World First (minority stake) / FTV Capital
Cavendish Corporate Finance is pleased to announce that World First UK Limited, a leading provider of foreign exchange, international payment and hedging solutions to corporate and private clients, has completed the sale of a minority stake to FTV Capital, a US based growth equity investor with a strong track record in payments, transaction processing and financial services.
Founded in 2004, World First provides international currency, payment and hedging solutions to its clients throughout the world. Headquartered in London, the company provides its customers with a superior foreign exchange experience by utilizing a proprietary technology platform that automates and streamlines transactions, enabling customers to enjoy better rates and faster transactions. The flexible, user friendly platform is supported by award winning customer service. As the economy becomes increasingly global, World First is uniquely positioned to address the growing international payment needs of corporate and private clients.
“As one of the fastest growing companies in the foreign exchange market, World First has distinguished itself with a strong management team, innovative culture, leading market position and unique value proposition,” said Brad Bernstein, FTV Capital partner and new World First board member.
“World First has done a remarkable job of enabling international commerce for small to medium sized businesses and private individuals, a market segment which is rapidly increasing with global trade and demand for cost-effective foreign exchange solutions, but has been underserved historically.
The company’s consistent execution has been quite impressive, and we look forward to partnering with management to accelerate World First’s expansion globally.”
Jonathan Quin, co-founder and CEO of World First, said:
“We look forward to working with our new partner, FTV Capital, a firm that has the experience and resources to help support the continued success of World First – we believe this will help us to accelerate our expansion plans significantly.”
Nick Robinson, co-founder and Vice Chairman added:
“FTV Capital has a strong reputation as a long-established and accomplished investor in the payments and financial services space. The FTV team brings a deep understanding of this complex market, as well as a distinctive group of strategic relationships that will help our organization achieve our plans for expansion, especially in the US.”
“Cavendish were a fantastic partner for World First throughout the investment process. We were impressed with their knowledge, level of service and professionalism and we are very excited about working with FTV to realise our growth plans.”
Peter Gray, Partner at Cavendish commented “World First is one of the most impressive businesses we have had the privilege of advising. It is destined to become a leading global brand in the rapidly growing international payments space.
“We are delighted to have achieved this result for the business that Daniel Freedman co-founded and found such a strong partner in the form of Lovell Minnick for the next stage of its growth. Howard and Ben were an excellent support throughout this process, and provided us with first class advice and guidance throughout.”
“We chose to partner with LMP because of the firm’s excellent track record of working with management teams to scale and enhance wealth and asset management firms. Their deep experience in the space and our sense of shared values and culture align with our focus on providing an exceptional service and experience for our clients.”
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We are building bfinance’s next phase of growth on very strong foundations, with our client base of blue-chip institutions and clearly differentiated advisory services winning an increasing number of adherents globally. When looking for an advisor we wanted someone with an international network and experience of working with Private Equity firms. Cavendish had the expertise to facilitate the transaction and the support they provided was invaluable.”
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