Fexco grows share of London FX market with £10m swoop
Fintech company Fexco has acquired London-based Thomas Exchange Global (TEG).
It is understood that the acquisition of the retail foreign exchange company is valued at around £10m (€11.2m).
TEG has over one million customers across its 15 branches in London, making it one of the largest specialist foreign exchange businesses in the UK capital.
The deal, Fexco's eighth acquisition in the UK since 2012, means that it now has a 12pc share of the estimated £9bn foreign exchange market in London. "We are very pleased to have acquired a business with the reputation and reach of TEG, the largest London-based FX retailer," Joe Redmond, MD of retail foreign exchange division, Fexco, said.
"The deal confirms our belief in the future of cash and the incomparable role it plays in a balanced payments and travel money portfolio."
Fexco's retail FX division now employs 500 people serving the travel money requirements of over four million customers through its UK and Ireland network of 125 branches.
Sakthi Ariaratnam, CEO of TEG, said that the deal presented a "fantastic opportunity" for the two companies to "further capitalise on the significant opportunities present in the national and international FX marketplace."
Founded in 1981, today Fexco employs over 2,300 people across the group.
The company has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.
Last month Fexco agreed a deal, understood to be for €150m, to sell Goodbody Stockbrokers to Chinese investors.
In 2016 Fexco reported profits of €304m.