A payments service provider based in the U.K., moneycorp, has acquired an Australian independent treasury advisory company called the Rochford Group for an undisclosed sum, according to reports.
This is moneycorp’s second major acquisition this year after it picked up the Brazilian online marketplace Novo Mundo. That deal marked the company’s first foray into the South American market.
Providing customers with mobile, telephone and online payment capabilities on a multi-currency platform, moneycorp also enables them to exchange money through 120 currencies.
Based in Australia, Rochford also has offices in Hong Kong and will help moneycorp boost its presence in both places.
Rochford helps its clients manage how treasury risks affect their balance sheets, cash and profitability. The company’s cloud-based treasury risk management platform features proprietary worldwide capital flow forecasting programs, as well as productivity-boosting workflow models.
“We have worked with the team at Rochford Capital for several years and saw a very strong fit in our own client-led approach to providing effective risk management solutions,” said Nick Haslehurst, CFO/COO of moneycorp. “….We can help accelerate Rochford’s growth by deploying their operating model through the moneycorp group.”
In addition to Hong Kong and Australia, moneycorp has operations in upwards of 20 locations around the globe, including the U.K., U.S., Brazil, Gibraltar, Ireland, Spain, UAE, Romania, France and more.
The company said it took care of 5.9 million transactions and traded £35.5 billion worth of currencies last year, surpassing its 2017 total by £2.3 billion.
In 2017, moneycorp acquired Commonwealth FX. The companies did not disclose the price tag of the deal, but moneycorp did say it would pay 20 percent using cash on hand. The remainder was financed through external financing, according to Haslehurst.