The acquisition has been authorised by the Brazilian President and has regulatory approval from the Brazilian Central Bank.
Moneycorp’s strategy for global growth sees the completion of its entry into South America’s leading foreign exchange market with the full acquisition of its controlling interest in Brazil’s Novo Mundo Corretora de Câmbio.
The acquisition has been authorised by the Brazilian President and has regulatory approval from the Brazilian Central Bank. Following the acquisition, moneycorp holds a 90% majority interest in Novo Mundo.
Novo Mundo has an established presence across São Paulo, Curitiba, Rio de Janeiro, Belo Horizonte and Porto Alegre, offering a range of foreign exchange services, including international payments, banknotes, and Mastercard currency card services.
The business will adopt the international moneycorp brand and Novo Mundo’s corporate and private customers will transfer to the brand’s international payments platform serving 14,000 businesses worldwide.
moneycorp’s digital platform provides SME and midcap clients with access to a network of 18 international banks and advanced back-to-back hedging abilities usually only available to larger corporates.
moneycorp’s expansion into Brazil follows the recent opening of moneycorp offices in North America and Hong Kong, building on its established international presence in Spain, France, Gibraltar, Romania, Australia, and Ireland.
From its London HQ moneycorp provides sophisticated hedging solutions and multi-currency accounts supporting almost seven million customer transactions every year.
Mark Horgan, CEO of moneycorp said;
“We are delighted to welcome Novo Mundo to moneycorp, bringing the benefits of its integration with our brand and service delivery platform. It fulfils our pledge to secure a strong presence in a market that has shown great promise for FX and international payments.
“We are excited by the South American market opportunity, and foresee a bright future that we believe will be welcomed by all our customers as we progressively add the new capabilities and benefits that come from being part of a growing global business.”
Juliana Scolari, Head of Latin America of moneycorp said;
“The acquisition of Novo Mundo is a defining achievement that highlights our ambition to lead growth in international payments and foreign exchange services for our customers in Brazil.
“moneycorp brings a wealth of experience and state of the art technology that under the leadership of our CEO in Brazil, Roberto Amaral de Almeida, will strengthen our proposition as a business with global reach.”
moneycorp offers bank grade compliance, and within the Group has a bank that is licensed in Gibraltar and is passported to the UK and the rest of the EU.