Last checked at 25 Aug 2017 08:51
RNS
25 August 2017
FairFX Group plc
("FairFX" or "the Company")
Completion of Acquisition
Further to the announcements on 8 August 2017 and 24 August 2017 regarding the acquisition of CardOne by FairFX and associated fundraising, the Company is pleased to confirm that the acquisition of CardOne has now completed.
Enquiries:
FairFX Group plc Ian Strafford-Taylor, CEO
| +44 (0) 20 7778 9308 |
Cenkos Securities plc Max Hartley/Callum Davidson | +44 (0) 20 7397 8925 |
Yellow Jersey PR Charles Goodwin Abena Affum | +44 (0) 7747 788 221 |
About FairFX
FairFX is an online international payment services provider, first established in the UK in 2007. The Company has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or, via its prepaid cards, at over 35 million merchants and over 1 million ATMs worldwide. The platform operates on desktop, mobile responsive website or app and as such is accessible across a wide range of users.
FairFX operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, online and telephone. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATMs whereas the online and telephone products support wire transfer foreign exchange transactions direct to Bank Accounts.
For Corporates, FairFX has a business-expenses solution based around its corporate prepaid card allied to a platform designed to allow a corporate to better control expenses and improve transparency whilst removing administrative burdens from staff. The corporate offering also covers UK domestic expense management and as such is a solution for all companies, not just those with overseas travel.
In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Customers include easyjet and ThinkMoney. FairFX has also partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions with over 25 million users globally. Such relationships provide strong support for FairFX's customer acquisition strategy.