Fexco
Fexco is a financial technology and services firm headquartered in Killorglin, County Kerry, Ireland, with a specialization in payment card solutions and bureau de change operations. As of 2019, the company employs more than 2,500 individuals, including 1,200 staff members located in Ireland and others distributed across 29 countries such as the UK, Spain, New Zealand, the United States, the Middle East, and Asia.
The leadership team features founder and chairman Brian McCarthy alongside CEO Denis McCarthy. Fexco’s worldwide activities concentrate on foreign exchange and payment services, catering to markets throughout Europe, Asia, the Middle East, North America, Latin America, and Australasia.
History
Established in 1981 by Brian McCarthy to offer bureau de change services within Ireland, Fexco’s founder also holds the position of chairman at the Irish Prisons Board.
In 2002, former Tánaiste Dick Spring joined the company as executive vice-chairman, strengthening its executive management. By 2009, Fexco had broadened its portfolio to include prize bonds and dynamic currency conversion services.
A pivotal point in Fexco’s expansion occurred in 2010 with the acquisition of a 75% share in Goodbody Stockbrokers for around €24 million; the remaining 25% stayed with existing management. This move represented a strategic extension into financial services amid Ireland’s economic recession. The Financial Times highlighted that the relatively low acquisition cost reflected the prevailing economic difficulties in Ireland at that time.
Denis McCarthy took over as CEO in February 2015 after Gavin O'Neill's exit. Under his guidance, Fexco expanded its international footprint by acquiring Currency Exchange Corporation in 2016.
In 2018, Fexco rejected a €150 million bid from a Chinese consortium for Goodbody. Subsequently, in November 2019, Goodbody was poised for sale to Bank of China at a comparable valuation; however, this transaction was cancelled in mid-2020 due to uncertainties caused by the global pandemic. Later, in March 2021, Allied Irish Banks (AIB) confirmed its acquisition of Goodbody Stockbrokers for €138 million, reflecting ongoing consolidation trends within the financial sector.