FAIRFX
FairFX is a UK-based multi-currency payments platform offering a prepaid Mastercard supporting 21 currencies across 190+ countries. Operating within Equals Group Plc, it serves individual travelers, families, and SMBs via self-serve digital onboarding.
- Company typePrivate
- Founded2007
- HeadquartersLondon, United Kingdom
- Headcount51–100
- GTM typeB2C
- OfferingServices
What FAIRFX does
FairFX is a UK-based multi-currency payments platform operating as a trading style of Equals Money Plc within the Equals Group Plc holding structure. It issues a prepaid Mastercard that holds up to 21 major currencies on a single card, accepted at more than 35 million merchant locations across 190+ countries, and serves individual travelers, families (including cardholders aged 13+), small business owners, and UK domestic spenders seeking lower-cost foreign currency spending and remittance alternatives to high-street banks. The platform has cumulatively processed over GBP 10 billion since launch, issued more than 1 million cards, and serves over 1 million customers.
The core technology stack is a multi-currency prepaid Mastercard platform delivered through a web dashboard and iOS/Android mobile apps, with proprietary features including an automatic wallet alignment system that prioritizes conversions across 15 supported currencies, up to 10 linked cards per account with shared or separate balances, instant virtual card issuance, in-app PIN viewing, card pause/resume controls, and digital-wallet tokenization through Apple Pay, Google Pay, and Samsung Pay. Card issuance is conducted by Equals Money International Limited under an Electronic Money Institution license (FCA FRN 900493), with the wider platform authorized as a Payment Institution (FCA FRN 488396) and customer funds safeguarded in segregated accounts at CitiBank, Royal Bank of Scotland, and Barclays.
FairFX's revenue model is transaction-based: ATM withdrawal fees (GBP 1.00 UK and international), over-the-counter cash withdrawal fees (GBP 2.00 + 3.75%), foreign currency transaction fees (2.25% on non-supported currencies), GBP 6 card-replacement fees after the first free replacement, GBP 2 monthly expired-card administration fees, a GBP 5 GBP-to-GBP transfer refund fee, and cashback rebate revenue share from UK retail partners including Sainsbury's, Boots, and Argos. The international payments business adds FX margin across 40+ directly supported currencies (with 100+ accessible via in-house experts). Customer acquisition is product-led and self-serve through fairfx.com and the mobile apps, supported by earned-media coverage in BBC, The Guardian, Financial Times, City AM, and the New York Times.
FAIRFX firmographics
Firmographics- Name
- FAIRFX
- Legal name
- Equals Money Plc
- Website
- https://fairfx.com
- Company type
- Private
- Founded year
- 2007
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- FairFX is a UK-based multi-currency payments platform offering a prepaid Mastercard supporting 21 currencies across 190+ countries. Operating within Equals Group Plc, it serves individual travelers, families, and SMBs via self-serve digital onboarding.
- Ownership category
- akta.pro rank
FAIRFX industry classification
Industry- Product category
- Multi-Currency Prepaid Cards and Consumer FX Payments
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232)
- akta.pro primary industry
- Travel Money Cards & Multi-Currency Prepaid (FSAMANAI)
- akta.pro secondary industries
- Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF), Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE), Card-Based Cross-Border Payments & FX Settlement (FSAMAIAD)
Keywords
Where FAIRFX is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices5 records
Markets served
FAIRFX business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Supply Chain
Revenue model
- Card Transaction Fees: Revenue from ATM withdrawal fees (£1.00 UK and international), over-the-counter cash withdrawal fees (£2.00 flat + 3.75%), and foreign currency transaction fees (2.25% for non-supported currencies)
- Card Replacement Fees: Revenue from replacement cards after first free replacement (£6 per subsequent replacement)
- Expired Card Administration: Revenue from expired cards with leftover balances (£2.00 per month)
- GBP to GBP Transfer Fee: Refund fee of £5.00 for GBP to GBP transfers
- Cashback Rebates: Revenue share or rebates from participating retailers where customers earn up to 3.5% cashback
- International Payments: International payment services for 40+ currencies with access to 100+ through in-house experts
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard Account - Personal use |
| Transaction based/ take rate | Pay-as-you-go | Standard Account - Business and personal use |
| Transaction based/ take rate | Pay-as-you-go | Basic Account - Personal use only |
| Transaction based/ take rate | Pay-as-you-go | Linked Cards |
| Transaction based/ take rate | Monthly | Cashback Rewards |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels7 records
FAIRFX product offering
Product offeringCore offering
FairFX is a UK-based multi-currency payments platform that issues a prepaid Mastercard allowing customers to hold up to 21 major currencies on a single card, usable in 190+ countries at 35 million+ merchant locations. The core offering consists of physical and virtual multi-currency cards, linked sub-cards for family/shared balances, and an international payments service for cross-border money movement in 40+ currencies (£0 transfer fee). Revenue is generated primarily through ATM withdrawal fees, foreign currency conversion margins, card replacement charges, and FX spreads on international payments.
Product overview
FairFX is a multi-currency payment services platform operated by Equals Group Plc. The offering consists of the FairFX Currency Card (core prepaid multi-currency Mastercard) as the primary product, supplemented by Linked Cards for family/friend sharing, Virtual Cards for online transactions, and International Payments for cross-border money movement. The platform supports holding 21 currencies on a single card, available as physical or virtual cards, with digital wallet support (Apple Pay, Google Pay, Samsung Pay). Related brands within Equals Group include Equals Money for business customers and CardOneMoney for current accounts.
Differentiator
Problem solved
Functional benefit
Brands
- Equals Money: Business-focused brand offering international payments, expense management, and payment platforms under the Equals Group.
- CardOneMoney
Products and services
- FairFX Currency Card (Multi-Currency Card) A prepaid Mastercard that lets customers hold and spend in 21 major currencies (GBP, EUR, USD, AUD, CAD, DKK, HKD, HUF, JPY, NZD, NOK, PLN, ZAR, SEK, CHF, AED, CZK, ILS, RON, SGD, TRY) across 190+ countries at 35 million+ Mastercard-accepting locations. Available as either a personal-use Basic or Standard account (with optional business use under Standard), with free card loads, free point-of-sale spending in supported currencies, 2.25% out-of-currency fee, and cashback rewards up to 3.5% at participating UK retailers.
- Virtual Cards Instant-issue virtual prepaid cards issued under the FairFX multi-currency card programme for immediate online and digital-wallet spending without waiting for physical card delivery. Tokenised into Apple Pay, Google Pay and Samsung Pay (Standard accounts only) for contactless payments.
- Linked Cards Additional prepaid cards linked to a primary FairFX Currency Card, allowing funds to be shared with friends, family and helpers (including teenagers aged 13+). Each linked card has its own spend controls, PIN, pause/resume, ATM withdrawal limit of £1,500/day, and inherits cashback rewards.
- International Payments Foreign exchange and international payment service letting customers send money abroad in 40+ currencies online (with access to 100+ currencies via in-house specialists). Includes competitive exchange rates and £0 international payment transfer fees through the platform.
- Travel Cash Foreign currency cash exchange service allowing UK customers to buy and collect physical travel money, available online via fairfx.no1currency.com and at three central London stores opened in 2018.
Quantifiable outcome
- Processed £10+ billion since 2005
- +3 more outcomes
Companies that use FAIRFX
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles2 records
FAIRFX technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature7 records
FAIRFX partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core and minor.
- MastercardcoreMastercard is the payment network partner enabling card acceptance at 35 million+ locations in 190+ countries. FairFX cards are issued pursuant to Mastercard license.
- Equals Money International LimitedcoreSubsidiary of Equals Group that issues FairFX cards as an FCA-authorized Electronic Money Institution (FRN 900493). Cards are issued pursuant to Mastercard license.
- Valitor Payment Services LtdcoreCard issuer and e-money institution that safeguards customer funds and ensures segregation of client money from operational assets. Holds funds in safeguarded accounts at CitiBank.
- CitiBank UK LimitedcoreBanking partner for safeguarding customer funds held in segregated, safeguarded accounts separate from company assets.
- Barclays Bank PLCcoreBanking partner for safeguarding customer funds held in segregated, safeguarded accounts.
- Royal Bank of ScotlandcoreBanking partner for safeguarding customer funds held in segregated, safeguarded accounts.
- No1 LoungesminorAirport lounge access partner offering FairFX customers 25% discount on lounge access.
- HertzminorCar hire partner offering 10% discount and complimentary Hertz Gold Plus Rewards membership.
- EatWithminorCulinary experiences partner providing access to authentic food events in 110 countries with €10 booking discount.
- Holiday ExtrasminorAirport services partner offering 10% discount on airport parking and hotels.
- Sainsbury'sminorUK retailer partner for cashback rewards program (up to 3.5% cashback).
- BootsminorUK retailer partner for cashback rewards program (up to 3.5% cashback).
- Equals GroupcoreParent company of Equals Money Plc. FairFX is a trading style within Equals Group, which also includes Equals Money (business) and CardOneMoney brands.
Scale indicators9 records
Recent moves8 records
Expansion highlights6 records
FAIRFX competitors and assessment
Company assessmentDirect peers
- Revolut: UK-headquartered super-app fintech offering multi-currency cards, international payments, and FX at near-interbank rates. Directly competes with FairFX on multi-currency prepaid cards and cross-border spending for UK consumers and SMBs.
- Wise (formerly TransferWise): Cross-border payments specialist offering multi-currency accounts and a debit Mastercard for international spending. Directly comparable to FairFX on international payments and multi-currency consumer propositions, with a stronger brand in pure FX.
- WeSwap: UK-focused multi-currency prepaid Mastercard provider. Closest direct head-to-head competitor to FairFX in the consumer travel money card segment with similar UK customer base and product positioning.
- Curve: All-in-one payment card that aggregates multiple cards and offers multi-currency spending. Competes with FairFX in the consumer multi-currency card space with a different aggregation-led model.
- Currencies Direct: UK-headquartered FX specialist offering international payments and currency cards for individuals and businesses. Directly comparable to FairFX on personal FX cards and international payment services.
Broad incumbents
- Monzo: UK digital challenger bank offering fee-free foreign spending and travel-friendly debit cards. Competes with FairFX on UK consumer cross-border spending but as part of a broader current account proposition.
- Starling Bank: UK digital bank with fee-free foreign spending on personal and business accounts. Adjacent competitor to FairFX in the consumer and SMB cross-border spending segment, with FSCS-protected deposits.
- N26: European digital bank offering multi-currency accounts and travel-friendly cards. Comparable to FairFX on multi-currency consumer card proposition, primarily serving continental Europe.
- Western Union: Global cross-border money movement and FX giant. Comparable to FairFX on international payments and currency services but at much greater scale and with a cash-pickup-led model.
- MoneyGram: Global cross-border payments and FX provider. Adjacent competitor to FairFX's international payments business, with a broader remittance-led proposition.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
FAIRFX social profiles
Digital presenceFAIRFX compliance and trust
Trust signalCompliance5 records
FAIRFX financial estimates
Financial estimateRevenue estimate
Valuation estimate
FAIRFX leadership team
Management profileNumber of profiles
Profiles7 records
FAIRFX funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
FAIRFX M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about FAIRFX
What does FAIRFX do?
FairFX is a UK-based multi-currency payments platform that issues a prepaid Mastercard allowing customers to hold up to 21 major currencies on a single card, usable in 190+ countries at 35 million+ merchant locations. The core offering consists of physical and virtual multi-currency cards, linked sub-cards for family/shared balances, and an international payments service for cross-border money movement in 40+ currencies (£0 transfer fee). Revenue is generated primarily through ATM withdrawal fees, foreign currency conversion margins, card replacement charges, and FX spreads on international payments.
Is FAIRFX a public or private company?
FAIRFX is a private company. It is classified as corporate owned and is currently operating.
When was FAIRFX founded?
FAIRFX was founded in 2007. It employs 51 to 100 people.
Where is FAIRFX based?
FAIRFX is headquartered in London, United Kingdom, in the Europe region.
How does FAIRFX make money?
Six revenue lines are on record. Card Transaction Fees are the primary driver. The others are card Replacement Fees, expired Card Administration, GBP to GBP Transfer Fee, cashback Rebates and international Payments.
Who are FAIRFX's main competitors?
Direct peers on record are Revolut, Wise (formerly TransferWise), WeSwap, Curve and Currencies Direct. Broad incumbents are Monzo, Starling Bank, N26, Western Union and MoneyGram.
Does FAIRFX have an API?
No public API is recorded for FAIRFX.
What industry is FAIRFX in?
FAIRFX's product category is Multi-Currency Prepaid Cards and Consumer FX Payments. Its primary akta.pro industry code is FSAMANAI, Travel Money Cards & Multi-Currency Prepaid, with a secondary code of FSAGAKAF, Multi-Currency Accounts, Wallets & FX Management (Consumer/SME). Its NAICS code is 52232.