FairFX Lands City Forex Limited in Seven-Figured Payday

Forex today

FairFX made a name for itself as a banking service and payment operation that could deal in several different currencies. This gives it a kind of versatility in its normal function that made more than a few pay attention. Now, it’s stepping up that versatility with a new acquisition, directly purchasing the entire issued capital of City Forex Limited, based on reports it sent our way.

The deal called for FairFX to spend six million pounds sterling—about $8.373 million US as of this writing—in straight cash to acquire all the ordinary share capital issued by City Forex. Not only does it augment FairFX’s own capability in the field, adding both economies of scale and product innovation to the roster, but it also provides extra catalyst to FairFX’s growth-based ambitions.

Since City Forex’s primary focuses were on travel-related currency issues and international payments, FairFX now has an improved multinational presence.

City Forex’s international payment division featured around 2,000 business and 8,000 private client customers to its roster, and the travel currency division boasted an average of 200,000 currency orders a year, and the acquisition was expected to enhance FairFX’s earnings immediately upon purchase.

FairFX’s CEO, Ian Strafford-Taylor, noted “The acquisition of City Forex is a key milestone in the evolution of FairFX and will immediately enhance the Group’s earnings. City Forex is a long-standing partner of FairFX, we know the Company and its people well and we are delighted to welcome them into the FairFX Group. 

This transaction fits perfectly with our stated strategy as it increases our scale, rationalizes our supply chain and brings their innovative system within the Group.”

Indeed, the two firms do seem to dovetail well, which not only gives FairFX extra capability within its current market, but it also serves to remove a competitor from the overall board. Now, FairFX doesn’t have to face down a market in which City Forex is staring down their necks, but rather a market where City Forex’s customers are likely now FairFX customers instead.

Not a bad plan for around $8 million, and one that will likely give FairFX an edge going forward. Only time will tell how many City Forex customers stick around, but most likely will, and that’s good news for FairFX.

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— Algobit Forex (@AlgobitForex) 25 febbraio 2018