Press Release
London, UK – November 11, 2013
World First set for major expansion after securing FTV Capital investment deal
World First UK Limited, a leading provider of foreign exchange, international payment and hedging solutions to corporate and private clients, has today announced that they have closed a significant minority growth equity investment, which will allow the firm to rapidly accelerate plans for further expansion in the coming years.
FTV Capital, a growth equity investor with a strong track record in payments, transaction processing and financial services, led the financing, which also includes Industry Ventures and StepStone Group LP.
Founded in 2004, World First is already one of the fastest growing financial services companies in Europe, providing international currency, payment and hedging solutions to its clients throughout the world.
Headquartered in London, with offices in Australia, the US and Singapore, the company provides its customers with a superior foreign exchange experience by utilizing a proprietary technology platform that automates and streamlines transactions, enabling customers to enjoy better rates and faster transactions.
Their flexible, user friendly platform is supported by award winning customer service. As the economy becomes increasingly global, World First is uniquely positioned to address the growing international commerce needs of corporate and private clients.
Jonathan Quin, co-founder and CEO of World First, said:
“We look forward to working with our new partner, FTV Capital, a firm that has the experience and resources to help support the continued success of World First – we believe this will help us to accelerate our expansion plans significantly.”
Nick Robinson, co-founder and Vice Chairman added:
“FTV Capital has a strong reputation as a long-established and accomplished investor in the payments and financial services space. The FTV team brings a deep understanding of this complex market, as well as a distinctive group of strategic relationships that will help our organization achieve our plans for expansion, especially in the US.”
Brad Bernstein, FTV Capital partner and new World First board member, said:
“As one of the fastest growing companies in the foreign exchange market, World First has distinguished itself with a strong management team, innovative culture, leading market position and unique value proposition.
“They have done a remarkable job of enabling international commerce for small to medium sized businesses and private individuals, a market segment which is rapidly increasing with global trade and demand for cost-effective foreign exchange solutions, and one which has been underserved historically.
“The company’s consistent execution has been impressive, and we look forward to partnering with management to accelerate World First’s expansion globally.”
Kyle Griswold, FTV Capital principal, has also joined the World First board of directors, following this announcement.
[Ends]
Notes to editors:
About World First
World First is a leading foreign exchange provider, offering private individuals and companies the ability to achieve significantly better foreign currency exchange rates and exceptional service. The company has transacted with over 29,000 private clients and 5,500 companies and processes over $10 billion of volume annually. World First was founded in 2004 and is headquartered in the UK with offices in Australia and the US.
For further information go to www.worldfirst.com
For media enquiries contact: Nick Jones, (+44) 0207 801 2383, nick.jones@worldfirst.com or pressenquiries@worldfirst.com
About FTV Capital
FTV Capital is a growth equity firm with over $1.5 billion under management that invests in high-growth companies offering a range of innovative solutions in four sectors: business services, financial services, payments/transaction processing and technology. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for more than a decade. Founded in 1998, FTV Capital has invested in 81 portfolio companies and has offices in San Francisco and New York.
For more information, please visit www.ftvcapital.com