Moneycorp
{{Short description|British payment company}}
{{Use British English|date=September 2023}}
{{Infobox company
| name = TTT Moneycorp Limited
| logo = Moneycorp logo.svg
| logo_size =
| type = Private
| industry = Financial services
| foundation = {{start date and age |1962}}
| location_city = London
| location_country = United Kingdom
| locations = 30+
| key_people = {{ubl |Alan Bowkett (Chairman) |Velizar Tarashev (Chief Executive){{Cite web |last=Khairnar |first=Shruti |date=2023-07-06 |title=Moneycorp appoints Velizar Tarashev as new CEO |url=https://www.fintechfutures.com/2023/07/moneycorp-appoints-velizar-tarashev-as-new-ceo/ |access-date=2023-02-08}} }}
| products = Foreign exchange
| services = International money transfer, Currency exchange, FX Hedging solutions, Global payments API, Multi-currency prepaid card
| owner = Bridgepoint Capital
| num_employees = 864{{cite web |title=Moneycorp: Key Facts |url=https://www.moneycorp.com/globalassets/documents/uk/key-facts-brochure-2020-11.pdf |publisher=Moneycorp |access-date=18 May 2022}}
| num_employees_year = 2020
| homepage = {{URL|https://www.moneycorp.com/ }}
}}
Moneycorp is a British payment company that provides foreign exchange and global payment services to individual and corporate customers.{{Cite web |title=Moneycorp teams up with Cambrist |url=https://thepaypers.com/payments-general/moneycorp-teams-up-with-cambrist--1255583 |access-date=2022-04-09 |website=thepaypers.com |language=en}} The company was founded in London in 1979.{{Cite web |date=2019-07-29 |title=Moneycorp |url=https://berocc.com/members/moneycorp/ |access-date=2022-04-09 |website=BEROCC |language=en-US}} Its clients include individuals, corporations, and other financial institution. It has a branches in the United Kingdom, North America, Europe, Asia and a number of other countries.
Moneycorp offers payments in over 120 currencies through services that include foreign exchange spot, forward contracts, and option contracts. Moneycorp uses payments technology, which include liquidity providers, API-integrations for mass payments, and a self-service platform.{{cite news |title=TTT Moneycorp Ltd - Company Profile and News |url=https://www.bloomberg.com/profile/company/936413Z:LN |access-date=18 May 2022 |work=Bloomberg.com |language=en}}{{cite news |title=Moneycorp Americas announces global expansion|url=https://www.fxcompared.com/magazine/news/moneycorp-americas-announces-global-expansion |access-date=18 May 2022 |work=FXcompared}}
History
=Foundation and early years =
The company was established in 1962 under the name of David Leslie Jewellers (Oxford Street) Limited in London. It changed its name to Town Tickets and Tours Limited in December 1979, then to TTT Moneycorp Limited in April 1993.{{cite web |title=TTT MONEYCORP LIMITED - Overview |url=https://beta.companieshouse.gov.uk/company/00738837 |website=Companies House |publisher=UK Government |accessdate=3 March 2020 |language=en}} Since 2008 it has used the brand name moneycorp, dropping the TTT as part of a rebranding.
It operated bureau de change sites and traditional foreign exchange retailer, delivering services for individuals at locations in central London, competing with the local banks. It later expanded its retail division into several airports.{{cite news |title=Bridgepoint buys forex provider Moneycorp for 212 million pounds |url=https://www.reuters.com/article/uk-bridgepoint-moneycorp-idUKKBN0GT1GS20140829 |access-date=18 May 2022 |work=Reuters |date=29 August 2014 |language=en}}
In early 2000, Moneycorp expanded throughout the U.K. as it began to provide international payment capabilities for private clients, followed by a focus on corporate clients. During this time, Moneycorp pivoted towards a focus on technology and payments through licensing and technology upgrades.{{cite news |title=Foreign exchange firm Moneycorp spurred on by 50 per cent rise in half-year profits |url=https://www.cityam.com/moneycorp-spurred-big-jump-earnings/ |access-date=18 May 2022 |work=CityAM |date=4 November 2014}}
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,{{cite web |url=http://www.ttt.co.uk/rbs_pr.cfm |publisher=Moneycorp |title=Press Release - The Royal Bank of Scotland (RBS) acquires a shareholding in the Group |date=28 December 2006 }} becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011.{{cite news |url=http://news.sky.com/story/1207301/foreign-currency-provider-moneycorp-eyes-sale |title=Foreign Currency Provider Moneycorp Eyes Sale |publisher=Sky News |date=February 6, 2014|archivedate=February 6, 2014|archiveurl=https://web.archive.org/web/20140206200643/https://news.sky.com/story/1207301/foreign-currency-provider-moneycorp-eyes-sale|last=Kleinman|first=Mark}} After 8 years moneycorp was bought by Bridgepoint for £212 million.{{cite news |url=http://fortune.com/2014/09/02/term-sheet-tuesday-sept-2/ |title=Term Sheet -- Tuesday, Sept. 2, Private Equity Deals |author=Dan Primack |publisher=Fortune |date=September 2, 2014}}{{cite news |url=http://news.sky.com/story/1278544/moneycorp-in-talks-on-200m-bridgepoint-deal |title=Moneycorp In Talks On £200m Bridgepoint Deal |publisher=Sky News |date=June 9, 2014}}
= International expansion =
In 2014, it expanded internationally, obtaining money service business licences across Spain, Romania, and the United States. Moneycorp also obtained banking licences in Brazil{{Cite news |last=Dakers |first=Marion |date=2016-04-02 |title=Moneycorp gets a banking licence |language=en-GB |work=The Telegraph |url=https://www.telegraph.co.uk/business/2016/04/01/moneycorp-gets-a-banking-licence/ |access-date=2022-04-09 |issn=0307-1235}} and Gibraltar, creating Moneycorp Banco de Cambio and Moneycorp Bank, respectively. A few years later, the company also obtained Money Service Business licences in Hong Kong in 2018{{Cite web |title=MONEYCORP (HONG KONG) LIMITED company key information - UK.GlobalDatabase.com |url=https://uk.globaldatabase.com/company/moneycorp-hong-kong-limited |access-date=2022-04-09 |website=uk.globaldatabase.com |language=en}} and in Canada in 2020.{{Cite web |last=PYMNTS |date=2020-07-06 |title=moneycorp Expands FX Services Into Canada |url=https://www.pymnts.com/news/b2b-payments/2020/moneycorp-expands-fx-currency-services-into-canada/ |access-date=2022-04-09 |website=www.pymnts.com |language=en-US}}
In November 2019, Moneycorp became the first of two non-U.S. bank members of the United States Federal Reserve's Foreign Bank International Cash Services (FBICS) program, providing Moneycorp direct access to Federal Reserve U.S. dollar currency services.{{Cite web |title=Participant Announcements |url=https://www.frbservices.org/resources/financial-services/cash/foreign-bank-international-program/participant-announcement.html |access-date=2022-04-09 |website=www.frbservices.org |language=en}}{{Cite web |title=Foreign Bank International Cash Services Program |url=https://www.frbservices.org/resources/financial-services/cash/foreign-bank-international-program |access-date=2022-04-09 |website=www.frbservices.org |language=en}} This relationship with the U.S. Federal Reserve acts as a payments gateway for international financial institutions via Moneycorp’s Financial Institutions Group (FIG).
Moneycorp FIG focuses on enabling safe distribution of banknotes to institutions globally, promoting repatriation and recirculation of banknotes. Through Moneycorp FIG, the company has built a customer base of financial institutions including commercial and central banks.
= Technical development =
Throughout its expansion, Moneycorp continued to enhance its technical innovations as well as develop payment technology, while keeping a focus on security and compliance through its financial crime monitoring systems, compliance, and segregation of client funds.{{cite news |title=Moneycorp plots complete withdrawal from retail as fintech giant shifts focus to payments and banking |url=https://www.cityam.com/moneycorp-plots-complete-withdrawal-from-retail-as-fintech-giant-shifts-focus-to-payments-and-banking/ |access-date=18 May 2022 |work=CityAM |date=5 April 2022}}
By 2022, Moneycorp stated it had more than 40,000 customers and sent payments to over 190 countries.{{Cite news |date=2016-11-18 |title=Brits shun new home purchases in Europe post-Brexit -Moneycorp |language=en |work=Reuters |url=https://www.reuters.com/article/britain-eu-sterling-idINL8N1DI5KI |access-date=2022-04-09}}{{Cite web |title=Moneycorp, Rates & Fees - Save Today [2022 Exclusive] |url=https://moneytransfers.com/companies/moneycorp |access-date=2022-04-09 |website=MoneyTransfers.com |language=en-GB}} The company had more than 150 partners internationally.
Services
Throughout the various trading divisions, Moneycorp offers its clients:
- International Payments
- FX Risk Management Strategies
- Mass Payments & APIs
- Multi-currency Wallets
- Wholesale Banknotes{{cite news |title=Moneycorp licenced to be its fifth forex bank in Brazil |url=https://internationalfinance.com/moneycorp-licenced-fifth-forex-bank-brazil/ |access-date=18 May 2022 |work=International Finance |date=11 September 2019}}
- International Bank Accounts
- Notice Accounts
- Deposit Accounts
- Prepaid Explorer Cards by MasterCard
References
{{Reflist}}
External links
- [https://brokerpedia.com/ Brokerpedia]
{{DEFAULTSORT:Moneycorp}}
Category:Foreign exchange companies
Category:Companies based in the City of Westminster
Category:Financial services companies of the United Kingdom
Category:1962 establishments in England
Category:Financial services companies established in 1962