Nick Haslehurst and one of the UK’s leading foreign exchange providers
The second CFO that Finance Monthly reached to this month is Nick Haslehurst who joined moneycorp as Chief Financial and Operating Officer in 2012, bringing more than 17 years’ experience in global finance to the helm. Established in 1979, moneycorp is one of the largest and fastest-growing players in the foreign exchange and international payments […]
The second CFO that Finance Monthly reached to this month is Nick Haslehurst who joined moneycorp as Chief Financial and Operating Officer in 2012, bringing more than 17 years’ experience in global finance to the helm.
Established in 1979, moneycorp is one of the largest and fastest-growing players in the foreign exchange and international payments market. Providing a quick, secure and competitively priced international payments service, the specialist firm helps individuals and a wide range of businesses with FX risk management solutions, allowing them to trade foreign exchange and make international payments across the globe.
In his role, Nick oversees all moneycorp’s support centre functions, from financial control and accounting, planning and analysis, treasury, technology, compliance and legal services.
With previous positions as Global Finance Director at MasterCard Inc’s Prepaid Debit Card Division and Travelex Ltd, Nick is no stranger to revamping and implementing business strategies to help streamline largescale operations and organisational structures. Nick has been instrumental in driving moneycorp’s impressive international growth strategy, including the development and launch of Moneycorp Bank. With over 800 staff across Europe and the US, the company is set for further expansion in the near future.
Moneycorp has just launched its 2016’s H1 Trading results – what have been the company’s biggest achievements in the first six months of 2016? What are you most proud of?
It was an extremely busy half-year for the team at moneycorp and there have been lots of successes to reflect on – not least, a strong set of H1 results which saw the company handle 3.5 million transactions and £11.4 billion worth of currency in the run up to the EU Referendum. Financial performance is obviously a key indicator for any business, but this has to be coupled with long-term investment and continuation of growth for the future. Financial services in all areas are changing at a rapid pace – customers expect more transparency and improved digital interaction – and at moneycorp this is always front of mind.
In April we announced the successful completion of our application to acquire a bank license, and with it, the launch of the new Moneycorp Bank, which will act as a separate legal entity to our main operations here in London. We invested significant time, resource and infrastructure into acquiring the license and we see it as a major step in establishing moneycorp as a leading global FX risk management provider and international payments specialist. Most recently, our international expansion plans have taken us into Romania, where our newly-launched office comprises a foreign exchange dealing and sales team, client onboarding desk and compliance, complete with the use our centralised technology platform.
Technology and the digital transformation of the business was also a sharp focus for us in H1. As well as investing in a complementary offshore technology hub in India, significant investment has gone into the launch of the new moneycorp app, which went live in the App Store last month, allowing global payments and FX dealing on the move. We regard ourselves as a front-runner in technology-led services, so moving moneycorp’s browser-based technology into a fast, simple, international payments app for our customers was a key milestone for the business.
Moneycorp has recently signed a deal to acquire a foreign exchange and payments business in Brazil – can you tell us about the company’s expansion plans? What does 2017 hold for Moneycorp?
At moneycorp, our expansion plans focus on controlled growth within our existing domestic and international markets, whilst establishing a foothold in new markets that offer solid and sustainable growth opportunities, both now and in the future.
In 2015, moneycorp signed an agreement to acquire a stake in a fast-growing Brazilian foreign exchange business. Earlier this year we also announced the launch of one of our largest ever commercial partnerships with global news giants CNN in the US. Both developments have given moneycorp a solid platform to expand into what are two enormous markets with significant growth opportunities. South America and Asia – two continents with buoyant property and import/export markets – are also firmly set within our sights as part of moneycorp’s long-term international expansion strategy.
The roll out of Moneycorp Bank will also be a major catalyst for our plans for international growth into European markets, allowing us to hold deposits in multiple currencies, service the payment needs of corporate and private clients overseas, and offer a full range of FX risk management solutions.
The big topic of the moment for international companies is of course Brexit; the triggering of Article 50, and more significantly, the implications of either a “hard” or “soft” exit from the European Union. Our hunger for sustainable growth remains unchanged following the Brexit result, and this includes our approach towards expansion overseas. Pre-referendum we went through careful contingency planning to prepare for either outcome, and we are now in a good place to continually adapt and eventually implement this plan as the negotiating landscape develops in 2017.
In the event of a “hard” Brexit, we are fully prepared to continue servicing our clients across the globe and pursue our long-term growth ambitions without disruption. Our sights stretch far and wide, and we are aiming to expand into two-to-three new territories each year.
In terms of competition, where does the company stand globally?
Moneycorp is one of the UK’s leading foreign exchange providers and our vision is to be the first choice for international payments. What makes us stand out from the competition is a simple but effective corporate philosophy – if we serve our clients well, success will follow. Like any other business, that means setting the standards for the industry by delivering the best and most comprehensive specialist services to our customers.
What do you anticipate for the future of product and technology innovation?
Foreign exchange is already a technology-led industry and the demand for faster, fully-integrated, autonomous solutions is more important than ever. Customers want a better online experience and moneycorp’s international payments platform and mobile app have been designed with this in mind.
When it comes to product offerings, transparency is key. Customers are more knowledgeable about the market than ever before, which means they want to see clear pricing structures with no hidden fees. Both product and technology innovation must go hand-in-hand to create an all-round more comprehensive offering for customers. Not only do businesses and individuals want to be able to make safe and secure transactions, 24 hours a day, seven days a week, but they also want to exchange a range of currencies with ease via a choice of payment methods.