Ian Strafford-Taylor, CEO, FairFX

E-banking and international payments provider, Equals Group has announced that its subsidiary, FairFX has acquired HermexFX, the international payments business of Hermex International Limited for £2 million. The acquisition expects to enhance the Group’s earnings and forms a part of the company’s strategy in extracting values from increasing economies of scale.

Ian Strafford-Taylor, Chief Executive Officer, commented, “This acquisition further demonstrates the ambition of the Group to be a dominant force in the payments market. Utilizing our proprietary technology and outstanding operations teams we are able to absorb businesses like HermexFX extremely efficiently. The acquisition also shows our commitment to pursuing our strategy of achieving cost efficiencies through scale. We are delighted to have attracted such a high quality, service-led business with an excellent client base, and we welcome the team from HermexFX to the Equals family.”

According to the Group, the acquisition will see the combination of Equals’ technology along with its expertise in compliance, operations and settlements. It will also see Kyrillos Kyriacou, the CEO and founder of HermexFX, join Equals Group as an employee.

Established in 2008 in London, Hermex International, part of the FxPro Group, is a complete foreign exchange provider and a specialist in Global Payment Solutions for Business and Private Clients. It offers international payment services to a corporate client base through customized service offering.

by Megha Bhattacharya
Market Analyst at IBS Intelligence