Bridgepoint buys Forex provider Moneycorp for $352m

European private equity firm Bridgepoint has bought British foreign exchange provider Moneycorp for 212 million pounds ($351.8 million), the fund said on Friday.

Moneycorp is owned by SOF Investments, which was spun out of Royal Bank of Scotland in 2013 as part of the state-owned bank’s plans to shed non-core divisions.

Moneycorp focuses on both small businesses and private consumers through services that include an online payments and telephone platform, as well as bureaux de change at Heathrow and Gatwick airports. The group is aiming for a bigger share of the foreign currency and money transfer business, where banks have traditionally been major players.

Last year, the firm bought Thomas Cook’s corporate forex business. Moneycorp had gross income of 97.2 million pounds in 2013 and handled more than 10 billion pounds of currency trades across almost 100 currencies.

“We are setting out to make Moneycorp the first choice in international payments and foreign exchange in the UK and now also have the opportunity to realise our broader ambitions and to grow internationally with Bridgepoint” Mark Horga, Moneycorp chief executive said.

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