FX platform Currencies Direct receives £140m investment

Digital foreign exchange (FX) and cross-border payments firm Currencies Direct is set to receive a £140 million strategic investment from alternative asset manager Blackstone.

Blackstone will pour £140m into Currencies Direct

Blackstone will also join the paytech’s board of directors as part of the deal.

The investment will be made in partnership with Currencies Direct’s management team along with growth investor Palamon and private equity firm Corsair, which will retain their majority co-controlling stake in the company. The two firms acquired Currencies Direct in 2015.

Palamon and Corsair will work with Blackstone to accelerate Currencies Direct’s “organic growth ambitions” and seek out viable target merger and acquisition opportunities across B2B, B2B2C and B2C platforms around the world.

Currencies Direct CEO Keith Hatton says the investment will help fuel the company’s growth. The deal is expected to close by the end of Q1 2022.

Currencies Direct provides digital FX and international payment services to private clients and small and medium-sized enterprises (SMEs). It boasts £105 million in global revenue.