FairFX expands into SME banking via launch of Fair Everywhere
The new business current accounts are set to become available to customers in early 2018.
E-banking and international payments group Fairfx Group PLC (LON:FFX) has just made its first step into the SME banking sector, following the acquisition of CardOne, a provider of banking platforms and money management tools, earlier this year.
Today, FairFX announces the launch of its multi-currency business current account, Fair Everywhere. The new business current accounts are set to become available to customers in early 2018.
Fair Everywhere will offer SMEs current accounts in multiple currencies that will incorporate full-service banking services combined with a low cost, international payment facility. With businesses able to open an account within a few hours, Fair Everywhere will allow business customers to send and receive funds from abroad at competitive rates. Also, the account will offer a rewards program, which will enable customers to earn up to 3.5% cash back on spending at major retailers.
Ian Strafford-Taylor, CEO of FairFX, said:
“Fair Everywhere also sees FairFX expand its product offering and make a significant move into the SME banking services space, targeting businesses that require cost effective, efficient current accounts. We are looking forward to announcing the official launch of the Fair Everywhere product in early 2018.”
The UK Financial Conduct Authority (FCA) approved the acquisition of CardOne by FairFX in August this year. FairFX’s Directors said back in August that they believe the acquisition of CardOne will allow FairFX to leverage CardOne Group’s infrastructure and technical capability with the aim of significantly shortening FairFX’s planned roll out of a SME business banking product, as well as growing CardOne’s own offering.
The acquisition is poised to be earnings enhancing in the first full year following its completion, with cost savings and synergies of an estimated £3.5 million over 3 years. The directors intend that cost savings and synergies are to be derived from rationalisation of back office functions, as well as simplification of the supply chain within the Enlarged Group. In addition, further opportunities are expected to be derived from cross selling of products between CardOne and FairFX’s respective customers and services.
