Rapid transformation fuelling growth
Specialist international payments partner, moneycorp, announces significant growth in its 2020 financial results, despite the turbulence of the Covid-19 pandemic globally and Brexit in the UK. By offering the security of retail banks with the agility of fintechs, moneycorp has carved out an unrivalled position in the market, as it goes from strength to strength on the global stage.
The growth reflects the rapid and ongoing transformation in moneycorp’s business model, including winding down retail operations to increase focus on its corporate business and the launch of a multi-currency account with a single IBAN, through moneycorp bank. Testament to this, year-to-date revenue is already up by 21%.
At the forefront of digital innovation
moneycorp has further invested in the technology behind its multi-currency payments strategy – building end-to-end scalable, integrated technology platforms, including its API offering. In 2020, over 64% of moneycorp’s transactions were fully digital, utilising the access, accuracy and transparency its systems offer.
Partnerships key to growth
A specialist partner is more crucial than ever given the complexity and potential risk of international payments in the current climate. moneycorp’s ability to help customers navigate this volatility, choose the right products and reduce their risks, has won it business in all markets. In particular, it has seen strong growth in the US, supported by the strength of the dollar. moneycorp’s US business reported an EBITA of £4.7m, a growth of 17% YoY.
In a year which saw sustained demand from financial institutions for reliable access to physical dollars, moneycorp’s partnership with Financial Institutions Group (FIG) saw a 93% growth in revenue to £29.4m, with EBITDA growing 146% to £12m. This was made possible by moneycorp’s Fed licence (FBICS) for US.
Partnerships that maximise flexibility and choice for customers, are at the heart of moneycorp’s business. Alongside the Fed, its relationships with multiple banking institutions across the globe allow moneycorp to provide the most competitive real-time rates for customers,
Best-in-class senior hires to drive further growth
This strategic transformation has seen moneycorp attract two key senior hires in 2021. Ex-Barclays alum, Velizar Tarashev joins as CFO and will be at the helm of driving future growth. Velizar has 15 years’ experience managing high-performance businesses including Barclays and UBS Investment Bank. Velizar will focus on maintaining moneycorp’s strong performance and maximising international growth opportunities.
Former President of New Payment Platforms at Mastercard, David Yates joins as Vice Chairman, to ensure moneycorp remains at the forefront of digital innovation. Previously, David spearheaded the expansion and development of companies including First Data (now Fiserv), increasing international revenue from $250m to $2bn.
Velizar Tarashev, CFO of moneycorp, says:
“The impressive results delivered by the team in 2020 are even more significant in a year which saw the world turned upside-down. The results clearly demonstrate the unique position moneycorp holds in the international payments sector.
“The foresight of the team in pinpointing what customers will need in the future is one of the key reasons I joined moneycorp. Whilst some businesses have battened down the hatches, moneycorp has seized the opportunities that change presents.
“Our diversified business model, client-centric approach, digital innovations and global expansion make us confident that moneycorp will continue to achieve further success, profitable growth, and be the partner of choice for specialist international payments.”
Mark Horgan, CEO of moneycorp says:
“There’s no doubt that the Covid-19 pandemic has posed significant challenges. But our resilience in 2020 is testament to moneycorp’s ability to operate effectively as a digital business.
“For the past decade, moneycorp has been building deep foundations as a specialist international payments provider, providing B2B verticals that are poorly served by traditional clearing banks access to better value, more flexible solutions. We’ve refocused and thrived during the pandemic and are poised for further growth.
“By enhancing our digital and multi-currency capabilities and honing our global offering, we will fulfil our mission to help our clients make more money through frictionless commerce, whilst becoming a better, stronger and more innovative business. We are excited for Velizar and David to help us realise this ambition.”