Digital banking firm FairFX enjoys 100 per cent profit rise despite weak pound and hot summer
Digital banking provider and currency exchange FairFX has reached its one millionth customer and reported turnover of £1.1bn despite a weak pound and hot UK summer.
The e-banking specialist, whose rivals include Monzo and Starling, enjoyed a 100 per cent increase in profit to £9.7m for the six months to 30 June.
The company also said it would expand and regulate its FairFX Ireland entity to cover Brexit risk and reduce reliance on the pound.
Read more: Digital bank Monzo reaches a million current account customers
Its turnover – measured by the value of currency transactions sold and deposits into bank accounts – was £1.1bn, a 146 per cent increase on the first half of 2017.
FairFX, which acquired currency exchange service City Forex earlier this year, provides pre-paid currency cards, physical currency, international payments and bank accounts.
Its acquisition of City Forex helped push its number of customers over the one million mark, which Monzo reached earlier this week.
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Chief executive Ian Stafford-Taylor said: “Achieving this performance against a backdrop of weak sterling, combined with less people taking holidays in 2018 due to the warm summer in the UK, bears testament to the great strides we have made in recent years to broaden the product mix and reduce our reliance on revenues from foreign exchange.”
He added: “The outlook for the group for the balance of the year remains positive despite Brexit weighing on sterling and providing a headwind.”