U.K.'s Equals builds FX bulk in the merger market

The U.K.’s Equals Group’s FairFX currency unit has purchased Hermex FX, another U.K. firm serving corporate customers with currency exchange and payment services.

FairFX paid $2.4 million for Hermex FX, and the move accelerates Equal's strategy to buy smaller currency exchange operators to build scale as Equal expands within its core FX model.

Equals recently rebranded from FairFX as it adds cross-border payments and more financial services for consumers and businesses.

Hermex FX, launched in London in 2008 by entrepreneur Gregory Baker, already has merged its services with FairFX, which offers prepaid cards and international transfers for travelers, the companies’ websites indicate.

“The acquisition shows our commitment to pursuing our strategy of achieving cost efficiencies through scale,” said Ian Strafford-Taylor, FairFX’s CEO, in a Friday release.