moneycorp has finalised the acquisition, which was signed in May 2017, successfully receiving change of licencing approval in each necessary state, gaining the approvals required to operate across the country.

Commonwealth FX was established in 1996 and offers foreign exchange and international payments services to corporate clients in the US. The business serves over 4,000 customers in the US, with a team of over 70 specialist foreign exchange professionals across five offices.

Commonwealth FX will be rebranded to moneycorp during Q2 2018, increasing visibility of the UK brand internationally. It will also give US customers access to moneycorp’s state-of-the-art international payments platform, which allows multi-bank pricing, a range of FX risk management solutions and is rich in-service features.

The completion of the acquisition is the latest move in moneycorp’s international expansion. It comes at the same time as the completion of a 42.5% shareholding of Brazil-based FX provider, Novo Mundo.

Nick Haslehurst, CFOO at moneycorp said:

“The completion of the Commonwealth FX acquisition is further testament to moneycorp’s continuing appetite for growth, particularly in new global markets.

“There is excellent potential to grow our corporate and personal business in the US.

“Our business is growing from strength to strength, as we strive to provide its personal and corporate clients across the globe the best international payments service.”