The moneycorp Group has completed the acquisition of Commonwealth Foreign Exchange, a US-based corporate international payments business.
The amount of the deal was not disclosed.
The acquisition, which was signed in May 2017, will enable moneycorp to strengthen its US market position.
Established in 1996, Commonwealth FX offers foreign exchange and international payments services to corporate clients in the US. The business serves
over 4,000 customers in the US, with a team of over 70 specialist foreign exchange professionals across five offices.
Commonwealth FX will be rebranded to moneycorp during Q2 2018, increasing visibility of the UK brand internationally. It will also give US customers access to moneycorp’s international payments platform, which allows multi-bank pricing and a range of FX risk management solutions.
The completion of the acquisition comes at the same time as the completion of a 42.5% shareholding of Brazil-based FX provider, Novo Mundo.