Tech-entrepreneur Rupert Lee-Browne started Caxton FX with £25,000 and a telephone. What started as a one man initiative has grown on to become an industry leader with an annual turnover of £750 million, experiencing year-on-year growth.
The online currency specialist has become one of the leading financial services in Europe, making its success through offering consumers bank-beating exchange rates. Based in London, Caxton FX offer commission-free currency exchange for businesses and individuals; their services include prepaid cards and international money transfer for both corporate and private clients.
In 2011 Caxton FX was faced with the challenge of raising funds to increase growth. In order to raise money for working capital, Rupert launched his own retail bonds which paid investors a fixed interest rate of 7.25 per cent over four years. Rupert raised £3.9 million through this to help grow Caxton FX further and faster. Caxton FX is one of a handful of smaller, entrepreneurial companies to have appealed to customers and the wider public for funds after banks raised prices and tightened controls.
With an annual turnover of over £760m, Rupert’s role today sees him guide the business, helping the team to progress so that Caxton FX maintains its position as one of the leading foreign exchange companies. James Hickman, Managing Director, who joined from Brewin Dolphin in 2003, has key oversight of the growth and innovation of the business; making sure Caxton FX is able to offer services and value that benefit their customers.
As a leading champion of SMEs in the UK, Caxton FX is fore fronting the Business without Borders campaign which aims to understand the issues facing SMEs looking to expand their business and trade overseas. A key component of this activity was to identify what holds Britain’s SMEs back and Caxton FX commissioned a YouGov survey to understand exactly what the barriers to trading abroad are. Caxton FX is also currently working closely with UK Trade & Investment in promoting exporting, encouraging British businesses to take “Brand Britain” overseas.
Caxton FX is currently embarking on its next steps for the business which will see the expansion of the pre-paid card service on a corporate card platform, allowing businesses to better manage their overseas expenses, and also developing its brand presence on an international level.
For further information, Caxton FX can be contacted here:
Tel: 0845 222 2639
Outside UK: +44 (0) 20 7201 0526
Fax: 0845 052 9354