Fexco
 | |
| Type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 1981 |
| Headquarters | , |
Area served | Europe, Middle East, Asia, North America, Latin America, Australasia |
| Key people | |
| Products | Foreign exchange |
Number of employees | ~3,600[3] |
| Website | www |
Fexco is an Irish financial technology and business services group.[4][5] The group was founded by Brian McCarthy in 1981 in Killorglin, County Kerry, where it remains headquartered. As of 2026, Fexco reports employing more than 3,600 people and operating in more than 60 countries.[6]
History
[edit]Founding and early development
[edit]The company initially founded bureau-de-change services for the Irish market and subsequently expanded into international foreign exchange, payment and transaction-processing services.
In 1989, Fexco and An Post established the Prize Bond Company, a joint venture formed to operate Ireland’s Prize Bonds scheme on behalf of the Minister for Finance.
During the 1990s and 2000s, Fexco broadened its activities beyond retail foreign exchange. Its services came to include payment processing, managed services, and Dynamic Currency Conversion, a service developed from a concept originated by Fexco founder Brian McCarthy, which allows international cardholders to view and complete transactions in their home currency at the point of sale, online or at an automated teller machine. The group expanded internationally through product development, commercial partnerships and acquisitions.[7]
International expansion and acquisitions
[edit]In 2010, Fexco acquired a 75% interest in Goodbody Stockbrokers, with the remaining interest held by Goodbody management. The acquisition expanded the group’s activities in investment and financial services. [8]
Fexco expanded its United Kingdom retail foreign-exchange operations through the acquisition of Edinburgh-based No1 Currency in 2012 and Currency Exchange Corporation, a London-based foreign-exchange business, in 2016.
Denis McCarthy became chief executive of Fexco in February 2015. [9]
In July 2019, Fexco launched Metamo, a joint venture with 16 Irish credit unions to develop shared lending and digital products. [10]
During the following years, the group continued to develop its payment and foreign-exchange technology while expanding into managed services, property services and sustainability technology.
Developments since 2020
[edit]In February 2020, Fexco opened a €21 million research, development and innovation facility in Killorglin. The development became the home of the RDI Hub, a not-for-profit partnership involving Fexco, Munster Technological University and Kerry County Council. The hub was established to support entrepreneurship, innovation and the development of technology companies in the southwest of Ireland. [11]
In 2021, Fexco disposed of its interest in Goodbody Stockbrokers. The sale to AIB followed the withdrawal of an earlier proposed acquisition by Bank of China. [12]
Key leadership changes in 2022 included Neil Hosty succeeding Denis McCarthy as group Chief executive officer having previously held the positions of managing direction and chief operating officer. Denis McCarthy became chairperson of the group, a position he continues to hold in 2026.
In 2024, Fexco launched Advisory Services, extending its Business Services division into management consulting and operational advisory work, and received the Family Business Award at Deloitte's Best Managed Companies Awards. [13]
In April 2025, Fexco launched payUnite, a global payment orchestration platform building on Fexco’s existing OpenConnect platform, which had provided omnichannel payment processing to the cruise industry since 2019. payUnite extended this infrastructure to merchants, acquirers and payment service providers across further sectors including airlines, hospitality and retail. [14]
In July 2025, Fexco acquired Sainsbury’s Travel money from Sainsbury’s Bank. The transaction covered its digital operations and more than 220 bureaux located in Sainsbury’s stores. The acquisition increased Fexco’s British retail foreign-exchange network to more than 460 locations. Sainsbury’s Travel money formally launched under Fexco Group in February 2026. [15][16][17]
In May 2026, Fexco announced a strategic investment in KSN Project Management, a construction and property consultancy. The transaction expanded Fexco’s business-services activities in project management, cost consultancy, property and sustainability advisory services.[18]
Operations
[edit]Fexco organises its activities across payments, business services and new ventures. Its payments activities include currency conversion, international and corporate payments, payment orchestration, retail foreign exchange and remittances, and asset finance. Its business-services activities include managed and advisory services, aviation services, property and project-management services, and claims management and loss assessment. Certain services are delivered through separate businesses, partnerships and brands within the wider group.
References
[edit]- ↑ "The money-changer". independent.ie. Independent News & Media. 5 April 2008. Retrieved 29 October 2019.
- ↑ "Fexco scooped €23m after stock exchange sale". independent.ie. Independent News & Media. 17 October 2019. Retrieved 29 October 2019.
- ↑ "About Fexco". fexco.com. Fexco. Retrieved 29 October 2019.
- ↑ O'Halloran, Barry. "The business of financial services adds up for Fexco". The Irish Times. Retrieved 2019-10-31.
- ↑ "Focus: From his scenic offices in Co Kerry Brian McCarthy controls a huge multinational business. But it's no thanks to Irish officialdom which, he says, should be sacked for incompetence". The Sunday Times. 8 August 2004. ISSN 0956-1382. Retrieved 2019-10-31 – via www.thetimes.co.uk.
- ↑ "The money-changer - Independent.ie". Independent.ie. Archived from the original on 2019-10-29. Retrieved 2026-09-25.
- ↑ O'Halloran, Barry. "The business of financial services adds up for Fexco". The Irish Times. Retrieved 2026-09-25.
- ↑ http://www.sbpost.ie/news/ireland/fexco-to-pay-20-million-for-goodbody-stockbrokers-50151.html.
{{cite web}}: Missing or empty|title=(help) - ↑ "Goodbody owner Fexco appoints McCarthy as new CEO". independent. Archived from the original on 2020-02-18. Retrieved 2026-09-25.
- ↑ Finn, Brian (2019-07-04). "Fexco to join forces with 16 credit unions".
{{cite journal}}: Cite journal requires|journal=(help) - ↑ "RDI Hub celebrates its five-year anniversary as €250 million in capital flows to its members | Enterprise Ireland". www.enterprise-ireland.com. Retrieved 2026-09-25.
- ↑ Brennan, Joe. "AIB confirms €138m deal to buy Goodbody". The Irish Times. Retrieved 2026-09-25.
- ↑ "Family Business Award: McCarthy family values at the heart of Fexco". Retrieved 2026-09-25.
- ↑ Finextra (2025-04-14). "Fexco takes payments orchestration platform, into the airline, retail and hospitality industries". Finextra Research. Retrieved 2026-09-25.
- ↑ "Sainsbury's Bank announces sale of travel money business to Fexco Group". corporate.sainsburys.co.uk. Retrieved 2026-09-25.
- ↑ "Fexco Group buys Sainsbury's Travel Money business". 2025-07-30.
{{cite journal}}: Cite journal requires|journal=(help) - ↑ "A new chapter for Sainsbury's Travel money under Fexco Group". Fexco. 2026-02-02. Retrieved 2026-09-25.
- ↑ "Fexco announces strategic investment in KSN Project Management". 2026-05-28. Retrieved 2026-09-25.
External links
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