Travelex
An international foreign-exchange services brand offering retail currency exchange, ATMs, prepaid travel cards, wholesale banknotes and selected remittance services.
Last updated October 19, 2026
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Overview
Travelex is an international foreign-exchange services company whose activities center on buying and selling travel currency, operating foreign-exchange bureaux and ATMs, issuing prepaid travel cards, supplying banknotes to financial institutions, and delivering foreign-currency services for third-party brands. The business originated in London in 1976 as Express Exchange, founded by Lloyd Dorfman. It initially built its presence through centrally located bureaux de change and then expanded into airports and overseas markets. In 1984 it opened its first international store in Rotterdam, followed by an airport location at London Heathrow Terminal 4 in 1986. The name Travelex was adopted as the abbreviated form of Travellers Exchange Corporation. During the 1990s the company expanded in the United States and Asia-Pacific and grew through acquisitions and investments. Transactions and strategic developments included the purchase of Abbey National’s retail foreign-exchange operation, investment from 3i, and the acquisition of Transpay. A major turning point came in November 2000, when Travelex acquired Thomas Cook’s worldwide foreign-exchange business for £440 million. That transaction materially increased the company’s international footprint and supported subsequent entry into India, China and Middle Eastern markets. Private-equity firm Apax Partners acquired a majority interest in February 2005, while Dorfman retained a substantial minority stake and remained involved in management. In 2011 Travelex sold its prepaid-card programme management business to MasterCard and its international payments business to Western Union. The two disposals were reported as having a combined value of £900 million. In the same year Travelex acquired Grupo Confidence, described in the reference material as Brazil’s largest independent foreign-exchange business, strengthening its Latin American operations. Apax sold its majority stake in 2014 to B. R. Shetty, with the transaction completed in January 2015 and supported by Abu Dhabi investment vehicle Centurion. Travelex subsequently became part of Finablr, a financial-services holding company formed in 2019 with several businesses associated with Shetty. Finablr floated on the London Stock Exchange in May 2019. Later that year Travelex announced a United States international-payments system developed with Finablr and Samsung Pay. The company entered a severe period of disruption at the end of 2019 and during 2020. A ransomware incident forced the shutdown of websites, mobile applications and parts of the company’s technology infrastructure. The outage also affected white-label travel-money services supplied to supermarket and banking partners. The COVID-19 pandemic then sharply reduced international travel, while problems affecting Finablr complicated Travelex’s financial position. The company announced redundancies, stopped its Travelex Wire international money-transfer service in July 2020, and entered administration in August 2020. A debt restructuring supplied £84 million of new funding, reduced debt and transferred control to creditors. The restructuring created the operating business commonly described as New Travelex, while much of the former store estate and some regional operations were closed, reviewed or placed into administration. Following restructuring, Travelex concentrated on foreign-exchange retail, airport and transport locations, ATMs, wholesale banknotes, outsourcing and selected regional remittance activities. It rebuilt its international presence as travel recovered after the pandemic. Developments from 2021 onward included new Middle Eastern and European stores, a renewed London Stansted operation, a digital store in Adelaide, ATM click-and-collect services, expanded airport and rail distribution, a wider prepaid Travel Money Card, a new mobile app, and partnerships with banks and travel operators. By 2024 the business was reporting a strong recovery in revenue and EBITDA, although the reference material does not provide independently verified current financial statements or a current consolidated store count beyond the description of more than 600 stores and 700 ATMs in over 20 countries. Travelex’s present proposition combines physical foreign-exchange access with online ordering, mobile services, collection and delivery, prepaid cards, partner-branded services and institutional banknote supply.
History
Travelex began in 1976 as Express Exchange, a foreign-exchange business founded by Lloyd Dorfman with its first branch in central London. It had four central London stores by 1978. The company’s first international branch opened in Rotterdam in 1984, and its first Heathrow store followed in 1986. The business later adopted the Travelex name, derived from Travellers Exchange Corporation. The company expanded across the United States and Asia-Pacific during the 1990s. Growth was supported by acquisitions and investments, including Abbey National’s retail foreign-exchange operation and Transpay, as well as investment from 3i. In 2000 Travelex purchased Thomas Cook’s worldwide foreign-exchange business for £440 million, transforming its international scale. During the following decade it entered India, China and the Middle East, expanded its store and ATM network, and refreshed its brand identity. Apax Partners acquired a majority stake in 2005, while Dorfman retained a minority interest. In 2011 Travelex disposed of its prepaid-card programme management business to MasterCard and its international payments operation to Western Union. It also acquired Grupo Confidence in Brazil, extending its Latin American retail foreign-exchange presence. In 2014 Apax sold its majority holding to B. R. Shetty; the acquisition completed in January 2015 with support from Centurion. In 2019 Travelex became part of Finablr, a holding company containing several financial-services businesses associated with Shetty. Travelex also announced a US international-payments system with Finablr and Samsung Pay. At the end of 2019, however, a ransomware attack forced the company to take websites and mobile applications offline. The disruption extended to partner services using Travelex technology and affected the processing of travel-money orders. The incident, reported as involving Sodinokibi ransomware, was followed by the restoration of systems in stages during January 2020. The business then faced the collapse in international travel caused by COVID-19 and difficulties involving Finablr. Travelex announced redundancies, discontinued its international money-transfer service in July 2020 and entered administration in August. A restructuring led by PwC provided new funding, reduced debt and moved ownership to creditors. It also closed much of the UK store estate and reduced staff numbers. The remaining activities were reorganized into OldCo and NewCo structures, with selected operations in Africa, Asia, Brazil, the Middle East, ATMs, outsourcing and wholesale continuing or being reviewed. From 2021 onward, the restructured company rebuilt its network as international travel returned. It announced new Middle Eastern stores, airport concept stores in Amsterdam, expanded UK airport services, a digital store in Adelaide and ATM click-and-collect. In 2023 it added bureaux, kiosks and ATMs across multiple regions, expanded its prepaid card and mobile offerings, and completed a refinancing. In 2024 it continued adding airport and retail locations, renewing or winning concession contracts, introducing additional card currencies, expanding digital collection services and investing in its ATM estate. Travelex’s business model now spans consumer currency exchange, airport and transport retail, prepaid travel payments, digital ordering, partner-branded foreign-exchange services and wholesale banknote supply.
- 2024
Further airport, card and technology development
[1]Travelex expanded contracts and locations, added currencies to its prepaid card and launched a new app.
- 2023
Refinancing and network expansion
[1]The company announced a £90 million refinancing and continued adding bureaux, kiosks, ATMs and digital services.
- 2022
Post-restructuring expansion
[1]Travelex announced new stores, jobs, airport services and digital retail initiatives as travel recovered.
- 2020
Administration and creditor-led restructuring
[1]The company entered administration and emerged with new funding, reduced debt and creditor ownership.
- 2019
Travelex enters Finablr structure
[1]Travelex became part of Finablr before the holding company’s London listing.
- 2015
Shetty-backed acquisition completes
[1]B. R. Shetty’s acquisition of Apax’s majority stake completed with support from Centurion.
- 2011
Major business disposals and Brazilian expansion
[1]Travelex sold major payments activities and acquired Grupo Confidence in Brazil.
- 2005
Apax Partners takes majority stake
[1]Apax Partners became the majority investor, with Dorfman retaining a minority position.
- 2000
Thomas Cook foreign-exchange acquisition
[1]Travelex acquired Thomas Cook’s worldwide foreign-exchange business for £440 million.
- 1986
First Heathrow store opens
[1]Travelex established an airport presence at London Heathrow Terminal 4.
Products and positioning
A global travel-money and foreign-exchange infrastructure provider combining consumer bureaux, airport and transport concessions, digital ordering, ATMs, prepaid cards, institutional banknote distribution and partner-branded services.
Foreign-exchange services · 1976
Retail foreign-exchange bureaux
Travelex operates bureaux de change in airports, railway stations, shopping locations, cruise terminals and other travel hubs. Customers can purchase or sell foreign banknotes, often with options to reserve currency online for later collection. The retail network is a core expression of the brand and is supplemented by partner-branded services in some markets.
Prepaid travel payments
Travelex Travel Money Card
The Travel Money Card is a prepaid, multi-currency card intended for travelers. It allows users to load supported currencies before or during a trip and use the card for purchases or cash withdrawals where accepted. The product has been expanded into additional markets and currencies, including a Japanese launch referenced for 2023.
Digital foreign exchange
Online and mobile currency ordering
Travelex’s digital channels let customers order foreign cash and prepaid cards for home delivery or collection from participating stores and airport locations. The company has also developed mobile-app functionality and digital collection services, including airport ATM click-and-collect.
Foreign-exchange ATMs
Travelex ATMs
The company operates Travelex-branded foreign-exchange ATMs in international travel locations. These machines provide access to selected foreign currencies and support the company’s airport and transport-hub proposition. Click-and-collect functionality has been introduced at selected airports.
Institutional foreign exchange
Wholesale banknotes
Travelex supplies foreign banknotes to banks, financial institutions and central banks. This wholesale activity extends the business beyond consumer retail and provides currency distribution infrastructure to institutional customers in multiple markets.
Outsourced financial services
White-label travel-money services
Travelex supplies foreign-currency ordering and related travel-money capabilities under partner brands, including supermarket and retail-bank channels. These arrangements allow partners to offer currency services while Travelex provides operational, technology and fulfillment infrastructure.
Money transfer
Remittance services
Travelex has provided international money-transfer services in selected markets, particularly the Middle East. Its former UK and international Travelex Wire service was discontinued in July 2020, so current availability depends on the market and operating entity.
Controversies
2020
Travelex ransomware attack and service disruption
Travelex was affected by a ransomware attack on New Year's Eve and took its global websites offline. Its update said some data had been encrypted, but that the extent was unknown and there was no evidence that structured personal customer data had been breached. The article also reported that online foreign-currency services at several banks were down. Travelex said it had opened an investigation, was working toward recovery, and had restored some internal systems; its CEO apologized for the inconvenience to partners and customers.
2019
Sodinokibi ransomware attack
Beginning on 31 December 2019, a ransomware attack caused Travelex to take websites and mobile applications offline and disrupted technology used by corporate partners. The attackers reportedly demanded a ransom and claimed to have copied customer data. Travelex later said it had found no evidence that customer data had been copied. The incident created prolonged service disruption and reputational damage; reporting stated that the company ultimately paid approximately $2.3 million.
Marketing campaigns
- 2021Athlete Alliance
Australia · New Zealand
Travelex Australia and New Zealand launched the Athlete Alliance to provide winter athletes with financial support, mentoring and education ahead of the 2022 Winter Olympics and Paralympics.
Outcome. The initiative positioned the regional business as a supporter of emerging athletes.
- 2010National Theatre philanthropic support
United Kingdom
Lloyd Dorfman donated £10 million to the National Theatre. Following redevelopment, the Cottesloe Theatre was renamed the Dorfman Theatre.
Outcome. The donation became a prominent cultural association for the founder and brand.
- 2005Jonny Wilkinson brand ambassadorship
United Kingdom · International
Travelex announced rugby player Jonny Wilkinson as a brand ambassador.
Outcome. The appointment supported the company’s sports-oriented marketing profile.
- 2003National Theatre discounted ticket scheme
United Kingdom
Travelex sponsored the National Theatre’s discounted ticket scheme from 2003 to 2018, helping associate the brand with accessible cultural programming.
Outcome. The sponsorship ended in 2018.
- 2002Major sports and broadcast sponsorships
United Kingdom · International
Travelex sponsored ITV coverage of the 2002 FIFA World Cup and the 2003 Rugby World Cup, and sponsored the Panasonic Toyota Racing team during 2002–2003.
Outcome. The activity broadened Travelex’s visibility beyond travel retail.
- 2001Australia men’s cricket sponsorship
Australia · United Kingdom · International
Travelex sponsored the Australian men’s national cricket team for its 2001 England and Ireland tour and later for overseas tours through 2010.
Outcome. The sponsorship continued across multiple overseas tours until 2010.
Brand decisions
2024
Expansion of prepaid card and mobile offeringsProduct launchBackground
Travelex continued developing digital and prepaid products as international travel demand recovered.
Action taken
It added seven currencies to its prepaid Travel Money Card and launched a new app.
Aftermath
The changes broadened the card’s supported-currency proposition and strengthened the company’s digital customer journey.
2023
RefinancingOtherBackground
Following post-pandemic recovery and network expansion, Travelex sought to strengthen its capital structure.
Action taken
The company announced completion of a £90 million refinancing.
Aftermath
The refinancing supported continuing investment in stores, airports, ATMs and digital services.
Refinancing. £90 million (September 2023)
2022
ATM click-and-collect launchProduct launchBackground
Travelex sought to combine digital ordering with its airport ATM network as international travel recovered.
Action taken
It introduced an ATM click-and-collect service at London Heathrow and Brisbane airports.
Aftermath
The service was later expanded to additional UK airports and other markets.
2020
Withdrawal from Travelex WireStrategyBackground
The cyber incident, pandemic-related travel collapse and wider financial problems placed pressure on the company’s international payments activities.
Action taken
Travelex ceased its UK and overseas international money-transfer services branded Travelex Wire.
Aftermath
The business focused more heavily on foreign-exchange retail, ATMs, outsourcing, wholesale and selected regional operations.
2020
Creditor-led restructuringStrategyBackground
Travelex entered administration after the cyber incident, COVID-19 disruption and difficulties affecting its Finablr parent structure.
Action taken
The company completed a debt restructuring with new funding, reduced debt and ownership transferred to debt holders.
Aftermath
Much of the UK store estate closed, substantial redundancies followed, and the remaining activities were reorganized as New Travelex.
New funding. £84 million (2020 restructuring)
2011
Divestment of payments businessesM&ABackground
Travelex reassessed businesses outside its core foreign-exchange retail and distribution activities.
Action taken
It sold prepaid-card programme management to MasterCard and international payments to Western Union.
Aftermath
The disposals simplified the portfolio and were reported to have generated a combined £900 million.
Recent events
Travelex reports ransomware attack and service disruption[2]
Reported:
Travelex was affected by a ransomware attack on New Year’s Eve and took its global websites offline. Its update said some data had been encrypted, but that the extent was unknown and there was no evidence that structured personal customer data had been breached. The article also reported that online foreign-currency services at several banks were down. Travelex said it had opened an investigation, was working toward recovery, and had restored some internal systems; its CEO apologized for the inconvenience to partners and customers.
Travelex services disrupted following malware attack[3]
Reported:
Travelex said a software virus compromised its services on New Year’s Eve and that it took all of its systems offline as a precaution. The disruption affected communications and card payments at outlets, and websites in several countries were unresponsive or showed errors. Company investigations were ongoing and had found no evidence of a data breach at the time of the report.
Samsung Pay launches money transfer service[4]
Reported:
Samsung Pay launched a money transfer service for U.S. users in partnership with Finablr. Users can send money to recipients in 47 countries, with transfers powered by Finablr subsidiary Travelex.
Brightwell and Travelex announce cruise-ship cash access partnership[5]
Reported:
Brightwell announced a partnership with Travelex under which Travelex will manage the distribution of multiple currencies to more than 75 Brightwell-provided ATMs on cruise ships worldwide.
Sources5 sources
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