Regulatory News

FairFX, the e-banking and payments group, announces that at its Annual General Meeting, which is to be held at 12:30pm today, John Pearson, Chairman, will make the following statement:

"2018 was another year of significant growth for FairFX with further progress made towards our strategic goals. Turnover and revenue growth continued to be strong, both organically and via acquisition, whilst we also made further investment in our technology to increase the functionality and capacity in our platform for continued expansion.

"The Group has enjoyed a strong year to date in 2019, both in terms of turnover and improved margins, which is a consequence of further rationalisation of the supply chain. In addition, the investments we made in 2018 are now flowing through in terms of new products being released in 2019; with one such example being the granting of the Bank of England settlement accounts and direct access to the Faster Payments scheme.

"The Board expects the Group's trading performance for the full year to be in line with market expectations."

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About FairFX Group

FairFX is a leading challenger brand in banking and payments that disintermediates the incumbent banks with a superior customer experience (CX) and low-cost operating model. Our business enables personal and business customers to make easy, low-cost payments both domestically and in a broad range of currencies and across a range of products all via one integrated system. The FairFX platform facilitates payments either direct to Bank Accounts or at 35 million merchants and over 1 million ATM's in a broad range of countries globally via Mobile apps, the Internet, SMS, wire transfer and MasterCard/VISA debit cards.

FairFX provides money movement services to both personal and business customers through four channels: Currency Cards, Physical Currency, International Payments and Bank Accounts. The Currency Card and Physical Currency offerings facilitate multiple overseas payments at points of sale and ATM's whereas the International Payments channel supports wire transfer foreign exchange transactions direct to Bank Accounts. For Corporates, FairFX has a market-leading business-expenses solution based around its corporate platform and prepaid card. This service can yield significant savings on a Corporate's expenses and procurement both domestically and overseas, through better controls and improved transparency. The platform also streamlines the downstream administrative processes and integrates into accounting software, thus saving costs. FairFX offers retail and business bank accounts with all the functionality you would expect from a bank, namely faster payments, BACs, direct debits, international payments and a debit card.