Money transfer company Small World Financial Services has acquired international payments company MoneyGlobe.
Following the close of the deal, MoneyGlobe’s management team will remain with the business. The FinTech will join Small World’s operating region of Northern Europe and Africa.
MoneyGlobe is a payments company which helps consumers and businesses transfer funds around the world.
This acquisition will give Small World, which processes around 15 million transactions a year, the ability to add the French market to its money transfer network. MoneyGlobe will also benefit from the deal, as it can now offer its customers a wide selection of physical and digital channels and payment options.
Small World chief executive and founder Nick Day said, “We identified MoneyGlobe as a fantastic addition to our business, due to its strong growth to date and established presence in France, a large market where we were looking to strengthen our position. As well as complementing our global coverage, MoneyGlobe is an excellent cultural fit, with its team sharing our commitment to delivering great customer service and fast and reliable transfers.”
The company said it would continue to search for acquisition opportunities around the world to bolster its network.
Small World Financial Services was acquired by private equity firm Equistone Partners in 2018 for an undisclosed amount. The purchase of MoneyGlobe marks the first acquisition from Small World since it was bought by Equistone.
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