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TTT Moneycorp Limited

From EverybodyWiki Bios & Wiki

TTT Moneycorp Limited
File:Moneycorp logo.svg
Private
ISIN🆔
IndustryFinancial services
Founded 📆1962 (1962)
Founder 👔
Headquarters 🏙️,
London
,
UK
Number of locations
London, Coventry, Edinburgh, Leeds, United Kingdom : San Francisco, Los Angeles, New York, Orlando, Providence, Washington DC, United States of America : Perth, Australia : São Paulo, Curitiba, Rio de Janeiro, Belo Horizonte, Porto Alegre, Brazil : Madrid, Costa Blanca, Costa del Sol, Spain : France : Gibraltar : Hong Kong : Ireland : Romania : UAE
Area served 🗺️
Key people
Alan Bowkett (Chairman),
Velizar Tarashev[1](Chief Executive)
Products 📟 Foreign exchange
ServicesInternational money transfer, Currency exchange, FX Hedging solutions, Global payments API, Multi-currency prepaid card
OwnerBridgepoint Capital
Members
Number of employees
864[2]
🌐 Websitemoneycorp.com
📇 Address
📞 telephone

Moneycorp is an international payments fintech[3] that provides payment products and services. The company was founded in London in 1979.[4] Its clients include corporations, financial institutions, and individuals and it has a footprint in the United Kingdom, North America, Europe, Brazil, Hong Kong, and the United Arab Emirates.

Moneycorp offers payments in over 120 currencies[3] through a suite of services including, but not limited to, foreign exchange spot, forward contracts, and option contracts. Moneycorp is enabled by its payments technology, which encompasses liquidity providers, API-integrations for mass payments, and a self-service platform with an assigned account manager.[5][6]

Moneycorp complies to all applicable laws and regulatory standards through its financial crime monitoring systems, bank-grade compliance, and proper segregation of client funds. Additionally, Moneycorp maintains all required banking and money transmitter licences across all operating jurisdictions.[5][7]

History[edit]

The company was established in 1979 as a U.K. based traditional foreign exchange retailer, delivering services for individuals at locations at central London, competing with the local banks. Years later, the company expanded its retail division into several airports.[8]

In early 2000, Moneycorp expanded throughout the U.K. as it began to provide international payment capabilities for private clients, followed by a focus on corporate clients. During this time, Moneycorp pivoted towards a focus on technology and payments through licensing and technology upgrades.[9]

In 2014, Moneycorp was bought by Bridgepoint for £212 million.[10] and expanded internationally, obtaining Money Service Business licences across Spain, Romania, and the United States. Moneycorp also obtained banking licences in Brazil[11] and Gibraltar, creating Moneycorp Banco de Cambio and Moneycorp Bank, respectively. A few years later, the company also obtained Money Service Business licences in Hong Kong in 2018[12] and in Canada in 2020.[13]

In November 2019, Moneycorp became the first of two non-U.S. bank members of the United States Federal Reserve's Foreign Bank International Cash Services (FBICS) program, providing Moneycorp direct access to Federal Reserve U.S. dollar currency services.[14][15] This relationship with the U.S. Federal Reserve acts as a payments gateway for international financial institutions via Moneycorp’s Financial Institutions Group (FIG).

Moneycorp FIG focuses on enabling safe distribution of banknotes to institutions globally, promoting repatriation and recirculation of banknotes. Through Moneycorp FIG, the company has built a customer base of financial institutions including commercial and central banks.[6]

Throughout its expansion, Moneycorp continues to enhance its technical innovations as well as develop its all-new payment technology, while keeping a focus on security and compliance through its sophisticated financial crime monitoring systems, bank-grade compliance, and proper segregation of client funds.[16]

Moneycorp stated it has more than 40,000 customers[17] and send payments to over 190 countries.[18] The company has more than 150 partners internationally.

Services[edit]

Throughout the various trading divisions, Moneycorp offers its clients:

  • International Payments[3]
  • FX Risk Management Strategies[5]
  • Mass Payments & APIs[6]
  • Multi-currency Wallets[3]
  • Wholesale Banknotes[7]
  • Notice Accounts
  • Prepaid Explorer Cards by MasterCard[7]

Operations[edit]

The company headquarters are in London, U.K., with additional offices around the world including Ireland,[19] Portugal, Spain, United States, Canada,[13] Dubai, Romania, Hong Kong, and Brazil.[7]

The company is split into a number of trading divisions, including:

United Kingdom

TTT Moneycorp Limited (company number 738837)[20] is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp is a trading name of TTT Moneycorp Limited which is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919)[21] for the provision of payment services.

Moneycorp Financial Risk Management Limited (company number 5774742)[22] is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp FRM is the trading name of Moneycorp Financial Risk Management Limited and is authorised and regulated by the Financial Conduct Authority for the provision of designated investment business (firm reference number 452443).[23]

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Explorer™ Card is issued by Prepay Technologies Ltd (PPS), with its registered office on Floor 6, 3 Sheldon Square, London W2 6HY U.K. PPS is authorised and regulated by the U.K. Financial Conduct Authority for the issuance of e-money with firm reference number 900010[24]

Ireland, Spain, & Romania

Moneycorp Technologies Limited (company number 612120) is registered in Ireland.[25] It is registered office is 24 Windsor Place, Dublin 2. Moneycorp is a trading name of Moneycorp Technologies Limited which is authorised by the Central Bank of Ireland under the European Communities (Electronic Money) Regulations 2011 for the provision of Electronic Money and Payment services and with the Central Bank of Ireland for the provision of designated investment business under European Union (Markets in Financial Instruments) Regulations 2017 (firm reference number C184118).[26]

France

Moneycorp Technologies Limited (company number 918 864 067 00023)[27] is registered and started operations in France on 1 September 2022.[28] The primary office is located at 255 Boulevard Pereire 75017 Paris and the registered office is 24 Windsor Place – Dublin 2.[27] Moneycorp Technologies Limited - Succursale Française is a trading name of Moneycorp Technologies Limited which is authorised by the Les Greffes des Tribunaux de Commerce for providing financial services under the NAF Code 6619B.[27]

Gibraltar (Moneycorp Bank)

Moneycorp Bank is a trading name of Moneycorp Bank Limited. Moneycorp Bank Limited is registered in Gibraltar under company number 113151[29] with its registered office at 7/b King’s Yard Lane, Gibraltar, GX11 1AA. Moneycorp Bank is authorized by the Gibraltar Financial Services Commission (GFSC)[30] to carry out electronic money activities under Class 15 of the Financial Services (Banking) Act[31] and is required to comply with the Financial Services (Electronic Money) Regulations 2011.[32]

Moneycorp Bank safeguards all relevant funds on deposit in segregated client accounts with an authorized credit institution. Electronic Money is not protected by the Gibraltar Deposit Guarantee Scheme or any other compensation scheme. The explorer multi‐currency card is issued by Moneycorp Bank Limited, pursuant to licence by Mastercard International Inc. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.[7]

Moneycorp Bank Limited is authorised by the GFSC to carry out activities for accepting deposits and other repayable funds from the public under Class 1 of the Financial Services (Banking) Act[32] and is protected by the Gibraltar Deposit Guarantee Scheme.

Moneycorp Bank is authorised under the GFSC and operates under a Freedom of Services Passport.[33] (cross-border services) for activities under the Banking Consolidation Directive.[34]

Other European Economic Area (EEA) Countries

Moneycorp Technologies Limited (company number 612120)[35] is registered in Ireland. It is registered office is 24 Windsor Place, Dublin 2. Moneycorp is a trading name of Moneycorp Technologies Limited which is authorized by the Central Bank of Ireland under the European Communities (Electronic Money) Regulations 2011 for the provision of Electronic Money and Payment services and with the Central Bank of Ireland for the provision of designated investment business under European Union (Markets in Financial Instruments) Regulations 2017 (firm reference number C184118).[26]

USA

Moneycorp U.S. Inc. (“moneycorp”) is a Rhode Island corporation (#000115949[36]) and is federally registered as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (“FinCEN”), a bureau of the United States Department of Treasury (# DCN 31000118771945). Moneycorp Inc. is a company registered in the State of Delaware in the United States of America under file number 4052694. Its registered agents address is 28 Old Rudnick Lane, Dover, Kent, DE 19901, US

Brazil

Moneycorp Banco de Cambio SA is a Financial Institution registered with the Central Bank of Brazil under number 24214, registered with the Commercial Registry of the State of São Paulo (JUCESP) with NIRE number 35300338022 and registered in the National Register of Legal Persons of the Ministry of Fazenda (CNPJ) under number 08.609.934 / 0001-37, having headquarters at Rua Joaquim Floriano, 1052, 7º Andar, Itaim Bibi, in the city of São Paulo, state of São Paulo, Brazil, CEP 04534-004.[7][37]

United Arab Emirates

TTT Moneycorp Limited holds a commercial licence (CL2738) with the Dubai International Financial Centre and is regulated by the Dubai Financial Services Authority (DFSA) as a Representative office. The DFSA registered entity number is F004243[38]

Hong Kong

Moneycorp (Hong Kong) Limited, Registered number 2602916[39] Unit 1510, 15th Floor, The Center, 99 Queen’s Road Central, Hong Kong holds a licence for Operating Money Service (Licence No. 18-04-02400) under the Customs and Excise Department, Money Service Supervision Bureau, Hong Kong.

The senior management team includes:

  • Velizar Tarashev, CEO[1]
  • Richard Brice, CFO[40]
  • Alan Bowkett, Chairman[41]
  • Emma Alley, COO
  • Peter Green, General Counsel and CRCO

References[edit]

  1. ↑ 1.0 1.1 Khairnar, Shruti (2023-07-06). "Moneycorp appoints Velizar Tarashev as new CEO". Retrieved 2023-02-08.
  2. ↑ "Moneycorp: Key Facts" (PDF). Moneycorp. Retrieved 18 May 2022.
  3. ↑ 3.0 3.1 3.2 3.3 "Moneycorp teams up with Cambrist". thepaypers.com. Retrieved 2022-04-09.
  4. ↑ "Moneycorp". BEROCC. 2019-07-29. Retrieved 2022-04-09.
  5. ↑ 5.0 5.1 5.2 "TTT Moneycorp Ltd - Company Profile and News". Bloomberg.com. Retrieved 18 May 2022.
  6. ↑ 6.0 6.1 6.2 "Moneycorp Americas announces global expansion". FXcompared. Retrieved 18 May 2022.
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 "Moneycorp licenced to be its fifth forex bank in Brazil". International Finance. 11 September 2019. Retrieved 18 May 2022.
  8. ↑ "Bridgepoint buys forex provider Moneycorp for 212 million pounds". Reuters. 29 August 2014. Retrieved 18 May 2022.
  9. ↑ "Foreign exchange firm Moneycorp spurred on by 50 per cent rise in half-year profits". CityAM. 4 November 2014. Retrieved 18 May 2022.
  10. ↑ "Moneycorp In Talks On £200m Bridgepoint Deal". Sky News. June 9, 2014.
  11. ↑ Dakers, Marion (2016-04-02). "Moneycorp gets a banking licence". The Telegraph. ISSN 0307-1235. Retrieved 2022-04-09.
  12. ↑ "MONEYCORP (HONG KONG) LIMITED company key information - UK.GlobalDatabase.com". uk.globaldatabase.com. Retrieved 2022-04-09.
  13. ↑ 13.0 13.1 PYMNTS (2020-07-06). "moneycorp Expands FX Services Into Canada". www.pymnts.com. Retrieved 2022-04-09.
  14. ↑ "Participant Announcements". www.frbservices.org. Retrieved 2022-04-09.
  15. ↑ "Foreign Bank International Cash Services Program". www.frbservices.org. Retrieved 2022-04-09.
  16. ↑ "Moneycorp plots complete withdrawal from retail as fintech giant shifts focus to payments and banking". CityAM. 5 April 2022. Retrieved 18 May 2022.
  17. ↑ "Brits shun new home purchases in Europe post-Brexit -Moneycorp". Reuters. 2016-11-18. Retrieved 2022-04-09.
  18. ↑ "Moneycorp, Rates & Fees - Save Today [2022 Exclusive]". MoneyTransfers.com. Retrieved 2022-04-09.
  19. ↑ Hamilton, Peter. "Moneycorp gets regulatory clearance in Ireland in Brexit-proofing move". The Irish Times. Retrieved 19 May 2022.
  20. ↑ "TTT MONEYCORP LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2022-04-09.
  21. ↑ "NewRegister". register.fca.org.uk. Retrieved 2022-04-09.
  22. ↑ "NewRegister". register.fca.org.uk. Retrieved 2022-04-09.
  23. ↑ "NewRegister". register.fca.org.uk. Retrieved 2022-04-09.
  24. ↑ "NewRegister". register.fca.org.uk. Retrieved 2022-04-09.
  25. ↑ "GFSC - Gibraltar Financial Services Commission". www.fsc.gi. Retrieved 2022-04-09.
  26. ↑ 26.0 26.1 "European e-Justice Portal - Business registers – search for a company in the EU". e-justice.europa.eu. Retrieved 2022-04-09.
  27. ↑ 27.0 27.1 27.2 "MONEYCORP TECHNOLOGIES LIMITED at PARIS (918864067), CA, bilan, KBIS - Infogreffe". www.infogreffe.com. Retrieved 12 October 2022.
  28. ↑ "Moneycorp expands its European footprint with the launch of Moneycorp France". IBS Intelligence. Retrieved 12 October 2022.
  29. ↑ "GFSC - Gibraltar Financial Services Commission". www.fsc.gi. Retrieved 2022-04-09.
  30. ↑ "GFSC - Gibraltar Financial Services Commission". www.fsc.gi. Retrieved 2022-04-09.
  31. ↑ "Financial Services (Banking) Act". Gibraltar Laws. Retrieved 2022-04-09.
  32. ↑ 32.0 32.1 "Financial Services (Banking)".
  33. ↑ "GFSC - Gibraltar Financial Services Commission - Passporting". www.fsc.gi. Retrieved 2022-04-09.
  34. ↑ "Administrative Notice No. 4" (PDF).
  35. ↑ "MONEYCORP TECHNOLOGIES LIMITED".
  36. ↑ "Moneycorp US Inc. :: Rhode Island (US) :: OpenCorporates". opencorporates.com. Retrieved 2022-04-09.
  37. ↑ "Moneycorp Banco De Cambio S.A. Company Profile - Brazil | Financials & Key Executives | EMIS". www.emis.com. Retrieved 18 May 2022.
  38. ↑ Dubai, TenTwenty | Webdesign, Webshops & E.-marketing |. "DFSA | THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES | Firms". DFSA | THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES. Retrieved 2022-04-09.
  39. ↑ "MONEYCORP (HONG KONG) LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 2022-04-09.
  40. ↑ Moneycorp. "Moneycorp announces senior executive appointments". www.prnewswire.co.uk. Retrieved 2024-02-08.
  41. ↑ "Moneycorp profile". www.bloomberg.com. Retrieved 2022-04-09.

External links[edit]


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