FairFX Group Plc (LON:FFX), the low-cost multi-currency payments service, said its corporate card platform has performed particularly well in 2016, setting new records.
Last month a key milestone for the platform was passed with monthly loads exceeding £10mln million for the first time, having doubled within just six months.
In the first 10 months of 2016, volume going through the corporate card platform was up 92% year-on-year.
The sparkling performance might have had some influence on the decision of James Hickman, former managing director at Caxton FX, to become FairFX’s chief commercial officer.
Hickman was instrumental in establishing and growing Caxton’s pre-paid currency card programme. At FairFX, he will be responsible for driving more revenue growth across all product lines with a principal focus on the corporate sector.
FairFX said the overall performance of the group as a whole has continued to be strong since reporting its interim financial results in late September and remains in line with market expectations.
Turnover in the four months to 31 October 2016 was up 45% year-on-year to £314 million, while turnover for the year to 31 October 2016 was up 24% to £656 million.
"The business continues to make great strides and has performed well during what has been a volatile period for the currency markets. We are also particularly encouraged that the corporate card platform has been achieving such strong growth against this backdrop,” said Ian Strafford-Taylor, FairFX’s chief executive officer.
Strafford-Taylor also expressed his delight at Hickman joining the team.
"This is a key strategic hire for FairFX and James has an outstanding record in the currency payments industry. He will be playing an integral role in the next stage of our growth," Strafford-Taylor said.
Shares in FairFX are up almost 30% year-to-date.