UK-based Moneycorp announced that they have invested in Novo Mundo Corretora de Câmbio, taking a minority stake in the Brazilian currency exchange transfer firm. According to Mark Horgan, CEO of Moneycorp, the investment was made as part of their foreign expansion as he stated, “Acquiring a stake in Novo Mundo is part of Moneycorp’s long-term international expansion strategy, which is focused on establishing a foothold in markets that offer solid and sustainable growth opportunities both now and the future.”
A provider of international money transfer and currency exchange services at its physical branches and affiliates, Moneycorp also announced that their gross profit grew 20% during the first half of 2015 to £60.4 million. The firm pinned the growth on their record investment in online capacity during 2014.
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With offices in Curitiba, Rio de Janeiro and Salvador, Novo Mundo has been a commercial partner for Moneycorp in Brazil, providing a local presence for sending and receiving transfers through Moneycorp’s network. The foreign presence adds to Moneycorp’s offices that they have opened in the US, Spain, Ireland and France to facilitate payments to and from the UK.
According to Horgan, “Novo Mundo has been an excellent commercial partner to moneycorp for more than two years, so the investment was a natural next step in solidifying and growing moneycorp’s presence in the South American market, where we see huge opportunity for specialist FX services based on competitive pricing, expert teams and fast, efficient systems.”