Currencies Direct relaunches as Redpin
Redpin launches following £140m backing from Blackstone to revolutionise payments and embedded software across the international property market
Redpin launches amid new strategy to become market leader in embedded software and payments in the $4.5Trn a year residential property market
New strategy follows previous £140 million Blackstone strategic investment into the company, jointly-controlled by private equity backers, Palamon Capital Partners and Corsair
Group CEO Arnaud Loiseau appointed from WorldRemit (Zepz) and Candy Crush creator King
Existing consumer-facing brands Currencies Direct and TorFX to continue operations under new Redpin group umbrella
Redpin Holdings Limited - owner of leading global digital international payment services to private clients and SMEs Currencies Direct and TorFX – launches as it implements a new strategy to become the market leader in embedded software and payments for residential property.
The new strategy follows an earlier £140 million strategic investment from Blackstone Tactical Opportunities (“Blackstone”). Redpin plans to continue investing in its existing international payment network and services as well as grow through select acquisitions of property technology companies globally.
Arnaud Loiseau, formerly international CEO of WorldRemit (now Zepz) and Vice President at King, has been appointed as CEO of the new group to drive the new strategy, talent acquisition and M&A transactions.
Arnaud Loiseau, CEO of Redpin, said: “The residential property sector is home to life’s most important payments but also the most frighteningly complex and fragmented ecosystem in the world. Change is long overdue, and Redpin plans to connect the dots for consumers and businesses across the ecosystem – from legal service firms, title companies and estate agents to property managers – by providing a seamless SAAS* and international payment experience”.
“I am excited to scale a business that can make a real change in a huge market ripe for disruption and partner with world class private equity investors and the brightest minds and companies across fintech and proptech.”
Ali Rahmatollahi, Partner at Palamon, and Raja Hadji-Touma, Partner at Corsair commented: ”We are delighted to have Blackstone alongside us at this pivotal moment in the company’s history as Arnaud and team leverage Redpin’s incredible market position and growth profile built over the past 8 years to transform the residential property sector. We are confident that Redpin is well-positioned to become a category-defining company and are pleased to be supporting the team in reaching its global ambitions.”
Qasim Abbas, Senior Managing Director at Blackstone, said: “Today’s announcement marks an exciting next chapter for Redpin as it sets out to transform international payments and vertical software for the residential property market, an industry that has historically been underserved. With our backing, alongside that of Palamon and Corsair, we look forward to seeing what Arnaud and the team will achieve in attracting some of the world’s top software and technology talent, and proptech companies seeking to bring innovation to the industry.”
New strategy
A scale-up with significant backing and established consumer-facing brands garnering industry-leading Trustpilot scores, Redpin operates a global payment network that securely serves customers and SMEs in over 235 territories across over 1,800 currency pairs, transacting more than $12.6 billion in the last financial year.
Headquartered in London, the company employs over 800 colleagues operating across the UK, EU, USA, South Africa, Australia, New Zealand and India. Through acquisitions, new partnerships and new product development, Redpin plans to scale its offering beyond its existing international payment and industry-leading customer service to include best-of-breed vertical software services to legal service firms, title companies, property managers, escrow and estate agents. The total addressable market for the residential property sector has flows of $4.5 trillion per annum, of which $180 billion are in foreign exchange alone, according to Redpin analysis.
New leadership and backing
Arnaud Loiseau has been appointed to lead the new Redpin Group as CEO and executive board member. Arnaud joined from Worldremit (now Zepz), a leading digital international money transfer group, where he was CEO, International. There, he led the non-US P&L of the business, had global ownership for product, marketing, business development, payment and pricing functions and was part of the executive management team that led the $292M Series E and acquisition of Sendwave in 2021. Prior to this, Arnaud was Vice President at King - the developer of Candy Crush and issuer of $7Bn IPO on NYSE before its subsequent sale to Activision - holding various senior roles in new product, corporate development, strategy and publishing.
Arnaud also gained extensive M&A and Corporate Development experience at UBS Investment Bank, Bertelsmann and Reuters and holds an MBA from Harvard Business School and MEng from Ecole Polytechnique in France.
In line with Redpin’s ambitions, Arnaud will lead M&A transactions and scale product and technology talent to create a new category leader in payments and vertical software for the residential property industry and beyond.
The launch of Redpin follows a £140 million strategic investment from funds managed by Blackstone Tactical Opportunities, which was made in partnership with existing investors Palamon Capital Partners, a pan-European growth investor, and Corsair, a leading private equity firm targeting services, software, and payments investments in the financial services market.