Fexco, the financial services company, has acquired the money transfer company Money Transfer Nordic for an undisclosed sum.

Money Transfer Nordic acts as an agent for Western Union in Sweden, Denmark and Finland. It provides conventional and electronic money transfer and payments services to thousands of businesses and consumers.

It has been part of the Global Refund Group since 1992 and has posted double-digit growth for the last 11 years, according to a statement from Fexco yesterday announcing the purchase.

The acquisition will help Fexco expand its existing Western Union business. It already operates the Western Union service in Ireland, Britain, Spain, Malta and Gibraltar and is one of the largest Western Union operators in the world.

The Fexco statement said that the acquisition would provide significant growth opportunities and allow the company to develop its range of payment services in the Nordic region.

Mr Brian McCarthy, Fexco's founder and executive chairman, said: "This acquisition will enable us to substantially strengthen our position in the Nordic market, while facilitating a valuable exchange of knowledge, ideas and experiences."

Fexco is a global payments company headquartered in Kerry with operations in Ireland, Britain, Spain, Malta, Australia and the USA.

The company is privately owned, but US firm First Data Corporation, the world largest payment processor, holds a minority shareholding.

The company was set up in 1981 by Mr McCarthy.