News

Euronet finalizes purchase of HiFX

May 23, 2014

Electronic payments provider and distributor Euronet Worldwide Inc. has announced the completion of its acquisition of U.K.-based HiFX for approximately 145 million pounds ($242 million).

In a news release, Euronet said the acquisition expands its offerings to include online-initiated, account-to-account international payment and foreign exchange services for high-income individuals and small to-medium sized businesses. HiFX will serve as a complement to Ria, the company’s existing money transfer business.

Euronet released a statement on the acquisition from chairman and CEO Michael J. Brown:

We are excited to welcome HiFX into the Euronet group of companies. Their online presence, affordable rates and deep knowledge of foreign exchange markets, combined with our strong bank relationships, global market entry expertise and solid balance sheet will allow us to expand and improve both Ria's and HiFX's product offerings and increase our market share in a fast-growing sector that produces 9.9 billion payment transactions per year.