World First

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World First UK Limited
Type Private company
Industry Financial Services
Founded 21 January 2004 (2004-01-21)
Headquarters Millbank, London, UK
Key people Jonathan Quin (co-founder),
Nick Robinson (co-founder),
David Clementi (Chairman)
Products Foreign exchange
Website http://www.worldfirst.com/

World First is a UK-based foreign exchange company. It offers currency exchange and international payments to private clients and corporate clients in the UK and a number of other countries.

History[edit]

The company was established in 2004 by Jonathan Quin and Nick Robinson.[1]

In April 2008, World First through its subsidiary World First Markets Ltd started to offer option and derivative hedging structures.

On 1 November 2009, World First UK Ltd was granted Authorised Payment Institution status by the Financial Services Authority. It was amongst the first round of companies to apply for and be granted this status which ensures client funds are protected from creditors.

The same year the company was registered as a Money Service Business in the UK with HM Revenue & Customs in relation to the execution of spot and forward foreign exchange transactions.

Operations[edit]

It is headquartered at Millbank Tower, London and has offices in the United States, Australia and Singapore. World First has private and corporate clients all around the world, that use them - amongst other things - for mortgage payments, repatriation of salary, international school fees, import and export. Since April 2004 World First has transacted over £26 billion for its clients. World First's SWIFT code is WFSTGB2L.

Awards and recognition[edit]

World First has featured on the Sunday Times FastTrack 100 list of the fastest growing businesses in the UK for three years in the last four, and recent awards include Service Business of the Year and the Queen’s Award for Enterprise for the UK's leading foreign exchange broker. In 2012, they won their first National Business Award for customer focus. In 2013, they won the UK Customer Experience award in the ‘financial services – banking and investment’ category, and they won the 'customer service' category at the 2013/14 European Business Awards.

UK market position[edit]

As of June 2012, based on published company accounts it was the 3rd largest foreign exchange company in the UK by profit[nb 1] and 4th largest by Gross Revenue. Turnover to the year ending 31 January 2012 was £2.96 billion.

UK Foreign Exchange Brokers (largest 10):

No. Company Accounting Date Pre Tax Profit
1 Western Union Business Solutions (formerly Travelex)[nb 2] 31 December 2010 £11,048,000
2 Moneycorp[nb 3] 31 August 2011 £7,660,000
3 World First UK Ltd 31 January 2012 £4,494,000
4 HiFX 30 June 2011 £4,486,000
5 Currencies Direct Ltd[nb 4] 30 June 2011 £4,471,000
6 Schneider 31 March 2011 £2,968,390
7 Global Currency Exchange Network 31 March 2009 £1,717,169
8 Foreign Currency Direct 31 October 2011 £1,687,364
9 AFEX 31 December 2011 £1,583,459
10 Global Reach/Corporate FX 31 December 2011 £1,289,000

Notes[edit]

Footnotes[edit]

  1. ^ All UK currency brokers must be Authorised as Payment Institutions by the FSA. This list is publicly available on the FSA website. All UK companies must also submit their full accounts to Companies House. The accounts of all the authorised payment institutions were checked with Companies House on 20 June 2012 to create this list. The UK's Companies House website http://www.companieshouse.gov.uk/. Measured by pre-tax profit as turnover is not available for all companies.
  2. ^ It is difficult to tell the exact revenue generated by Travelex from their private and corporate foreign exchange due to the number of entities and business areas they have. £10m is an estimate although the group parent entity Travelex Holdings Ltd posted a loss of £150m for the year to 31 December 2009.
  3. ^ TTT Moneycorp Limited also has high-street and airport/station bureaux de change. This profit figures includes that profit.
  4. ^ Currencies Direct accounting date changed from 30 April to 30 June. This period is thus 61 weeks. Annualised Net Profit is £2,709,115

References[edit]

  1. ^ "World First Company Timeline". worldfirst.com. 2004. 

External links[edit]