FairFX: Record Performance During Referendum Week

RNS Number : 2788C

FAIRFX Group PLC

27 June 2016

 

FairFX Group plc 

("FairFX" or "the Group" or "the Company") 

FairFX achieves record performance during Referendum Week

Revenue up 30% compared to previous record week

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 same 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.

FairFX CEO, 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."

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FairFX Group plc Ian Strafford-Taylor, CEO	[phone]
Cenkos Securities plc Max Hartley / Callum Davidson	[phone]
Yellow Jersey PR Charles Goodwin / Aidan Stanley	[phone]

About FairFX

FairFX is a leading online international payment services provider, incorporated in the UK in 2005. The Company has developed a cloud-based peer-to-peer payments platform that enables personal and business customers to make easy, low-cost multi-currency payments in a broad range of currencies and across a range of FX products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at over 35 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, wire transfer and MasterCard/VISA debit cards.

FairFX operates within the rapidly growing online multi-currency payments market and provides transactional services to both personal and business customers through four channels being Currency Cards, Physical Currency, FairPay and Dealing. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the FairPay and Dealing products support wire transfer foreign exchange transactions direct to Bank Accounts.

For Corporates, FairFX has a market-leading business-expenses solution based around its corporate prepaid card allied to a platform allowing the Corporate to better control expenses and improve transparency whilst removing administrative burdens from staff.

In addition, FairFX has entered into a number of "white-label" arrangements for the use of its P2P matching platform. Customers include easyjet and ThinkMoney. FairFX has also partnered with Concur Technologies, Inc. a leading provider of integrated travel and expense management solutions with over 25 million users globally. Such relationships provide strong support for FairFX's customer acquisition strategy.

 

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