FTV acquires stake in World First

Karin Wasteson
12 November 2013

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FTV Capital has acquired a significant minority stake in London-based foreign exchange business World First.

FTV led the financing, which also included Industry Ventures and StepStone Group. The fresh capital will be used for the company's international expansion.

World First was previously owned by its founders Jonathan Quin and Nick Robinson, with a small stake owned by chairman David Clementi.

Founded in 1998, FTV is a growth equity firm with $1.5bn under management. It invests in business services, financial services, payments/transaction processing and technology. The firm has offices in San Francisco and New York and has invested in 81 companies to date.

Company
Founded in 2004 and headquartered in London, World First provides foreign exchange, international payment and hedging solutions to corporate and private clients. The company processes more than $10bn per year.

The company had a turnover of £18.4m in 2012. Revenues for this year are expected to reach nearly £25m. World First has additional offices in Australia, the US and Singapore.

People
Kyle Griswold and Brad Bernstein, FTV principal and partner respectively, have joined World First as board members. Jonathan Quin is the co-founder and CEO of World First.

Advisers
Equity – Cavendish, Peter Gray (Corporate finance)