Last checked at 29 Mar 2016 14:34
29 March 2016
FairFX Group plc
("FairFX" or "the Group" or "the Company")
Result of General Meeting
The Company announces that all resolutions were duly passed at the General Meeting held today in connection with the placing to raise gross proceeds of £5.25 million.
Accordingly, the Company has applied for 26,250,000 Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 30 March 2016. Following Admission, the Company will have 103,116,039 ordinary shares in issue.
About FairFX
FairFX is a FinTech Company providing market leading international payment services, incorporated in the UK in 2005. 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 FX products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at 30 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, wire transfer and MasterCard/VISA debit cards.
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, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.
In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Customers include easyJet, ThinkMoney and Brittany Ferries. 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.