Equistone’s Small World Financial Services acquires MoneyGlobe
Small World Financial Services, a UK-head headquartered money transfer provider backed by Equistone Partners Europe, has agreed to acquire French international payments company MoneyGlobe.
The deal is Small World Financial Services first acquisition since European mid-market private equity firm Equistone invested in the company in November 2018. The financial terms of the deal are undisclosed.
MoneyGlobe has established itself in the French international payments market, facilitating the movement of money from France to geographies including North Africa, West Africa, the Caribbean and South America.
MoneyGlobe is a French company specialising in money transfers. It was approved as a payment institution by the CPRA in February 2011. Through its international partnerships, MoneyGlobe guarantees the flow of funds within France and internationally.
According to a statement by Equistone, the acquisition is complementary to Small World’s existing footprint, adding coverage of the French market to a money transfer network that currently processes 15 million transactions worldwide each year.
By joining Small World, MoneyGlobe will be able to offer its customers a wider choice of physical and digital channels and a global network of multiple payment options across more than 250,000 cash-pick locations in over 160 countries and direct-to-bank account pay-out in more than 100 countries, said Equistone.
MoneyGlobe’s management team, led by founder and president Lahcen Sadeq and CEO Adelhak Hidani, will remain with the company following the deal. They will join the Small World operating region of Northern Europe & Africa, under the leadership of its managing director, Stanley Wachs, who joined the company in 2019 and brings experience from payments companies including SWIFT, PayPal and Western Union.
“We identified MoneyGlobe as a fantastic addition to our business, due to its strong growth to date and established presence in France, a large market where we were looking to strengthen our position,” said Nick Day, chief executive and founder of Small World.
“As well as complementing our global coverage, MoneyGlobe is an excellent cultural fit, with its team sharing our commitment to delivering great customer service and fast and reliable transfers,” he added.
Andrew Backen, partner at Equistone, commented: “In Small World, we have backed a business that boasts a highly scalable business model with huge potential to grow acquisitively, as well as organically.” He continued: “We’re pleased to have supported the company on this bolt-on acquisition of MoneyGlobe, drawing on Equistone’s local presence in the French market and our extensive experience in cross-border portfolio company M&A.”