moneycorp, a leading provider in global payments and currency risk management, today announced their record B2B industry growth in the first half of 2020 which marks a ‘step change’ for the company despite a challenging economic environment.
Strong growth in International Payments for corporate customers, and services on behalf of its Financial Institutions Group
Despite challenges with the Covid-19 pandemic, moneycorp has experienced strong results in the first half of the year, reflecting sustained demand for services from corporate clients, during a period marked by currency uncertainty and supply chain disruptions.
The results showed growth in the B2B markets supporting corporates and financial institutions growing 13% YoY, with the wider group growth being an impressive 4% YoY. Further testament to the value of moneycorp’s services was shown with their Q2 results, up 6% YoY for the B2B markets and up 14% YoY for the moneycorp group.
A suite of solutions including unique multi-currency IBAN across 39 currencies, an onshore and offshore offering in Brazil and newly granted Electronic Money Institution (E-Money), MiFID licenses by the Central Bank of Ireland (CBI), and recent expansion into Canada have attracted corporate and FI customers, contributing to record growth.
moneycorp will continue to focus on electronic payments for businesses and individuals, and services on behalf of its Financial Institutions Group.
New senior appointments
The moneycorp board has announced three new appointments, to accelerate growth, transformation, and international expansion. Alan Bowkett will join the board as Chairman. Alan is a highly experienced European Chairman of international publicly listed and private equity-backed companies operating in highly regulated markets.
William Paul, Head of Financial Services at moneycorp’s parent company Bridgepoint has been appointed as Non-Executive Director. William is an experienced private equity investor and Non-Executive Director and is responsible for leading Bridgepoint’s transaction origination and execution capabilities in the sector, with a focus on services and technology.
Adam Jones, appointed as Non-Executive Director to the moneycorp board, is the Chief Operating Officer at Bridgepoint, where he is also a Partner. Prior to joining Bridgepoint in 2018, Adam held a number of global CFO roles, including most recently at Pret A Manger and previously All3Media, NBC News in New York and Universal Studios.
Mark Horgan, CEO of moneycorp Group says:
“These times have been challenging for our staff and our customers alike. We have continued to make our business robust and strong so we can support our customers during this time. I’d like to recognize our employees who have remained focused on delivering our award-winning service, going above and beyond to help people and businesses navigate currency uncertainty and trade and travel disruptions.
“Covid-19 has forced us to pause and reflect on what it is we do best. Whilst the pandemic has caused pain across the travel sector, we’ve also seen sustained demand for our FX and international payments services. There’s no more ‘business as usual’, but we are confident we can ride this sea change, and build a better, stronger and more innovative global business. We are delighted to welcome Alan Bowkett, William Paul and Adam Jones to the moneycorp board, to help us realise this ambition.”
Bob Dowd, CEO of moneycorp North America says:
“Today’s announcement is a testament to our team’s dedication to push through during these challenging times and our ability to expand into new markets while still achieving favorable financial results. We recently continued our latest expansion into Canada and are making strong strides there. There is still much work to be done but we remain committed to maximizing the opportunities at present for growth and expansion.”
Alan Bowkett, Chairman of moneycorp says:
“I am excited to be joining moneycorp and its highly skilled team as we begin the acceleration of our international electronics payments business allied to our unique suite of product offerings, bank licenses and international footprint. In these fast-changing times, moneycorp is in the prime position to take advantage of the post-Covid world of international electronic payments where our performance leading platform and agile management will be fully backed by Bridgepoint.”