PE-backed Currencies Direct taps ex-Barclays CEO Jenkins as chairman

Currencies Direct, a portfolio company of Corsair Capital and Palamon Capital Partners, has named Antony Jenkins as non-executive chairman. Jenkins is the former CEO of Barclays Plc. Based in London, Currencies Direct is a provider of international payment services.

PRESS RELEASE

5 August, 2016: Currencies Direct, the leading UK non-bank provider of foreign exchange and international payment services, today announced that Antony Jenkins, formerly CEO of Barclays Plc, has joined the company as non-executive Chairman. He will focus on further advancing Currencies Direct’s digital offering and expanding its existing international footprint, supporting the company’s strong growth potential.

Currencies Direct provides consumers and businesses a simple, fast and secure means to transfer money overseas. Its focus on providing competitive exchange rates with no transfer fees through a customer-centric service model has enabled it to rapidly take market share from traditional banks.

Antony Jenkins, Group Chairman of Currencies Direct, said:
“New technologies are revolutionizing financial services, creating substantial opportunities for companies with a digital strategy at their core, a deep understanding of the needs of the customer and the right values. Currencies Direct is successfully capitalising on the fast-growing demand for digital financial services offerings, and has a sound strategy combined with the infrastructure to continue its rapid expansion. I am excited at the prospect of joining the leadership team of Currencies Direct and look forward to helping fulfil its considerable potential.”

Keith Hatton, CEO of Currencies Direct, said:
“Antony is one of the most innovative and proven executives in financial services. He will be an invaluable member of our team as we continue to strengthen our market leading position in foreign exchange services. Currencies Direct plans to boost its share of the growing £380 billion currency market for retail and small and medium-sized enterprises in the UK, while also expanding its existing market presence in Continental Europe, Australia, South Africa, China, India and the US. Antony’s knowledge, reach and insights into how technologies are changing the industry will play a major role in driving the growth of Currencies Direct.”

For three years, until July 2015, Antony led Barclays as CEO. Prior to that role, he was the head of the bank’s UK retail and small business division, and Barclaycard. Antony also spent 17 years at Citi where he ran the North American Cash Management unit, managed the company’s Internet activities and was in charge of the Citi branded credit card business.

At Barclays, he was influential in the launch of the company’s Pingit mobile payments app, and harnessing the power of technology has been a powerful theme throughout Antony’s career.

Currencies Direct is owned by its incumbent management team and by investors Corsair Capital and Palamon Capital Partners.

About Currencies Direct
Currencies Direct (www.currenciesdirect.com) is a leading non-bank provider of international payment services. Since its formation in 1996, Currencies Direct has helped more than 160,000 people and businesses send money overseas, transferring £4bn in the past year in international payments and saving clients more than £105 million, compared to using their bank. Headquartered in Canary Wharf, London, with operations in Europe, Africa, America, Australasia and Asia, Currencies Direct is jointly owned by private equity investors Corsair Capital and Palamon Capital Partners and its management team.
www.currenciesdirect.com

About Palamon Capital Partners
Palamon Capital Partners LP is an independent private equity partnership founded in 1999, which is focused on providing equity for European growth services companies. Palamon originates, executes and manages investments on a pan-European basis, with a particular focus on the UK, Germany, Benelux, Italy, Spain, Norway, Denmark and Sweden. The firm targets investments in companies where it can be the lead private equity provider and where it can provide strategic direction and partner with management to help build equity value. The firm manages funds with €1.4 billion of equity capital for investment.
www.palamon.com

About Corsair Capital
Corsair Capital LLC, which includes a highly regarded global private equity platform, is a leading investor in the financial services industry. Corsair Capital has invested across a range of geographies and in substantially all of the subsectors of the financial services industry including payments, financial technology, insurance, wealth & asset management, banking and specialty finance. Corsair has more than $5 billion of assets under management.
www.corsair-capital.com