London-based global payments and foreign exchange company moneycorp has announced its expansion into Canada.
The move, which is being spearheaded by moneycorp Americas, will enable the company to serve both private and corporate in customers in Canada and comes after two decades of work in the United States focused on “private clients’ money transfers, corporate risk management and global payments solutions,” the company said in a Monday (July 6) press release.
In its Canadian expansion, moneycorp will operate out of Toronto, and its new operation will be “fully compliant to serve the specific Canadian market requirements,” said moneycorp Americas Chief Executive Officer Bob Dowd, who called the expansion a “milestone.”
“In today’s challenging economic environment, I am pleased to continue our expansion into a prime market that aligns with our strategic growth plans,” Dowd said in a press release. “Today, we are making a significant investment to build this market and with highly differentiated offerings providing both private and business clients the opportunity to choose a long-standing industry expert as their payments and FX currency partner.”
The firm said it anticipates working with a range of clients in Canada, including high net worth individuals as well as “snowbirds” seeking vacation homes in the U.S. or in other countries.
On the corporate side, moneycorp said it will be working with clients seeking “risk management hedging solutions” to help buffer the impact from “volatile currency markets,” the company said in its press release.
The expansion into Canada comes a little less than a year since moneycorp acquired Rochford Group, an Australian treasury advisory company, which, in addition to offices Down Under, also had an office in Hong Kong as well.
That deal followed on the heels of moneycorp’s acquisition of Novo Mundo, a Brazilian foreign exchange company, and its more recent approval from the Central Bank of Ireland for an electronic money license, which should help the UK-based company continue to do business in the European Union post Brexit.