China's Ant Financial is in 'advanced talks' to buy London-based currency exchange World First for USD 700 million.
The takeover could be completed in a matter of weeks, making it the most significant acquisition of a UK-based fintech firm by a Chinese financial services company.
World First co-founders Jonathan Quin and Nick Robinson started the company in a basement in south London in 2004.
It has since grown to become one of the country’s fastest growing fintech firms with offices globally.
World First offers foreign exchange and hedging services to businesses and individuals looking to buy currencies and has transferred more USD 76 billion for clients since it was founded.
Source: The Telegraph