories, including: banks, bureaux de change, government bodies, high-street retailers, money transfer businesses and corporate clients.[22]
  • moneycorp Bank - offering a multi-currency bank account, and a platform aimed at simplifying the process of making international payments.[23]
  • moneycorp US Inc - responsible for the running of the US business. moneycorp has a money transmitter licence in 46 US states. The purchase of Commonwealth FX gave it a presence in cities including San Francisco, Providence, New York City and Washington DC.
  • TTT moneycorp - trading division that encompasses branches in Ireland, Spain, France and Romania.
  • moneycorp PTY - the trading division governing the company's operations in Australia, meeting certain regulations that are specific to the country.
  • moneycorp FRM - standing for 'Financial Risk Management,' moneycorp FRM is authorised and regulated by the Financial Conduct Authority for the conduct of designated investment business, namely options products and other derivatives.

Between them, these divisions offer clients:

  • International Payments, offering prices from an e-auction of a pool of 14+ banks
  • E-wallets
  • Complex FX Structured Products
  • Wholesale Banknotes
  • Deposit Taking
  • Interest-bearing accounts
  • PrePaid integrated MasterCards (explorer cards)

moneycorp states that it services private clients, businesses looking to make mass payments, banks/financial institutions, importers/exporters, online sellers and also offers a bespoke white label service.[24]

Regulation

As of 31 December 2018, moneycorp was authorised and regulated by the Financial Conduct Authority for the provision of payment services.[25] moneycorp is also registered as a Money Service Business with HM Revenue and Customs (HMRC) under the Money Laundering Regulations.

moneycorp Financial Risk Management Limited is also authorised and regulated by the FCA for the conduct of designated investment business.[26]

moneycorp has an E-money licence issued in the EEA, as well as a bank licence.

In Hong Kong, the company is a licensed MSB, and it holds a DIFC license in UAE. It is licensed in Australia through being an Agent of an ASIC, whilst it is licensed by BACEN in Brazil.[27]

References
  1. "Mark Horgan sidesteps Sainsbury's for Moneycorp". Marketing Week. January 9, 2012.
  2. "Heathrow Row Over Exchange Of Currency Firms". Sky News.
  3. "TTT MONEYCORP LIMITED - Overview". Companies House. UK Government. Retrieved 3 March 2020.
  4. Dakers, Marion (2016-04-02). "Moneycorp gets a banking licence". The Telegraph. ISSN 0307-1235. Retrieved 2019-01-03.
  5. "Press Release - The Royal Bank of Scotland (RBS) acquires a shareholding in the Group". Moneycorp. 28 December 2006.
  6. Kleinman, Mark (February 6, 2014). "Foreign Currency Provider Moneycorp Eyes Sale". Sky News. Archived from the original on February 6, 2014.
  7. Dan Primack (September 2, 2014). "Term Sheet -- Tuesday, Sept. 2, Private Equity Deals". Fortune.
  8. "Moneycorp In Talks On £200m Bridgepoint Deal". Sky News. June 9, 2014.
  9. Wallace, Tim (August 12, 2015). "Moneycorp buys stake in Brazilian currency trader". The Telegraph.
  10. "TTT MONEYCORP LIMITED - Filing history - Full accounts made up to 31 December 2018". Companies House. 25 September 2019.
  11. "Moneycorp makes acquisitions in South America and UK". Finextra Research. 2017-12-07. Retrieved 2018-12-31.
  12. "Moneycorp grows FX business via Gibraltar licence". www.investmenteurope.net. 2016-04-04. Retrieved 2019-01-03.
  13. "Moneycorp pushes into Dubai with First Rate FX completion". Finextra Research. 2018-02-01. Retrieved 2018-12-31.
  14. "US expansion lets Moneycorp set sights on international horizons". The Irish Times. Retrieved 2018-12-31.
  15. "moneycorp | moneycorp expands US presence". RealWire. 2018-09-18. Retrieved 2018-12-31.
  16. "MoneyCorp reaps benefit of technology investment". Finextra Research. 2016-04-06. Retrieved 2018-12-31.
  17. "Partnerships". Moneycorp. Retrieved 2018-12-31.
  18. "Global payments reviews". Moneycorp. Retrieved 2019-01-29.
  19. "Contact us". Moneycorp.
  20. "Find a branch". Moneycorp. Retrieved 2019-01-03.
  21. "Foreign exchange firm Moneycorp spurred on by 50 per cent rise in half-year profits". City A.M. November 5, 2014.
  22. "Wholesale currency services". Moneycorp.
  23. "moneycorp - Corporate". www.moneycorpbank.com. Retrieved 2019-01-03.
  24. "About-us". Moneycorp. Retrieved 2019-01-29.
  25. "FSA Register - Basic details for TTT Moneycorp Limited". Financial Services Authority. 1 November 2009.
  26. "Financial services register". Financial Conduct Authority. Retrieved December 3, 2015.
  27. "Regulatory Information". Moneycorp. Retrieved 2019-01-03.
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