The Azibo Group, the private investment company, has acquired complete control of Tor Currency Exchange (TorFx), the foreign exchange and international payment company.
The Azibo Groupalso owns Currencies Exchange Ltd, one of the UK’s largest foreign exchange payment specialists, and the company claims the confluence of the two payment companies will help it advance its global growth strategy.
Mayank B Patel, group chairman of the Azibo Group said: “I am delighted we have completed this transaction successfully. Although Currencies Direct and TorFx will continue operating as standalone businesses, the combination of the two will provide an additional platform for advancing Azibo’s global growth strategy in this dynamic and exciting market.
“We have far-reaching plans for both companies and we are here for the long term to increase our footprint in the foreign exchange and international payment processing space".
TorFx has grown considerably since its foundation in 2004; indeed the rapid rate of the company’s development was recognised with a listing in the 2010 Sunday Times Fast Track 100. Annual turnover reached £600m last year.
Jonathan Beddell, managing director of TorFx added:“My team and I have been working very closely with our counterparts from Currencies Direct to complete this transaction. We share the same vision for the future of the international payment space. I am delighted and proud to be part of the Azibo Group and I look forward to a dynamic growth strategy to consolidate this space.”