HiFX was a UK-based
foreign exchange
The foreign exchange market (forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. By trading volume, it i ...
broker and payments provider. It was acquired by
Euronet Worldwide
Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and ot ...
in 2014. In 2019 it was merged with
xe.com, another Euronet Worldwide subsidiary, and has since been operating under the xe.com brand.
History
The company was established in 1998 in the UK as ''Halewood International Foreign Exchange Limited'' by the three founders, Shaun Taylor, Laurence Butcher and Matthew Knowles with the backing of beverage company founder John Halewood of
Halewood International
Halewood International or Halewood Artisanal Spirits PLC are UK-based distiller and distributor of artisanal spirits.
They are one of the UK's largest independent artisanal spirits distillers which exports to 95 countries.
Structure
Hale ...
. HiFX went on to become one of the major UK
non-bank foreign exchange companies.
Timeline
In 2001 it made its first expansion overseas when it opened an office in
New Zealand
New Zealand () is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and List of islands of New Zealand, over 600 smaller islands. It is the List of isla ...
. This was to become its second largest operation outside the UK and provided services to New Zealand, Australasia and the wider Asia Pacific region.
In 2004 it changed its name to HiFX Plc. That same year it also opened an office in San Francisco to serve the North America market.
In 2008 it acquired New Zealand based 'Currency Online' giving it access to an online payment platform and technology. It continued to operate this under the Currency Online brand.
In 2010 it disposed of its US subsidiary HiFX Risk Management and also its Australian-based risk management consultancy business.
After the death of John Halewood in 2011 the existing company management bought out his 50% stake in the company.
In 2014 the company was acquired by US payment company Euronet Worldwide for £145m, giving the founders a windfall from their share holdings. Euronet said HiFX would be integrated into Euronet's money transfer business,
Ria
A ria (; , feminine noun derived from ''río'', river) is a coastal inlet formed by the partial submergence of an unglaciated river valley. It is a drowned river valley that remains open to the sea.
Definitions
Typically rias have a dendriti ...
.
In 2017 HiFX parent company Euronet acquired XE.com, Euronet later merged the two businesses and this allowed HiFX to provide currency exchange to a new segment of clients.
Services
The company provided foreign exchange and international
money transfer services to individuals and corporate customers. One of its specialist areas was in providing money transfer services for overseas property purchase and
emigration
Emigration is the act of leaving a resident country or place of residence with the intent to settle elsewhere (to permanently leave a country). Conversely, immigration describes the movement of people into one country from another (to permanentl ...
. In January 2019, HiFX was merged with
XE.com and took on the xe.com brand.
See also
*
Foreign exchange company
A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies. The term is typically used for currency ex ...
References
External links
Official Website UKOfficial Website NZ
{{DEFAULTSORT:HiFX
Foreign exchange companies
Financial services companies of the United Kingdom