Foreign Currency Direct acquires a corporate dealing team from Foenix Partners
The acquisition is the latest by Foreign Currency Direct, building upon the recently announced Earthport FX Ltd acquisition and further increasing its market presence in corporate payments
Foreign Currency Direct, the international payments and foreign exchange specialist backed by Pollen Street Capital, has acquired a corporate dealing team and associated client portfolio from Foenix Partners Ltd, which offers risk management and corporate payment services to small and medium sized businesses. The team will join Infinity International, the group’s corporate division, which was acquired in May 2019.
Martin Bennett, Executive Chairman of Foreign Currency Direct commented: “We’re delighted to welcome the Foenix team into our group. Their expertise, knowledge and focus on delivering exceptional client service is complementary to Foreign Currency Direct’s values and we look forward to working with the team and their clients going forward.”
Michael England, Partner at Pollen Street Capital said: “Pollen Street first invested in Foreign Currency Direct in 2018 and in a short period of time has seen the business more than treble in scale. The acquisition is the fifth since Pollen Street Capital’s investment and we continue to find exciting and successful businesses to join our group.”
Richard de Meo, CEO at Foenix Partners said: “We’re delighted to have concluded the sale of this business unit to Foreign Currency Direct. Serving the FX needs of this book of clients shaped our early identity and finding the right home for them was paramount. As we narrow our focus onto automated solutions, we’re very pleased with the overall fit and know the clients and the team move forward with an emerging market leader. Wishing them all the best.”