Currencies Direct completes £165 million dividend recapitalisation

By Megha Bhattacharya

Digital foreign exchange and international payment service provider Currencies Direct today announced that it has completed a £165 million dividend recapitalisation provided by CVC Credit and Alcentra. The company aims to accelerate growth further through new products such as multi-currency wallets, new verticals, global expansion and further M&A. It has recently signed an exclusive white label agreement to provide FX services to Hargreaves Lansdown, a wealth manager in the UK with approximately 1.5 million active clients.

Keith Hatton, Chief Executive of Currencies Direct, said, “Currencies Direct is at an exciting turning point, and our continued investment in technology has set the stage for a new phase of transformative growth. Our recent wealth management contract wins and growing global footprint – including through the recent opening of our new office in Singapore – underline our success in pursuing new expansion initiatives.”

Currencies Direct focuses on high-value transactions and the mass affluent segment of the FX market, as well as SMEs. Currencies Direct combines a full-stack, fully digital offering with an expert-led customer service model that allows it to cater to the universal needs of its target customer segments.

Recently, Currencies Direct announced the appointment of Pedro Batista as its Chief Payments Officer. The new hire is expected to supervise the company’s payments strategy including the management of banking relationships and the delivery of payment solutions, assist in the enhancement of the company’s product range and improve client experience.