Custom House (company)

Last updated
Custom House
Company type Private
Industry Financial services
Foreign exchange
Founded Victoria, BC, British Columbia, Canada (1992)
Fateacquired by Western Union
Number of employees
650

Custom House is a Canadian foreign exchange and money transfers company based in Victoria, British Columbia. [1] [2] It was acquired by Western Union in 2009 and now forms part of that company's "Western Union Business Solutions" division. [3] In 2022, Western Union sold its business to business foreign exchange division, which became Convera. [4]

History

The company was founded in 1992 as a small tourist currency exchange kiosk titled "Custom House Currency Exchange" in Victoria's old waterfront customs house. In 1993, the company opened its first corporate foreign exchange office. [5]

After expanding in Canada, it began its US operations in 1997 and an Australian operation in 2000. The company was later renamed "Custom House Global Foreign Exchange", then renamed again to "Custom House". It provided small businesses and individuals with services that included wire transfers, foreign currency drafts, and forward exchange contracts.[ citation needed ]

In 2009, Western Union bought the company for $370 million USD. [6] In 2015, Custom House's founder, Peter Gustavson, incorporated a new foreign exchange and global payment company which its assets were acquired by Global Reach Group in 2020 and subsequently Fleetcor in 2022. [7] [8] [9]

Related Research Articles

<span class="mw-page-title-main">Western Union</span> American financial services company

The Western Union Company is an American multinational financial services corporation headquartered in Denver, Colorado.

<span class="mw-page-title-main">Financial services</span> Economic service provided by the finance industry

Financial services are economic services tied to finance provided by financial institutions. Financial services encompass a broad range of service sector activities, especially as concerns financial management and consumer finance.

<span class="mw-page-title-main">Saxo Bank</span> Danish investment bank

Saxo Bank is a Danish investment bank specializing in online trading and investment. Established in 1992 as a brokerage firm under the name Midas Fondsmæglerselskab by Lars Seier Christensen and Kim Fournais, the company rebranded as Saxo Bank in 2001 upon obtaining its banking license. The bank provides access to a broad range of financial instruments, including Forex, stocks, CFDs, futures, funds, bonds, and futures spreads, through its proprietary online trading platforms.

Konecranes Oyj is a Finnish company, headquartered in Hyvinkää, which specializes in the manufacture and service of cranes and lifting equipment as well as the service of machine tools.

<span class="mw-page-title-main">Euronet Worldwide</span> Electronic payments company

Euronet Worldwide is an American provider of global electronic payment services with headquarters in Leawood, Kansas. It offers automated teller machines (ATM), point of sale (POS) services, credit/debit card services, currency exchange and other electronic financial services and payments software. Among others, it provides the prepaid subsidiaries Transact, PaySpot, epay, Movilcarga, TeleRecarga and ATX.

<span class="mw-page-title-main">CMC Markets</span> British foreign exchange company

CMC Markets is a UK-based financial services company that offers online trading in shares, spread betting, contracts for difference (CFDs) and foreign exchange across world markets. CMC is headquartered in London, with hubs in Sydney and Singapore. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

Worldpay Group plc was a payment processing company. It was formerly listed on the London Stock Exchange until 16 January 2018 when it was acquired by Vantiv. The combined company then took the name Worldpay, Inc. Worldpay, Inc. was acquired by FIS in July 2019 for $43 billion. In 2024, private-equity firm GTCR acquired a majority 55% equity interest in WorldPay.

<span class="mw-page-title-main">OFX (company)</span> Australian foreign exchange and payments company

OFX, previously known as OzForex, is an Australian online foreign exchange and payments company with headquarters in Sydney. The company provides money transfer services to individuals such as migrants and expatriates and small businesses as well as providing white-label international transfer services for Travelex, MoneyGram, Xero, Capital One 360 and Macquarie Group.

Versapay is a North American financial technology company headquartered in Miami, Florida. Versapay specializes in account receivable software and cash application for midsized businesses. It was listed on the TSX Venture Exchange under the symbol VPY between January 2010 and February 2020 when it was acquired by private equity firm Great Hill Partners for $126 million.

Travelex International Limited is a foreign exchange company founded by Lloyd Dorfman and headquartered in Peterborough, United Kingdom. Its main businesses are foreign currency exchange, issuing prepaid credit cards for use by travellers, supplying central banks with foreign currency and global remittance. Travelex operates more than 1,100 stores and 900 ATMs in over 20 countries.

A non-bank foreign exchange company also known as foreign exchange broker or simply forex broker is a company that offers currency exchange and international payments to private individuals and companies. The term is typically used for currency exchange companies that offer physical delivery rather than speculative trading. i.e. there is a physical delivery of currency to a bank account.

Moneycorp is a British payment company that provides foreign exchange and global payment services to individual and corporate customers. The company was founded in London in 1979. Its clients include individuals, corporations, and other financial institution. It has a branches in the United Kingdom, North America, Europe, Asia and a number of other countries.

SIX is a key financial market infrastructure company in Switzerland. The company provides services relating to securities transactions, the processing of financial information, payment transactions and is building a digital infrastructure. The company name SIX is an abbreviation and stands for Swiss Infrastructure and Exchange. SIX is globally active, with its headquarters in Zurich.

Monex Europe is a UK-based foreign exchange company that provides currency exchange and international payments to corporate and institutional clients.

<span class="mw-page-title-main">Bitstamp</span> Bitcoin exchange based in the UK

Bitstamp is a Luxembourg-based cryptocurrency exchange founded in 2011. It is the world’s longest-running cryptocurrency exchange. It allows trading between fiat currency, bitcoin and other cryptocurrencies, such as the U.S. dollar, the euro, the pound sterling, Ethereum, Litecoin, Ripple, Bitcoin Cash, Algorand, Stellar, and USD Coin. Business operations are conducted from its registered headquarters in Luxembourg City, with a satellite office in Ljubljana.

<span class="mw-page-title-main">Corpay</span> U.S. financial services company

Corpay, Inc. is a global business payments and spend management company that provides solutions that control expense-related purchasing and payment processes. Corpay is an S&P 500 company with a portfolio of brands that automate, secure, digitize and manage billions of payment transactions annually on behalf of businesses across more than 100 countries in North America, Latin America, Europe, and Asia-Pacific.

Paysafe Limited is a multinational online payments company. Paysafe offers payment processing, digital wallet and online cash systems to businesses and consumers, with particular experience of serving the global entertainment sectors. The group offers services both under the Paysafe brand and subsidiary brands that have become part of the group through several mergers and acquisitions, most notably Neteller, Skrill, SafetyPay, PagoEfectivo, Paysafecash and paysafecard.

<span class="mw-page-title-main">Swissquote</span> Swiss banking group

Swissquote Group Holding SA is a Swiss banking group specialising in providing online financial and trading services. Its headquarters are located in Gland, Switzerland. The Group's shares have been listed on the SIX Swiss Exchange under the ticker symbol "SQN" since 29 May 2000. The company had 1,134 employees in 2023. Swissquote Bank Ltd holds a banking licence issued by its supervisory authority, the Swiss Financial Market Supervisory Authority (FINMA).

Exchange Bank of Canada is a Schedule 1 domestic bank in Canada. EBC is a subsidiary of Currency Exchange International and specializes in wholesale foreign exchange solutions to financial institutions and businesses.

Crypto.com is a cryptocurrency exchange company based in Singapore that offers various financial services, including an app, exchange, and noncustodial DeFi wallet, NFT marketplace, and direct payment service in cryptocurrency. As of June 2023, the company reportedly had 100 million customers and 4,000 employees.

References

  1. Haugeneder, Rudy. "Victoria currency trader becomes a world leader". Victoria Weekend Edition
  2. "LIST OF THE WESTERN UNION COMPANY SUBSIDIARIES". United States Securities and Exchange Commission. Retrieved 19 March 2014.
  3. "Western Union to Acquire Custom House, Ltd". Payment News. Archived from the original on 19 March 2014. Retrieved 19 March 2014.
  4. Webber, Daniel. "Convera's Next Steps: Western Union Business Solutions' Reinvention As A Standalone Global Payments Company". Forbes. Retrieved 2022-10-26.
  5. "Victoria currency exchange house sold to Colorado company for US$370 million". Business in Vancouver.
  6. "Online FX". Western Union Holdings, Inc. Retrieved July 30, 2013. Western Union acquired Custom House, a foreign exchange and international payments company, in 2009 and owns and operates Custom House along with its products and services under the Western Union name.
  7. Duffy, Andrew. "Custom House founder Gustavson returns to currency game". Times Colonist.
  8. "Global Reach Group Expands Into Canada | Finance Magnates". Financial and Business News | Finance Magnates. Retrieved 2022-10-26.
  9. "Fleetcor Technologies (FLT-N) Quote - Press Release". The Globe and Mail. Retrieved 2022-10-26.