MoneyCorp currency exchange counters disappear as it shuts down Gatwick’s last branch to focus on payment and banking services
- It began closing its 77 currency exchange sites gradually in 2014
- The last retail branches of Gatewick were closed yesterday
- Manicorp’s income now comes mostly from payment and banking services
Manikarp’s red foreign exchange counter, a major location on UK airports and highways, is now a thing of the past.
The London-based group said Gatwick completed its departure from retail sites after closing its last remaining branches at the airport yesterday.
It gradually began closing its 77 currency exchange sites in 2014, including Heathrow and Stansted Airport and Oxford Street.
Gone: Manicorp closed its last remaining branches at Gatwick Airport yesterday.
Moneycorp, which has a banking license, said the move marked a “significant step” in the evolution of the UK from a foreign currency business to a ‘global financing and banking services provider’.
Over the past eight years, the group has grown from a traditional supplier of traditional foreign exchange to an ‘international, digitally capable, B2B currency solution provider’.
In 2014, it accounted for about 60 per cent of retail business revenue, most of which comes from the UK’s internal revenue stream, the company said.
Currently, Moneycorp’s revenue comes mainly from payments and banking services, with 84 percent coming from business-to-business and 65 percent from international revenue flows.
MoneyCorp offers international payment services for consumers, for example those who are buying property abroad or sending money to families abroad.
It works with businesses of all sizes, providing them with global payment solutions and helping them reduce their forex risk.
Mark Horgan, CEO of Manicorp, says: ‘Manicorp adapts to the growing needs of our customers in a rapidly changing and evolving digital environment.
‘Retail has been an important part of our business for many years …
‘However, Manicorp’s future lies strongly between payment and banking solutions.
“We are seeing a significant increase in demand for SME clients and financial institutions who are looking for a trusted, scale partner to provide sophisticated currency solutions for their business worldwide.”