Currencies Direct

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Currencies Direct
Private
IndustryFinancial Services
Founded1996 (1996)
Headquarters,
Key people
Keith Hatton (CEO, May 2011 – Present)
ProductsForeign Exchange
Number of employees
500+[1]
ParentJointly owned by Palamon Capital Partners and Corsair Capital
Websitewww.currenciesdirect.com

Currencies Direct Ltd is a UK-based foreign exchange broker and international payment provider. It delivers currency exchange services in a number of countries to individuals, online sellers and businesses. Currencies Direct was established in 1996 by Mayank Patel and Peter Ellis, offering a range of currency tools, and providing free transfers at a better rate of exchange than the high street banks.

It now employs more than 500 people in 28 offices around the world, has served more than 275,000 corporate and individual clients, and transfers more than £6.5 billion annually, making it one of the largest currency firms in the UK.

Company history[edit]

  • 1996: Currencies Direct was founded in London by Mayank Patel and Peter Ellis[2]
  • 1999: Opened its first overseas office in Torrevieja on the Costa Blanca
  • 2008: Currencies Direct launches an online payment system, iPayFX
  • 2009: Currencies Direct was authorised by the Financial Conduct Authority for the provision of payment services (FRN 504360)
  • 2014: Currencies Direct launches revamped online payment system (Currencies Direct Online)
  • 2015: Mayank Patel sells Currencies Direct for £200 million to Corsair Capital and Palamon Capital
  • 2017: Currencies Direct obtains an electronic money license from the FCA (FRN 900669)[3]
  • 2018: Currencies Direct successfully pilots international payments using blockchain technology[4]

Operations[edit]

Currencies Direct has offices in the UK, the US, Canada, China, Australia, Spain, India, South Africa and Portugal. It also has operations in the Republic of Ireland.

Currencies Direct offers foreign exchange services by phone, in person and online, providing spot payments, forward contracts, risk solutions, affiliate partnerships. Currencies Direct specialises in services for those who are buying property abroad, emigrating, importing and exporting, studying overseas, selling online[5] or making other large and/or regular foreign exchange transfers.

References[edit]

  1. ^ "Mayank Patel: Making money from currency". Citywealth. 7 December 2009. Archived from the original on 8 July 2011. Retrieved 9 December 2015.
  2. ^ "GB06 Success Stories, Mayank Patel - Currencies Direct". growingbusiness.co.uk. February 2006. Archived from the original on 20 July 2011. Retrieved 3 February 2011.
  3. ^ "Currencies Direct Limited". FCA. 1 January 2017. Retrieved 9 October 2018.
  4. ^ De, Nikhilesh (29 May 2018). "British FX Firm Currencies Direct Pilots Ripple Tech". CoinDesk.com. Retrieved 9 October 2018.
  5. ^ "Online tool cuts costs for SMES trading abroad". FX&MM Magazine. Dec 2008.

External links[edit]