Fexco

History and Founding

Fexco was founded in 1981 by Brian McCarthy in Killorglin, County Kerry, Ireland, initially focusing on bureau de change services for the Irish tourism market. Over four decades, the company systematically diversified its revenue streams and geographical footprint, leveraging core competencies in foreign exchange and payment processing. In 2010, Fexco made a landmark acquisition of 75% of Goodbody Stockbrokers, Ireland’s oldest stockbroker, for a reported €24 million, significantly expanding its capabilities in asset management and capital markets. The company later sold Goodbody to AIB for €138 million in 2021, generating substantial returns. Founder Brian McCarthy served as Chairman until stepping down from the board in 2024.

Business Model and Divisions

Today, Fexco operates through three main pillars: Payments & FX, Business Services, and Sustainable Innovation. The Payments & FX division provides technology-driven currency and payment solutions, including dynamic currency conversion (DCC), retail foreign exchange, international money transfer, business foreign exchange, and multi-currency pricing. It also offers the payUnite payment orchestration platform, which helps businesses optimize payment routing, reduce costs, and accelerate revenue growth. The Business Services segment offers asset finance, expense management, and managed services, often leveraging government-backed financing schemes. Through its Fexco Innovation & Ventures division, the company invests in and develops new technologies, including ESG-oriented products.

Key Products and Platforms

Fexco’s proprietary technology stack includes OpenConnect, a specialized payment processing platform designed for the cruise industry, handling complex multi-currency transactions on board. Another key product is Dynamic Currency Conversion (DCC), which allows consumers to pay in their home currency when shopping abroad with transparent exchange rates. The company also provides International Money Transfer for cross-border payments, Multi-Currency Pricing for merchants, and Asset Finance solutions. Its payUnite platform serves as an independent payment orchestrator, supporting businesses in optimizing their payment strategies.

Market Position and Acquisitions

Fexco is a quintessential Irish business success story, having transformed from a regional currency exchange provider into a multinational fintech powerhouse. The company maintains a strong presence in Europe, the Middle East, Asia, North America, and Australasia, with major offices in Dublin, London, and other international locations. It has been active in strategic acquisitions, such as the 2016 purchase of The Currency Exchange Corporation. Fexco continues to expand through partnerships, most recently collaborating with Standard Bank to launch dynamic currency conversion in Africa. The company is privately held and remains family-influenced through the McCarthy family, with Denis McCarthy serving on the board.

Recent Developments

In 2024, founder Brian McCarthy stepped down from the board after 43 years, marking a leadership transition. Neil Hosty has been serving as Group CEO, succeeding Denis McCarthy. Fexco continues to focus on sustainable innovation and customer-centric partnerships, with its Fexco Innovation & Ventures division driving investment in ESG-related financial products. The company’s headcount remains around 2,500 to 2,600 employees, headquartered in Killorglin. Fexco’s commitment to “Fresh Thinking” guides its ongoing evolution in the fintech landscape.