HiFX

HiFX was a United Kingdom-based foreign-exchange broker and international money-transfer provider. Established in 1998 as Halewood International Foreign Exchange Limited, the business was founded by Shaun Taylor, Laurence Butcher and Matthew Knowles with financial backing from John Halewood, the founder of beverage company Halewood International. It developed as a non-bank alternative to traditional banks for customers needing to exchange currencies or transfer funds internationally. The company expanded beyond the United Kingdom in 2001, when it opened an office in New Zealand. That operation became an important regional base, serving New Zealand, Australasia and the wider Asia-Pacific market. In 2004, the company adopted the HiFX Plc name and opened an office in San Francisco to address the North American market. These moves helped position HiFX as an international specialist rather than a purely domestic currency broker. HiFX provided foreign-exchange and international payment services to both individuals and businesses. Its consumer-oriented activity included transfers associated with overseas property purchases, emigration and other substantial cross-border payments. For corporate customers, the business offered currency conversion and international payment capabilities intended to help manage payments between countries. The company also developed an online payments capability through its 2008 acquisition of New Zealand-based Currency Online, which it continued to operate under the Currency Online name for a period. The business changed ownership and scope several times. In 2010, HiFX disposed of its United States subsidiary, HiFX Risk Management, and its Australian risk-management consultancy business, narrowing its activities around foreign exchange and payments. Following John Halewood's death in 2011, the existing management acquired his 50 percent stake. In 2014, Euronet Worldwide acquired HiFX for £145 million. Euronet said that HiFX would be integrated with its Ria money-transfer business, giving the purchaser an established foreign-exchange and payments operation with international reach. Euronet subsequently expanded its digital currency and payments portfolio by acquiring XE.com in 2017. In 2019, HiFX was merged with XE.com and its services began operating under the XE brand. HiFX therefore ceased to operate as a standalone consumer-facing brand, although its capabilities, customer relationships and market presence were absorbed into Euronet's broader international payments business.

HiFX was formed in the United Kingdom in 1998 under the name Halewood International Foreign Exchange Limited. Its founders were Shaun Taylor, Laurence Butcher and Matthew Knowles, and the venture received backing from John Halewood, who had founded Halewood International. The company entered the market as a non-bank foreign-exchange specialist, offering currency conversion and international money-transfer services to individuals and businesses. Its initial proposition was based on providing an alternative to banks for customers making cross-border payments. HiFX developed particular expertise in transfers connected with overseas property purchases and emigration, while also serving corporate clients with international payment requirements. The company grew into one of the United Kingdom's major non-bank foreign-exchange businesses. International expansion began in 2001 with the opening of an office in New Zealand. This became a significant operation, serving New Zealand, Australasia and other Asia-Pacific markets. In 2004, the company changed its name to HiFX Plc and opened a San Francisco office to serve North American customers. The combination of regional offices and specialist payment services gave the business a broader international footprint. In 2008, HiFX acquired Currency Online, a New Zealand-based business with an online payment platform and related technology. Currency Online continued to be used as a separate brand for a period. Two years later, HiFX sold its United States subsidiary HiFX Risk Management and its Australian risk-management consultancy, concentrating more closely on foreign exchange and payments. Following John Halewood's death in 2011, the existing management purchased his 50 percent shareholding. This maintained management ownership until 2014, when Euronet Worldwide acquired HiFX for £145 million. Euronet indicated that the acquired business would be integrated with Ria, its international money-transfer operation. The transaction gave Euronet HiFX's established customer base, international operations and foreign-exchange capabilities. Euronet acquired XE.com in 2017. After that acquisition, the group combined the businesses, and in 2019 HiFX was merged with XE.com. HiFX subsequently operated under the XE brand, ending its life as an independent brand while its services and operational capabilities continued within Euronet's international payments portfolio.

1. 2019Merged with XE.com

   HiFX was combined with XE.com and transitioned to the XE brand.

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2. 2014Acquired by Euronet Worldwide

   Euronet Worldwide purchased HiFX for £145 million.

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3. 2010Risk-management businesses sold

   HiFX disposed of its US risk-management subsidiary and Australian risk-management consultancy.

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4. 2008Currency Online acquired

   HiFX acquired Currency Online to obtain an online payments platform and associated technology.

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5. 2004HiFX Plc name adopted

   The company changed its name to HiFX Plc and opened a San Francisco office.

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6. 2001New Zealand expansion

   HiFX opened its first overseas office in New Zealand, establishing a base for Australasia and Asia-Pacific operations.

   Source
7. 1998Company established in the United Kingdom

   Halewood International Foreign Exchange Limited was founded by Shaun Taylor, Laurence Butcher and Matthew Knowles with backing from John Halewood.

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A specialist, non-bank foreign-exchange and international payments provider serving consumers and businesses requiring cross-border currency services.

• Foreign-exchange servicesForeign exchange1998

  HiFX provided currency-exchange services outside the traditional banking model. Its specialist positioning focused on customers needing to convert and move money across borders, including individuals making substantial international payments and businesses with recurring foreign-currency requirements.

• International money transfersPayments

  The brand offered international money-transfer services for personal and corporate customers. Use cases included overseas property purchases, emigration and other cross-border transactions where customers needed to send funds internationally and exchange currencies.

• Currency OnlineOnline payments2008

  Currency Online was a New Zealand-based online payments business acquired by HiFX in 2008. HiFX retained the Currency Online name for the acquired platform, which provided online functionality and technology for international currency payments.

• 2019Merger into XE.comM&A

  Euronet owned both HiFX and XE.com after acquiring XE in 2017.

  What changed. Euronet merged HiFX with XE.com and moved the business under the XE brand.

  Aftermath. HiFX ceased operating as a standalone brand, while its services and capabilities continued within XE.

  Source
• 2014Sale to Euronet WorldwideM&A

  HiFX had developed into a significant non-bank foreign-exchange and payments provider with operations in several regions.

  What changed. Euronet Worldwide acquired HiFX for £145 million and planned to integrate it with Ria.

  Aftermath. HiFX became part of Euronet's international money-transfer portfolio.

  Acquisition consideration. £145 million (2014 acquisition)

  Source
• 2010Exit from selected risk-management activitiesStrategy

  HiFX reviewed activities outside its core foreign-exchange and payments business.

  What changed. The company sold HiFX Risk Management in the United States and its Australian risk-management consultancy business.

  Aftermath. The disposals narrowed the company's operating scope around foreign exchange and international payments.

  Source
• 2008Acquisition of Currency OnlineM&A

  HiFX sought to strengthen its online payment capabilities and international-transfer technology.

  What changed. It acquired New Zealand-based Currency Online and continued operating the service under its existing name for a period.

  Aftermath. The transaction expanded HiFX's digital payments capabilities and regional presence.

  Source

• 2019HiFX merges into XE

  HiFX was merged with XE.com and subsequently operated under the XE brand rather than as a standalone HiFX business.

  M&ALeadership change
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• 2017Euronet Worldwide acquires XE.com

  Euronet acquired XE.com, creating the basis for a later combination of XE's digital currency services with HiFX's foreign-exchange and payments operations.

  M&A
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• 2014Euronet Worldwide acquires HiFX

  Euronet Worldwide acquired HiFX for £145 million and announced plans to integrate it with the Ria money-transfer business.

  M&A
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• 2011Management buys John Halewood's stake

  After John Halewood's death, existing management acquired his 50 percent interest in the company.

  Leadership change
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• 2010HiFX sells selected risk-management businesses

  The company disposed of its United States subsidiary, HiFX Risk Management, and its Australian risk-management consultancy business.

  Other
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• 2008HiFX acquires Currency Online

  HiFX acquired New Zealand-based Currency Online, adding an online international-payment platform and related technology.

  M&AProduct launch
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• 2004HiFX adopts the HiFX Plc name and opens in San Francisco

  The company changed its corporate name to HiFX Plc and established a San Francisco office to serve North American customers.

  Other
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• 2001HiFX expands internationally with a New Zealand office

  HiFX opened its first overseas office in New Zealand, creating a regional base for Australasia and the wider Asia-Pacific market.

  Other
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1. HiFX