Moneycorp’s acquisition of Novo Mundo completed
Moneycorp has announced that it has completed its entry into Brazil’s foreign exchange market with the full acquisition of its controlling interest in Novo Mundo Corretora de Câmbio. The acquisition has been authorised by the Brazilian President and has regulatory approval from the Brazilian Central Bank. Following the acquisition, moneycorp holds a 90% majority interest in Novo Mundo.
Novo Mundo has an established presence across São Paulo, Curitiba, Rio de Janeiro, Belo Horizonte and Porto Alegre, offering a range of foreign exchange services, including international payments, banknotes, and Mastercard currency card services.
The business will adopt the international moneycorp brand and Novo Mundo’s corporate and private customers will transfer to the brand’s international payments platform serving 14,000 businesses worldwide.
The company’s digital platform provides SME and midcap clients with access to a network of 18 international banks and advanced back-to-back hedging abilities usually only available to larger corporates.