Pollen Street Capital acquires majority stake in Foreign Currency Direct
Pollen Street Capital, a London-based private equity and credit manager focused on specialist financial and business services, is delighted to announce that it has received regulatory approval for the purchase of Foreign Currency Direct (FCD), having agreed the acquisition in late January. The interest is acquired for PSC Fund III, a private equity vehicle run by Pollen Street.
FCD is a leading specialist provider of payment services, focused on facilitating international bank-to-bank transfers for private individuals. They originate customers through a diverse partner network, with the quality of their proposition leading to new and repeat business.
International payments are an attractive sector for investment, with specialists continuing to gain share from incumbent banks based on superior customer service and more competitive pricing. FCD is well-positioned to gain share in this market through its reputation for high quality customer service, strong origination networks, and numerous opportunities to benefit from investment in technology and data.
Tom Higham, CEO, said “we are delighted to be working with Pollen Street whose depth of experience in payments and particularly international payments is second to none. In the short time we have known them, their strategic input, connectivity and ambition has been clear and the specialism in financial services has already brought a wide set of opportunities for us.”
Michael England, Partner at Pollen Street Capital said “Tom and the team have built an impressive business in a short space of time. The payment sector has been growing fast as new fintech players offer customers products and services that better meet their needs than traditional banks. Foreign Currency Direct in particular offers a combination of technology and service proposition at an attractive price that puts it in a strong position to grow rapidly. We are thrilled to partner with a strong business in an exciting market place.”