Private equity firm Equistone Partners Europe has acquired international payment service provider Small World Financial Services, for an undisclosed amount.
FPE Capital and MMC Ventures, which were existing holders of the company, have sold their stakes.
Founded in 2015, Small World offers a cross-border payments solution which lets users send and receive money anywhere in the world.
Its payment network gives customers instant bank account transfers, mobile wallet top ups, mobile wallet payments, and cash collection from its banking network. Small World offers low charges and ‘competitive’ exchange rates.
Money transfers are backed by Small World’s physical network of 84 stores, 7,000 third-party agents, enabling support for 188 countries worldwide.
The company currently has around 760 employees spread across 18 countries and has revenues of more than £110m.
Through the new support from Equistone, Small World is hoping to accelerate its growth and fund future initiatives, such as expansion its international presence.
Small World CEO Nick Day said, “We believe we are well-positioned to continue growing and are focused on extending our multi-channel service proposition into new territories, as well as pursuing bolt-on acquisitions and launching new payment corridors.
“Our expanding digital presence will also support the increasingly digitalised needs of our customers through convenient alternative payment solutions. We look forward to continue to work closely with the Equistone team.”
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