British foreign exchange firm Moneycorp has agreed to acquire Commonwealth Foreign Exchange, a US-based corporate international payments business, for an undisclosed amount.
Founded in 1997, Commonwealth FX offers foreign exchange and international payments services to corporate clients in the US and Canada. The company, which serves more than 4,000 US customers, enabled over $3bn to be moved globally in 2016.
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The deal, which is subject to regulatory licensing approvals, will allow Moneycorp to extend its geographical presence.
Last year, Moneycorp rolled out a corporate solution in Spain, opened a full branch in Romania and signed commercial agreements with news giant CNN.
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