Currencies Direct Secures £140 Million from Blackstone

Palamon Capital Partners (Palamon), a pan-European growth investor, and Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services market, announced that funds managed by Blackstone Tactical Opportunities (Blackstone) have agreed to make a £140 million strategic investment in Currencies Direct, a leading global provider of digital foreign exchange and international payment services to private clients and small and medium sized enterprises (SMEs).

The investment will be made in partnership with Currencies Direct's management team, led by Keith Hatton, and Palamon and Corsair, which will retain their majority co-controlling stake in the Company. Blackstone's strategic investment will be used to accelerate the company's growth ambitions through further acquisitions.

In connection with its investment, Blackstone will join the Currencies Direct Board of Directors. Palamon and Corsair will retain their majority co-controlling stake in the Company and will partner with Blackstone to accelerate Currencies Direct's organic growth ambitions and target M&A opportunities across B2B, B2B2C and B2C platforms globally.

Keith Hatton, CEO of Currencies Direct, commented: "We are pleased to welcome Blackstone as a strategic investor alongside our long-term partners Palamon and Corsair. We are confident Blackstone's expansive resources and expertise will help fuel our growth as we build on our significant momentum. Together with Palamon and Corsair, we have built a successful, sustainable, and innovative business with the knowledge, technology, and global footprint required to deliver best-in-class digital FX and international payment services."

Qasim Abbas, Senior Managing Director at Blackstone, said: "We are delighted to invest in Currencies Direct, a leader in FX payments with an impressive track record of strong, continuous growth and a cutting-edge, scalable technology platform that can be leveraged to integrate and capitalise on the significant consolidation opportunities in the market. We look forward to working with the Company in partnership with Palamon and Corsair to find attractive M&A targets that can promote the expansion of Currencies Direct's platform and further enhance its solutions for customers."

The transaction is expected to close by the end of the first quarter of 2022.