The Alternative Investment Market (AIM) is now the home of FairFX following a flotation and raising of £2.6 million.
Founded in 2005, FairFX has built a peer-to-peer (P2P) payments service that allows personal and business customers to make multi-currency payments. Over a cloud-based platform, this can be done across and range of FX products and through one integrated system.
Recent financial figures from the company show that revenue climbed by 46 per cent in 2013, up from £221 million in 2012 to £322.4 million, while profit grew from £2.1 million to £2.8 million over the same period.
Ian Stafford-Taylor, CEO of FairFX, says that the business is very pleased to have received the level of support from investors that it has.
‘Our decision to become a public company will allow us to enhance our profile and credibility and provide us with access to funding for our aggressive growth plans,’ he adds.
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According to FairFX, the platform is ranked highly when it comes to ratings companies such as MoneySavingExpert.com and MoneySupermarket.com. To date, its white label distribution deals have seen partnerships formed with EasyJet, ThinkMoney and Pitney Bowes.
The £2.6 million it has raised by joining AIM gives it a market capitalisation of £30.5 million. Its newly-raised capital will now go towards marketing and building its exiting product offering.
FairFX provides transactional services through four channels: Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency services facilitate ‘multiple overseas payments’ at points of sale and ATM’s whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to bank accounts.
