Moneycorp acquires Australia’s largest independent treasury advisors
The deal will supplement the presence of moneycorp in both Australia and Hong Kong and will add a range of new products for its customers
The deal will supplement the presence of moneycorp in both Australia and Hong Kong and will add a range of new products for its customers
UK-based payments service provider moneycorp, has acquired one of Australia’s largest independent treasury advisors – the Rochford Group.
Rochford’s specialist treasury services offer bespoke solutions to clients, allowing them to manage the impact of treasury risks on cash, profitability and their balance sheets. Rochford’s cloud-based treasury risk management platform offers proprietary global cash flow forecasting models and workflow procedures to boost productivity.
The purchase is moneycorp’s second major international acquisition of 2019, after the completion of its deal for Brazil’s Novo Mundo. The firm’s strong investment in payments solutions technology includes the launch of its API for third-party use, allowing clients to integrate the company’s payments platform into their systems.
Nick Haslehurst, CFO/COO of moneycorp said: “We have worked with the team at Rochford Capital for several years and saw a very strong fit in our own client-led approach to providing effective risk management solutions. We are delighted to have the Rochford team joining us and believe we can help accelerate Rochford’s growth by deploying their operating model through the moneycorp group.”
The group’s international growth strategy has seen it acquire and integrate Commonwealth FX, the US based corporate international payments company in January 2018 and establish a licensed payments business and office in the UAE.
Both the companies did not disclose the price tag of the deal, but moneycorp did say it would pay 20% using cash on hand. The remainder was financed through external financing, according to Haslehurst.
Earlier this year it secured entry into South America’s fast-growing foreign exchange market, through the controlling acquisition of Novo Mundo, a São Paulo headquartered business.
Domestic UK growth for moneycorp includes the expansion of its regional presence in Coventry and the opening of new offices in Leeds and Edinburgh in 2019 to bring dedicated foreign exchange services to key commercial centres in the UK.
Providing customers with mobile, telephone and online payment capabilities on a multi-currency platform, moneycorp also enables them to exchange money through 120 currencies. The company said it took care of 5.9 million transactions and traded £35.5 billion worth of currencies last year, surpassing its 2017 total by £2.3 billion.