CurrencyFair to merge following Standard Chartered investment

Irish fintech CurrencyFair is to merge with Australian company Assembly Payments following a strategic investment from Standard Chartered.

No financial details related to the transaction have been disclosed.

CurrencyFair said following the merger employee numbers at the company will rise from 90 to 160 with plans to grow headcount to more than 450 people over the next four years.

Paul Byrne, currently chief executive of CurrencyFair, is to lead the merged business.

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Founded in 2010 by Brett Meyers, CurrencyFair provides a money-exchange platform to consumers and businesses that aim to help users avoid large charges for exchanging foreign currency. Headquartered in Dublin, the company has raised almost €25 million in investment since it was established and it has more than 150,000 customers.

Complexities

Assembly Payments was founded in Melbourne in 2013. It helps customers automate payment workflows and reduce the complexities of running a business. The company, which has raised over 70 million Australian dollars (€45 million) in equity financing and employs 74 people, entered into a joint venture with Standard Chartered last year to set up a digital payment platform.

Bill Winters, chief executive of Standard Chartered, said by bringing together the complementary strengths of CurrencyFair and Assembly, it is supporting the merged company in "offering the full range of payment services, providing retail and corporate clients access to fast, high-volume domestic and cross-border payments".

The merger is subject to shareholder and regulatory approval.

Headquartered in London, Standard Chartered offers international banking services in more than 70 countries, It employs about 87,000 people and recorded revenues of $14.75 billion (€12.41 million) last year.