Montreux Capital Management Zug AG acquired foreign exchange and payment service provider GC Partners Group Ltd. to tap into the $5 trillion daily trading volume of the FX market. According to the official statement, Montreux mentioned that its acquisition of the firm, boasting 20 years of service, is a valuable opportunity.
Montreux Eyes Expansion in the FX Market
GC Partners is a financial services provider that facilitates global money transfers. The firm reportedly transacted over $12.5 billion in foreign currency last year alone. It has a global presence in key markets, including the UK, Hong Kong, Dubai, and others. One key driver behind this acquisition is GC Partners' platform, which targets private, corporate, and investment clients. The portals allow clients to transact across borders.
Commenting about the deal, Andrew Fundell, the CEO of GC Partners, said: “Through the acquisition, GC Partners will be able to accelerate their growth strategy, scale the business, and enhance their global payments infrastructure to complement their expertise in providing efficient and reliable solutions for over 150,000 clients to transfer money to more than 125 markets worldwide.”
Montreux reportedly intends to utilize this technology to boost its own service offerings by streamlining operations. The technology underpinning GC Partners' operations is expected to position Montreux to scale and grow in the FX market.
“This strategic move aligns with our vision to expand our presence in the financial services industry and positions us to capitalize on this growing market. Leveraging GC Partners’ expertise, we anticipate rapid global growth as we plan to treble the size of the business over the coming years,” said Oliver Harris, the CEO of Montreux
GC Partners
Early this year, GC Partners appointed Nicholas Iggulden, the Former Chief Financial Officer at ETX Capital, as Chief Financial Officer. ETX was a forex and CFD broker that rebranded from OvalX before closing down last year.
Notably, Iggulden started as a Finance Consultant at GC Partners and was later promoted to Chief Financial Officer. Prior to his promotions, he held various positions at ETX, including serving as a Chartered Accountant, Financial Controller, and eventually Chief Financial Officer.
