Moneycorp


moneycorp is an international company offering foreign exchange and global payment services to individual and corporate customers. It operates in a number of countries and also provides bulk foreign notes and travel money services via a number of travel companies and airlines.

History

The company was established in 1962 under the name of David Leslie Jewellers Limited; it changed its name to Town Tickets and Tours Limited in December 1979, then to TTT Moneycorp Limited in April 1993. 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. Since then, the company has expanded into several airports.
In December 2006 the Royal Bank of Scotland 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, becoming the sole institutional investor in the Group, with a total shareholding of 99.9% in November 2011. After 8 years moneycorp was bought by Bridgepoint for £212 million.
In August 2015 the company bought a 45% stake in Brazilian currency company Novo Mundo Corretora de Câmbio. moneycorp has since acquired a 90% stake in the Brazilian business.
In 2016, moneycorp acquired a Gibraltar banking license, leading to the establishment of moneycorp bank. 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."
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.
In May 2018, the company also acquired US-based corporate international payments business, Commonwealth Foreign Exchange Inc.
moneycorp's focus has been on updating their technological offering in recent years, as well as utilising new technology for payments customers. moneycorp's partners include, The Guardian, CNN, The Telegraph, Sainsburys Bank & G4S.
Another source of differentiation for the company has been its focus on security. moneycorp state that they offer their clients:
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.
The company is split into a number of trading divisions, including:
Between them, these divisions offer clients:
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.

Regulation

As of 31 December 2018, moneycorp was authorised and regulated by the Financial Conduct Authority for the provision of payment services. moneycorp is also registered as a Money Service Business with HM Revenue and Customs 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.
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.