FAIRFX Group PLC FairFX: Record Performance During Referendum Week (2788C)
June 27 2016 - 2:00AM
UK Regulatory
TIDMFFX
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."
Ends
FairFX Group plc
Ian Strafford-Taylor, +44 (0) 20 7778
CEO 9308
Cenkos Securities
plc
Max Hartley / Callum +44 (0) 20 7397
Davidson 8925
Yellow Jersey PR
Charles Goodwin / +44 (0) 7747 788
Aidan Stanley 221
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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