55. Whites FX
The customer service-driven foreign exchange provider shaking up international payments
Founders: Jack Horton and Freddie Reid
Founded: October 2012
Working in the finance and foreign exchange industry at different levels, Jack Horton and Freddie Reid observed that most mainstream foreign exchange firms have a similar feel; often emphasising transactions over customer service, they are also almost exclusively based in the City and hence have a strong association with banking and finance institutions. The duo created Whites FX to offer a fresh approach to this staid market – the Nottingham-based firm has customer service and relationship management built into its very core.
Each new customer is assigned a dedicated ‘dealer’ who will get to know their business inside out, helping them to manage the tricky foreign exchange process in a way which suits them. Added to this, Whites guarantees a better exchange rate for firms than traditional interbank FX services, committing to a level of transparency and cost-effectiveness difficult to find elsewhere. Processing just over £57m through the platform in its first 12 months of trading, Whites is hot on the heels of competitors such as Kantox. Its pioneering business model means it is already profitable and the founders have rapid expansion in sight as they launch an ambitious plan to crack the US market.