ChangeGroup & Prosegur Change

What ChangeGroup & Prosegur Change does

ChangeGroup & Prosegur Change is a global retail foreign exchange operator serving international travellers across 100+ physical branches in 37 cities on three continents (Europe, North America, Oceania). Founded in 1991/1992 by Sacha Zackariya and now a wholly-owned subsidiary of Madrid-listed security conglomerate Prosegur, the company offers foreign currency exchange in 60+ currencies, tax-free shopping refunds, Western Union money transfers, cash management services for retailers and hospitality venues, and a proprietary ATM network deployed across Europe, the USA, and Australia. Technology stack combines in-branch POS (IMX Software) and an Adobe Commerce-based Travel Money Online platform with home delivery, branch pickup, and Post Office collection; complementary regulated products are provided in partnership with FCA-authorized Equals Money Plc and Belgium-supervised Equals Money Europe S.A.

The revenue model is transaction-based, monetized primarily through the spread on currency conversion (with 0% commission advertised on online orders) plus interchange on the proprietary Cash Passport Platinum Mastercard travel card, commissions on Western Union and Tax Free refunds, ATM fees, and B2B Global Forex Transfers distributed through Convera covering 140+ currencies in 200 territories. Customer segments span three groups: international travellers (primary, retail/long-tail), business customers requiring international payments (secondary), and retailers/hospitality venues needing cash management (secondary). The company employs approximately 600 staff across 80+ nationalities and serves roughly 5 million customers per year, with regulatory licenses held in 13+ jurisdictions including FCA, BaFin, FMA, Finansinspektionen, Finanstilsynet, MAS, and US MSB registrations.

Strategic posture under Prosegur ownership has shifted toward global consolidation and product extension: a new Global Managing Director was appointed in 2025, recent regulated entity registrations in Singapore, Iceland, and New Zealand evidence ongoing geographic buildout, and partnerships with Convera (B2B FX) and Orange Travel (eSIM) extend the addressable wallet beyond pure currency exchange. The business remains fundamentally a mature, regulated, branch-anchored consumer financial services franchise with limited proprietary AI capabilities and disclosed growth concentrated in adjacent travel-services adjacencies rather than core FX.

Name

ChangeGroup & Prosegur Change

Legal name

The Change Group International Plc

Website

https://changegroup.com

Company type

Private

Founded year

1992

Operating status

Operating

Headcount range

251–500 employees

Short description

ChangeGroup & Prosegur Change is a Prosegur-owned global retail foreign exchange operator serving international travellers through 100+ branches in 37 cities, offering currency exchange in 60+ currencies, travel money cards, tax-free refunds, money transfers, and B2B FX via Convera.

Ownership category

akta.pro rank

Product category

Retail Foreign Currency Exchange Services

akta.pro primary industry

Cross-Border Payments & FX (multi-currency wallets, DCC, remittance) (THALAHAE)

akta.pro secondary industries

Remittances & Retail FX (Consumer Cross-Border) (FSABAAAK), Cross-Border FX, Multi-currency Settlement & Dynamic Currency Conversion (THACAJAF), Cross-Border Card-Based Transfers & Multi-Currency Cards (FSAGAKAE)

Keywords

• Foreign currency exchange
• Travel money services
• Tax free refunds
• International money transfers
• Prepaid travel cards

Headquarters

HQ country

United Kingdom

HQ region

Europe

Offices14 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Currency Exchange Services: Foreign currency exchange for travellers offering 60+ currencies with competitive rates and 0% commission on online orders
2. Travel Money Online: Online currency ordering with home delivery or branch pickup, generating revenue through exchange rate margins
3. Travel Money Card: Prepaid multi-currency travel card (Cash Passport Platinum Mastercard) with reloadable functionality for 10 currencies
4. Tax Free Shopping Refunds: Instant tax free shopping refunds service for international travellers
5. Western Union Transfers: International money transfer services through Western Union partnership
6. Cash Management for Retailers: Cash management services for retailers and hospitality venues
7. ATM Network: Proprietary ATM network operations
8. International eSIM Cards: Partnership with Orange Travel for international eSIM cards

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

ChangeGroup operates a global retail foreign currency exchange business, providing access to 60+ currencies at competitive rates through a network of more than 100 physical bureaus across 37 cities on 3 continents, complemented by an online Travel Money ordering platform with 0% commission, home delivery, and branch pickup. The portfolio is rounded out by Tax Free Refunds, Western Union international money transfers, Global Forex Transfers for businesses, a multi-currency prepaid travel money card, an international eSIM offering, BuyBack Protection on unused currency, and Cash Management services for retailers and hospitality venues.

Product overview

ChangeGroup & Prosegur Change operates as a unified product portfolio centered on currency exchange and international payment services. The core offering consists of in-branch and online currency exchange (Travel Money Online) providing access to 60+ currencies at competitive rates with 0% commission. This is supplemented by complementary services including Tax Free Refunds, Western Union money transfers, ATM Network, and Global Forex Transfers (via Convera partnership for business customers). Additional travel-focused products include the Cash Passport Platinum Mastercard travel money card, International eSIM cards (via Orange Travel partnership), and BuyBack Protection for unused currency. The company also develops proprietary ATM systems and payment technologies deployed across Europe, USA, and Australia. The portfolio is offered across 100+ exchange bureaus in 37 cities on 3 continents.

Differentiator

Problem solved

Functional benefit

Products and services

• Currency Exchange / Travel Money (in-branch) Foreign currency exchange offered at ChangeGroup's 100+ physical bureaus in 37 cities across 3 continents, providing walk-in access to 60+ different currencies, including exotic pairs, at competitive rates for international travellers; supported by credit card cash advances, tax free refunds, Western Union transfers, and ATM network access within branches.
• Travel Money Online Online ordering platform letting customers reserve 60+ currencies, including exotic ones, at competitive rates with 0% commission, with delivery to a strategically located ChangeGroup branch (airport, city centre), the customer's home, or the nearest Post Office.
• Tax Free Refunds Instant tax free shopping refund service that lets international tourists recover VAT on eligible purchases made at retailers near ChangeGroup branches, supporting both travellers and local retail footfall.
• Western Union International Money Transfers Counter-based Western Union service for sending and receiving international money transfers instantly to and from worldwide destinations, leveraging ChangeGroup's retail branch footprint.
• Global Forex Transfers (with Convera) Business-focused international transfers and payments service delivered in partnership with Convera, giving ChangeGroup's corporate customers access to 140+ currencies across 200 territories and countries for cross-border business payments.
• Cash Management for Retailers & Hospitality Venues B2B cash management service offered by ChangeGroup to retailers and hospitality venues, supporting efficient cash handling and the ability to serve large numbers of international customers in travel-frequented zones.
• ATM Network Proprietary ATM network operated by ChangeGroup across Europe, the USA, and Australia, providing cash dispensing and FX services through the group's own ATM systems and Dynamic Currency Conversion technology.
• Travel Money Card (Cash Passport Platinum Mastercard) Reloadable prepaid multi-currency travel card available in 10 currencies, secured by Mastercard, accepted in over 140 countries with no purchase fees abroad; issued via Equals Money International Limited under Mastercard licence and distributed through Prosegur Change branches in Australia (Melbourne and Brisbane airports and city centres).
• International eSIM Card International eSIM card service offered by Prosegur Change in partnership with Orange Travel, providing fast and budget-friendly mobile connectivity in over 200 destinations.
• BuyBack Protection Buyback guarantee that lets customers return unused travel money at the original exchange rate paid, reducing exchange-rate risk for travellers holding leftover foreign currency.

Quantifiable outcome

• Serving 5 million customers per year
• +1 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

AI capability3 records

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Tree FoundationcoreOthers · 1 January 1996Tree Foundation is ChangeGroup's core charitable partner since 1996, providing educational grants to talented individuals in Sri Lanka and developing world, disaster relief, and supporting over 300 children annually with education.
• ConveracoreStrategic or Co-development PartnerChangeGroup partnered with Convera to offer Global Forex Transfers for business customers needing international payments. The partnership covers 140+ currencies across 200 territories and countries.
• Equals Money PlccoreChannel Partner/ Reseller/ DistributorChangeGroup's regulated products and services are provided in partnership with Equals Money Plc, authorised as a Payment Institution by the FCA (FRN 488396).
• Roqqett LimitedcoreChannel Partner/ Reseller/ DistributorChangeGroup's regulated products/services are provided in partnership with Roqqett Ltd, authorised as a Payment Institution by the FCA (FRN 925174).
• Equals Money Europe S.A.coreChannel Partner/ Reseller/ DistributorChangeGroup's regulated products/services are provided in partnership with Equals Money Europe S.A., a Regulated Payment Institution supervised by Belgium's National Bank.
• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union international money transfer services available at ChangeGroup branches for sending and receiving money worldwide.
• United World SchoolsminorOthersChangeGroup has provided over $50,000 in funding to support development of primary schools in Nepal, Cambodia and Myanmar, and funds annual running costs including teaching staff at a school in Koh Key, Cambodia attended by 114 children.
• Evening Standard and Independent NewspaperscoreOthersChangeGroup partnered with The Evening Standard and Independent Newspapers (ESI) to donate 50% of UK Travel Money Online profits to the Homeless Fund, administered by London Community Foundation.
• Orange TravelminorGTM or Marketing PartnerProsegur Change partnered with Orange Travel to offer fast and budget-friendly connectivity through international eSIM cards in over 200 destinations.
• Get Your GuideminorGTM or Marketing PartnerChangeGroup partnered with Get Your Guide to offer travel experiences from hidden gems to exhilarating activities.
• HIBERUS TECNOLOGÍAS DE LA INFORMACIÓN, S.LminorImplementation/ SI/ Consulting PartnerHIBERUS TECNOLOGÍAS maintains ChangeGroup's eCommerce platform with access only for support purposes.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Travelex: Travelex is the largest global retail foreign exchange and travel money provider, operating bureau de change, online travel money, and multi-currency prepaid cards across airports, city centres, and online. Directly comparable to ChangeGroup in physical retail FX footprint, product mix, and customer segments (international travellers and business customers).
• Post Office Travel Money: Post Office Travel Money is the UK's largest high-street travel money provider, offering bureau de change, online ordering, and travel money cards across thousands of UK branches. Comparable to ChangeGroup on consumer travel FX, with significantly larger UK distribution but a narrower international branch footprint.
• No1 Currency: No1 Currency is a UK retail foreign exchange bureau de change and travel money provider with branches primarily in travel-heavy locations. Comparable to ChangeGroup on consumer-facing FX at airports and city centres, with overlapping competitive set in the UK retail FX market.
• Tesco Travel Money: Tesco Travel Money provides bureau de change and travel money card services via supermarket branches and online in the UK. Directly comparable to ChangeGroup on the retail FX/travel money proposition, differentiated by grocery-store footfall and Tesco Bank infrastructure rather than airport/city-centre tourist locations.
• Currencies Direct: Currencies Direct is a UK-headquartered foreign exchange specialist offering international payments, currency exchange, and travel money services to consumers and businesses across multiple geographies. Comparable to ChangeGroup on consumer and SMB FX/payments, with overlap in multi-currency delivery and travel money cards.
• Eurochange: Eurochange (formerly ICE) is a UK-headquartered retail currency exchange and travel money specialist with a branch network across UK high streets and travel hubs. Closely comparable to ChangeGroup on product (bureau de change, travel money, multi-currency card) and on UK-centric consumer FX customer base.

Emerging players

• Revolut: Revolut is a digital banking and multi-currency card provider offering in-app currency exchange, international transfers, and travel cards to consumers and businesses. Comparable to ChangeGroup on consumer multi-currency travel money; it is the principal digital substitute eroding walk-in FX volume.
• Wise: Wise (formerly TransferWise) is a digital-first cross-border payments and multi-currency account provider offering near-mid-market FX rates to consumers and businesses. Comparable to ChangeGroup on the cross-border consumer FX problem, differentiated by a digital-only, no-branch model that pressures traditional bureau-de-change volumes.

Broad incumbents

• Convera: Convera is a global B2B cross-border payments and foreign exchange provider serving businesses, education, and financial institutions in 140+ currencies across 200 territories. ChangeGroup partners with Convera to deliver its Global Forex Transfers product, and Convera's B2B FX scope makes it the closest comparable in the corporate FX segment.
• Western Union: Western Union is a global cross-border money transfer and FX giant, offering consumer remittances, business payments, and prepaid cards. ChangeGroup distributes Western Union at its branches (revenue share partner) and competes in adjacent consumer FX corridors, making it both a channel partner and a broader-market incumbent.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/changegroup-prosegurchange

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries16 records

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 ChangeGroup & Prosegur Change