FAIRFX, a leading low cost multi-currency payments provider, is pleased to announce the admission today (5th Aug 2014) of its ordinary shares to trading on the AIM market of the London Stock Exchange and the commencement of dealings in its ordinary shares.

https://www.fairfx.com/

StockMarketWire.com
FairFX, the FinTech low-cost multi-currency payments service, has extended its international payments service into the domestic South African market through a tripartite agreement with Morgan West Ltd and Mercantile Bank.

Services providing foreign exchange into South African Rand (ZAR) to send into South Africa are widely available. Converting ZAR into other currencies for movement out of South Africa is more challenging and demands a local footprint, which FairFX now offers.

Under this new service, customers will have access to FairFX's telephone dealing desk, where a personal account management service will support them when transferring funds both to and from South Africa.

FairFX says it offers highly competitive rates in the ZAR market, which are significantly better than those of domestic banks. It says someone transferring ZAR 500,000 could save up to ZAR 10,000 by using FairFX's service. In addition, through its tripartite agreement with Morgan West and Mercantile Bank, FairFX is able to provide a range of services to customers, including applications for foreign tax clearance certificates and special SARB approval support. FairFX will now look to expand its presence in South Africa further through delivering a full-service offering, including currency cards.

StockMarketWire.com
FairFX, the FinTech low-cost multi-currency payments service, won the Moneywise award for most trusted prepaid card provider at a ceremony in London last night. The company was selected over competitors in the prepaid card space such as Travelex, Thomas Cook and the Post Office.

In a vote by customers and Moneywise readers, the awards recognised the UK's most trusted and best-respected companies.

There were 64 businesses that reached the final awards shortlist, with the winners being selected from hundreds of thousands of customer responses.

The award comes directly after FairFX has announced its expansion into the South African market, where it looks to deliver a full-service offering, including currency cards.

Chief executive an Strafford-Taylor said: "It's incredibly gratifying to win this "most trusted" award, especially as it is voted for by customers. FairFX strives to provide the best customer experience it can by understanding people's needs and providing the fairest rates on money exchange. We look forward to building on this success and continuing to deliver a superior offering for all our customers."

StockMarketWire.com
FairFX, the FinTech low-cost foreign exchange provider, has signed an agreement with Holiday Extras to mutually promote each other's products.

Holiday Extras is the UK market leader for booking travel extras - including airport hotels, travel insurance, parking and lounges as well as destination car hire. Holiday Extras processes in excess of 4 million transactions a year with the vast majority being online.

FairFX believes that Holiday Extras represents an ideal partner for the company due to the shared objective of improving customer experience through innovative technology, a broad product range and highly competitive pricing. Under the agreement FairFX will promote Holiday Extras products with exclusive benefits for FairFX customers.

In return Holiday Extras will promote FairFX products to its customer base. The average lead-time between a typical Holiday Extras customer booking a product and their departure date makes the partnership a strong strategic fit and will enable FairFX to reach more consumers in a targeted fashion.

StockMarketWire.com
FairFX, the FinTech low-cost currency provider, delivered a record week in terms of KPIs during the final stages of the UK referendum, with revenue up 30% on the previous record week achieved in July 2015 and up over 50% on the corresponding week in June 2015.

Against this background of record volumes, FairFX's platform and IT systems remained fully operational throughout the last few days of the Referendum when some peers did not accept business, underlining the robustness and scalability of the Company's IT systems and processes.

The company has also experienced an exceptionally busy period throughout June and as such is cautiously optimistic about the immediate prospects for trading volumes. The Company will update the market further with its trading statement in July.

Chief executive Ian Strafford-Taylor said: "I am immensely proud of what we achieved last week during the busiest period in our history. Our infrastructure enabled us to carry on providing our services to customers through the whole process, whilst we also had people in place 24/7 to constantly update our rates and ensure minimal FX risk. To come through this period with a record week only goes to emphasise how resilient and scalable our business model has become."

StockMarketWire.com
FairFX (FFX) continued its strong growth across its core products of currency cards and international payments for retail and corporate customers.

Turnover for the first half of 2016 was up 9% on a year on year basis to in excess of £341 million, ahead of management expectations.

A more profitable business mix led to an improved gross margin, with total turnover from prepaid cards and international payments up 15% and 23% respectively.

Usage of the company's corporate card platform rose 64% on a year on year basis. This sustained growth in the period was followed by a record week for the company during the Brexit referendum period, in which FairFX continued to service customers whilst competitors temporarily closed some operations.

On the retail card and travel money side of the business, the complete overhaul of the website and mobile app, as well as a re-branding of all marketing collateral, reaped rewards in terms of both new customer acquisition and increased transactions from the existing client base.

In particular, the roll-out of a revamped 'my account' section on the website has decreased usage friction whilst increasing cross-selling to existing customers.

The company also successfully introduced a special promotion of refunding ATM fees to customers. This measure, combined with better-targeted marketing and brand consistency, is driving customer acquisition.

The company also saw a significant increase in its media coverage where it has been called upon for expert comment on the travel money sector. This has led to greater awareness of the brand and our service offering, as well as third party endorsement.

Growth in the corporate card segment leapt 64% during the period. With several deployments planned for the second half of 2016 that will yield tangible improvements to both the functionality and usability of the platform, the outlook is very positive.

The period leading up to Brexit and its aftermath was the busiest in the company's history in terms of volumes of business transacted.

Whilst many competitors ceased accepting transactions for some or all of this period, FairFX remained fully operational throughout. This serves to demonstrate the robustness and scalability of the company's systems.

Post-referendum, after an initial pause, we have seen strong volumes in July as consumers adapt to the lower sterling exchange rates.

StockMarketWire.com
FairFX, the FinTech low-cost currency provider, is partnering with VizEat, Europe's largest social dining network.

The agreement follows a significant list of other recent complementary deals between FairFX and leading business and organisations.

The agreement is designed to offer customers access to unique travel experiences while getting the best value for money when they are overseas.

Aligning with FairFX's core values, VizEat customers can benefit from preferential exchange rates, FairFX prepaid currency card offers and travel money expertise.

Since being founded in 2014, VizEat has 90,000 members from more than 100 countries; the number of food experiences it offers has grown by 50% every month and its website is now available in English, French, Italian, Spanish and German.

The agreement offers customers a discount to enjoy an authentic culinary experience with local hosts, such as a shared meal, a food tour or a cooking class. The customer experience will also be improved through shared tips and advice for all aspects of their holiday.

StockMarketWire.com
FairFX, the low cost multi currency payments service, says its overall performance has continued to be strong since reporting its interim financial results and remains in line with market expectations.

Turnover in the four months to 31 October was up 45% year-on-year at £314 million, while turnover for the year to 31 October was up 24% at £656 million.

The group also says it has significantly strengthened its senior management team with the appointment of James Hickman as chief commercial officer, effective from 1 December.

At FairFX, he will be responsible for driving more revenue growth across all product lines with a principal focus on the corporate sector.

Chief executive Ian Strafford-Taylor said: "The business continues to make great strides and has performed well during what has been a volatile period for the currency markets. We are also particularly encouraged that the corporate card platform has been achieving such strong growth against this backdrop.

"I am also delighted that James Hickman is joining FairFX as Chief Commercial Officer. This is a key strategic hire for FairFX and James has an outstanding record in the currency payments industry. He will be playing an integral role in the next stage of our growth."

StockMarketWire.com
FairFX says turnover for the 12 months ended 31 December was up 27% and exceeded £795 million (2015: £627 million), which was ahead of management expectations.

In addition, revenue for the period is expected to show similar growth and also surpass management expectations.

FairFX says growth accelerated during 2016, with total turnover in the second half being 45% ahead of the same period in 2015. Growth was driven by continued focus on the core products of International Payments (up 49%) and Prepaid Cards (up 25%). Accordingly, excluding the lower margin cash-in-the-post business, turnover growth was approximately 40% for the year.

In keeping with the Group's stated strategic objective of growing the Corporate segment of the business, usage of the company's corporate card platform rose by 98% compared to 2015. Furthermore, during the period 80,082 new retail customers were acquired bringing the total to 588,130, with a much higher focus on card customers over cash-in-the-post customers. The company's overall focus in 2017 will be on continuing its broad-based growth targeting the higher margin core segments of the business.

Chief executive Ian Strafford-Taylor said: "The performance of FairFX during 2016 gives us great confidence for the prospects for 2017 and beyond. The Company gathered momentum as the year progressed as borne out by the growth figures for the second half of the year. We have a clear roadmap internally for what we will work on in the first half of 2017 and we see this year as another exciting period for FairFX."

StockMarketWire.com
FairFX, the low cost multicurrency payments service, has agreed to acquire the entire issued ordinary share capital of Q Money Limited with its associated e-money licence. FairFX said the acquisition was an important milestone in the evolution of the group and opened up many exciting opportunities.

StockMarketWire.com
FairFX has launched a same-day payments service into mainland China.

FairFX said the latest development now made it one of the few providers capable of facilitating multi-currency transactions, including renminbi, into the Chinese market for personal as well as business payments.

FairFX said sending payments directly to mainland China was a big issue for many companies trading with the region.

It said its payment service offered a fast, efficient solution to this problem and most were credited within 20 minutes.

Chief commercial officer James Hickman said: "This is a fantastic solution for our business customers and gives FairFX a competitive edge over other providers who are unable to facilitate such rapid payments into China.

"FairFX sees China as a huge opportunity for growth and this latest development is further evidence that the Company is continuing to broaden its geographical reach and use technology to make efficiencies and drive costs down for our customers."

StockMarketWire.com
FairFX, the multicurrency payments specialist, has agreed a deal with Sky Media to be a sponsor of Sky Sports F1 for the 2017 season, having previously sponsored the channel in 2015.

The campaign commences with the first practice session at the Australian Grand Prix on 24 March, and runs until the conclusion of the season at the Abu Dhabi Grand Prix on 26 November.

Sky Sports F1 is the only place where viewers can watch all 20 races live in HD and now ultra HD.

StockMarketWire.com
Multicurrency payments service FairFX's revenues topped £10m for the first time in the year to the end of December rising by 27.9% to £10.2m.

Turnover - the gross value of currency sold - increased by 27.4% to £798.3m and gross profits of £7.5m were 31.2% up on last time.

Other highlights include:
- International payments turnover up 49.2% to £446.5m

- Currency card turnover up 24.1% to £299.0 million

- Trading loss of £1.4 million, a reduction of 58% on prior year and ahead of expectations

- Fourth quarter net profit achieved

Chief executive Ian Strafford-Taylor said: "The Company had a very successful 2016 beating expectations in terms of all KPI's, with turnover increasing strongly, revenue breaking through the £10m barrier and improved margins boosting gross profit.

"FairFX also made big strides towards profitability, with the loss for the year more than halved compared to 2015 and profitable trading achieved in the final quarter of the year.

"Importantly, the 2016 results were achieved whilst FairFX maintained its marketing spend, capturing a significant number of new customers and further building its brand awareness.

"Even more pleasing is that this was accomplished despite the challenging trading conditions that resulted from the prolonged Brexit referendum process in the first half.

"The top line growth has continued into 2017 through the first quarter and the Company is significantly better equipped to maintain this growth as it targets a net profit for 2017.

"With the continuation of the company's strategy to maintain momentum in the retail product, whilst successfully growing the corporate offering, the board is confident that the outlook for the full year remains in line with market expectations."

StockMarketWire.com
FairFX, the low cost multicurrency payments service, has signed a partnership agreement with easyCurrency, the online zero fees/commission forex boutique, which is part of the easyGroup family of brands owned by Sir Stelios Haji-Ioannou.

As part of its agreement with easyCurrency, FairFX will be offering currency cards, cash and international payments services to easyGroup customers through easyCurrency.com.

FairFX said: "The online easyCurrency portal offers better conversion rates than currently offered by existing High Street outlets - as well as the security of cash home delivery.

"The partnership will simplify the process of foreign exchange for easyCurrency customers and will open up new revenue streams for FairFX.

"easyCurrency customers will also benefit from preferential rates for the lifetime of their relationship with FairFX."

StockMarketWire.com
FairFX achieved its first interim net profit since IPO, which was ahead of management expectations.

A trading statement said turnover for the first half to the end of June was up 25.8% year on year to £433.8 million with broad-based growth.

It said a combination of a more profitable business mix, leading to an improved gross margin, and cost benefits of rationalising the supply chain resulted in the profitable period.

Total turnover from prepaid cards and international payments rose 23% and 35% respectively.

It said usage of the company's corporate card platform rose 93% year on year.

It said the sustained growth in the period was achieved despite the headwinds of the UK General Election, which weakened Sterling both before and after the result.

Chief executive Ian Strafford-Taylor said: "The performance of the Group in posting a profitable first half is a significant achievement.

"Historically the first half has been weaker than the second half and to reach this point ahead of our expectations is an excellent result.

"FairFX is well positioned to continue its strong growth and we are confident about making further progress in 2017."

StockMarketWire.com
FairFX has noted the recent movement in its share price and confirmed that it was in advanced negotiations over a substantial acquisition of a payment services business.

It said the possible acquisition, should it proceed, would be financed through an equity placing and open offer with existing shareholders to raise approximately £25 million through the issue of new ordinary shares in the company at a price of around 58p per share.

It said it was expected that the consideration payable for the possible acquisition, should it proceed would be approximately £15 million, the majority of which was expected to be satisfied in cash

StockMarketWire.com
FairFX Group, an online international payment services provider, has announced the proposed acquisition of CardOne for £15m and a fundraising of up to £26m.

The group said the fundraising comprised a conditional placing of 46,034,485 new ordinary shares at 58p apiece to raise approximately £25.0m, net of fees and expenses, and an offer to shareholders to subscribe for up to 1,730,669 at the same price to raise up to £1m.

Chief executive Ian Strafford-Taylor said: "The acquisition of CardOne is a major step forward for FairFX as the Group looks to broaden its offering and build a digital banking services company.

"To date, FairFX has been successful in disrupting the currency payments market by offering its customers a better service and value.

"CardOne has done much the same in the banking space, and together we believe we can provide a product offering which will deliver greater services and faster growth."

Update re. Acquisition of CardOne
Further to its announcement on 8 August 2017 regarding FairFX's conditional acquisition of CardOne, the Company announces that the FCA has now consented to the acquisition by FairFX of a Qualifying Holding (as defined in Payment Services Regulations 2009) in CardOne as a result of completion of the proposed Acquisition, in connection with the Payment Services Regulations 2009. This Acquisition remains conditional on, inter alia, the passing of the Resolutions at the General Meeting to be held later today.
The Company will provide a further update on the Fundraising and Acquisition following the General Meeting.

Result of General Meeting and Open Offer
Further to the announcement on 8 August 2017 regarding FairFX's proposed acquisition of CardOne, a conditional Placing to raise approximately £25.0 million (net of fees and expenses) and an Open Offer to raise up to approximately £1.0 million, the Company announces that all Resolutions put to Shareholders in connection with the Fundraising and Acquisition were duly passed.
Furthermore, the Company announces that it has received valid acceptances from Qualifying Shareholders in respect of 4,637,813 Open Offer Shares, including applications for 3,422,608 Open Offer Shares under the Excess Application Facility. This represents approximately 268 per cent. of the maximum number of Open Offer Shares available under the Open Offer.
Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. In addition, Qualifying Shareholders will be allocated any shares applied for under the Excess Application Facility on a pro rata basis.

StockMarketWire.com
FairFX, the e-banking and international payments group, has posted its maiden half year profit of £0.2m against a net loss of £0.9m last time.

Turnover for the six months to the end of June rose by 26% to £434.0m and revenue increased by 33% to £6.1m.

Gross profit was up 37% at £4.8m.

Chief executiveIan Strafford-Taylor said: 'The first half of the year has resulted in a strong performance across the business, with a maiden half-year profit following our first profitable quarter in Q4 2016.

'Top line turnover growth has continued, and with the Group operationally geared, revenue is increasingly flowing through to profit.

'This trend is expected to continue in the second half of the year as we continue to grow and rationalise the supply chain.

'Achieving this performance against a backdrop of weak sterling, which is historically a headwind for the business, is a great testament to the strides we have taken in recent years to broaden the product mix.

'The outlook for the Group is further enhanced by our acquisition of CardOne.

'In the short time since the deal was completed, we have already made significant progress in combining our two businesses into one and we are starting to extract cost synergies with more to come.

'I am particularly delighted with how the businesses complement each other and how the two locations are already working together as a unified team.'

StockMarketWire.com
FairFX has announced the launch of its multi-currency business current account, Fair Everywhere.

It said this marked its first step into the SME banking sector since its acquisition of CardOne earlier this year.

It said the new business current accounts would be made available to customers in early 2018.