Magna Financial

What Magna Financial does

Magna Financial Ltd is a London-headquartered currency exchange and international payments broker serving both individual and corporate clients across the UK, UAE, and Spain. The company operates as an intermediary rather than a licensed payments institution, routing regulated transactions through FCA-authorised partners including Equals Money Plc (FRN 488396), The Currency Cloud Limited (FRN 900199), Sciopay Ltd, and their respective EEA entities. Its product suite comprises Personal Transfers and Business Transfers as primary service lines, augmented by a Multi-Currency Account supporting 100+ currencies and three contract types — Spot, Forward (up to one year rate lock), and Market Orders — for managing FX timing risk. The firm cites up to 5% savings versus typical bank rates and positions dedicated account managers as the core differentiator.

The business model is transaction-based: revenue is generated from the spread between quoted client rates and interbank rates on each currency conversion and transfer executed. Pricing is quote-driven and not publicly disclosed; clients must request a quote through the website to obtain specific rates. Distribution is sales-led and direct, with initial digital engagement via the website and quote forms, followed by relationship-manager-led conversion and retention. Marketing relies on organic social media (LinkedIn, Instagram, Facebook, X), a corporate website, and a market-updates content section. All customer engagement and testimonial evidence refers to small/individual personal-finance transactions rather than enterprise anchors, indicating a volume-driven model skewed toward retail and SMB clients.

The company was incorporated in England and Wales in 2014 (Registration No. 09284056) and is privately held with no disclosed institutional investors, funding rounds, or parent entity. Co-founder Saeed Abbassi is referenced as a key client-facing relationship manager. There are no patents, no proprietary AI/ML capabilities, no API or SDK, and no third-party integrations beyond the payment-service-provider stack. Operational scope is global in claim but concentrated in UK, UAE, and Spain offices, with services marketed to anyone needing international transfers for property purchase, relocation, family support, or business FX exposure.

Name

Magna Financial

Legal name

Magna Financial Ltd

Website

https://magnafinancial.co.uk

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

Magna Financial Ltd is a London-based currency exchange and international payments broker serving individual and corporate clients across the UK, UAE, and Spain. It offers spot, forward, and market-order FX contracts plus a 100+ currency multi-currency account, routing regulated transactions via FCA-authorised partners.

Ownership category

akta.pro rank

Product category

Currency Exchange and International Payments Brokerage

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

Cross-Border & FX Payments Platforms (BPAMAFAK), Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

Keywords

• Currency exchange services
• International money transfers
• Foreign exchange broker
• Multi-currency accounts
• FX risk management

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Currency Exchange and Transfer Services: Magna Financial generates revenue through the spread between the exchange rate they offer clients and the rates available in interbank markets. They facilitate international money transfers for personal and corporate clients, with dedicated account managers managing each relationship. Revenue is transaction-based, earned on each currency conversion and transfer executed.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Magna Financial is a currency exchange and international payment services broker that facilitates cross-border money transfers for personal and corporate clients across 100+ currency pairs. The firm offers dedicated relationship-managed service backed by a multi-currency account platform and three contract types (Spot, Forward, and Market Orders) to address immediate exchanges, rate hedging, and automated execution. Payment processing and regulatory compliance are delivered through FCA-authorized partner institutions (Equals Money Plc, Currency Cloud Limited, Sciopay Ltd, and Equals Money Europe S.A.).

Product overview

Magna Financial operates as a currency exchange and international payment services broker offering two primary service lines: Personal Transfers for individual clients conducting property transactions, relocations, and family transfers, and Business Transfers for corporate clients managing foreign exchange risk. The product suite includes specialized contract options—Spot Contracts for immediate exchanges, Forward Contracts for rate locking up to one year, and Market Orders for automated execution based on rate conditions. A Multi-Currency Account enables clients to manage funds across 100+ currencies. All services are supported by dedicated account managers and backed by FCA-authorized payment infrastructure partners.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Transfers

Quantifiable outcome

• Save up to 5% on currency exchange rates compared to typical bank rates

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• Equals Money PlccoreOthersEquals Money Plc is the primary payment services provider for Magna Financial. They are authorised as a Payment Institution by the Financial Conduct Authority (FCA) with Firm Reference Number 488396. Company registered in England & Wales No. 05539698. This partnership provides the regulatory framework and payment infrastructure for Magna Financial's services.
• Equals Money Europe S.A.coreOthersA Regulated Payment Institution supervised by the National Bank of Belgium (NBB). Company incorporated under the laws of Belgium with Registration No. 0849.185.510. Provides payment services for clients based in the European Economic Area.
• Sciopay LtdcoreOthersProvides payment services for Magna Financial. Company incorporated in England & Wales, Registration No: 12352935. Licensed and regulated by HMRC as a Money Service Business (MSB) with License No: XCML00000151326. Also authorised by FCA as an Authorised Payment Institution (FRN: 927951).
• The Currency Cloud LimitedcoreTechnology or IntegrationProvides payment and e-money services for Magna Financial. Registered in England No. 06323311, Office at 1 Sheldon Square, London, W2 6TT. Authorized by FCA under Electronic Money Regulations 2011 (FRN: 900199) for issuing electronic money.
• CurrencyCloud B.V.coreTechnology or IntegrationProvides e-money issuance and related payment services for clients based in the European Economic Area. Registered with Dutch Chamber of Commerce (No. 72186178), licensed and regulated by De Nederlandsche Bank as an Electronic Money Institution (Relation Number: R142701).

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Remitly: US-listed digital remittance and cross-border payments company focused on personal senders across migrant corridors. Comparable on cross-border personal transfer use cases, including MENA corridors served by Magna's Dubai office.
• Moneycorp: Established UK FX broker serving personal and corporate clients with international payments, forwards, and multi-currency accounts. Comparable in product breadth, target segments, and emphasis on expert-led service for property, education, and corporate treasury use cases.
• TorFX: UK-based currency broker offering personal and business international payments with dedicated account managers and forward contract options. Closely comparable relationship-led model and target customer segments, particularly for property purchase and relocation transfers in the UK.
• Currencies Direct: UK-headquartered FX and international payments broker serving both personal and corporate clients with dedicated account managers. Directly comparable in product mix (spot transfers, forwards, multi-currency accounts) and go-to-market approach, competing for the same mid-market UK and European client base as Magna.
• WorldRemit: Digital cross-border payments specialist serving personal senders across multiple corridors, including Europe-to-MENA. Comparable on cross-border personal transfers and multi-currency flows, but operates a self-serve digital model rather than relationship-led service.
• OFX: Global currency broker (formerly OzForex) offering personal and business international transfers, forward contracts, and multi-currency accounts. Comparable in product set and dual-segment focus, though larger and publicly listed, operating at higher scale.

Broad incumbents

• Wise: Large publicly listed cross-border payments and multi-currency account provider with proprietary regulatory licenses across major corridors. Comparable on core products (multi-currency account, international transfers) but operates a digital self-serve model at materially greater scale and lower price points than Magna.
• Revolut: Global digital banking super-app offering multi-currency accounts, FX, and international transfers with embedded e-money licenses. Overlaps with Magna's personal transfer use cases but competes primarily on price transparency and self-serve digital UX rather than relationship management.
• Western Union: Global incumbent in cross-border money transfers and FX with broad retail and digital distribution. Comparable on cross-border payments and multi-currency services, though at vastly larger scale and focused on remittance rather than corporate FX hedging.

Others

• Equals Money: UK-based FCA-authorized payment institution providing corporate and personal FX, multi-currency accounts, and payments infrastructure. Comparable product surface but acts as Magna's regulated payment services partner and infrastructure provider rather than direct competitor.

Market position

Strengths4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/magnafinancials
• Facebookfacebook.com/magnafinancialpage
• LinkedInlinkedin.com/company/magna-financial-ltd
• Instagraminstagram.com/magna_financial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Magna Financial