Monex Europe S.A., a commercial foreign exchange specialist, has relocated to a larger office in downtown Luxembourg to accommodate its growth and future expansion plans and ambitions to expand its services in private equity and investment funds.
The Luxembourg-headquartered firm, which also has a sales office in the Netherlands, received regulatory approval in December 2020 and launched operations in February 2021. Since then, the company has expanded its European operations, significantly increased its client base and enhanced its product offerings. Monex Europe has also grown its team of foreign exchange specialists in Luxembourg.
The move positions Monex Europe to better serve clients across the European Union, expanding its presence in the private equity and funds sectors. The company is part of Monex S.A.P.I. de C.V., a global financial services group headquartered in Mexico, and provides foreign exchange and payment services to clients across the European Economic Area.
Luxembourg key to expansion in Europe
“Signing a long-term lease for our new Luxembourg location reflects our rapid growth and gives us space to further expand in the region,” Percy Golergant, executive director at Monex Europe, said in a statement.
“Our Luxembourg location is key to expanding Monex’s European operations and delivering high-quality service to corporate and institutional clients post-Brexit,” said Carlo Biondi (photo) another executive director at Monex Europe. We’re excited to be part of the company’s next growth chapter.”
The move follows the firm’s successful European operations expansion and an 80% workforce growth over the last three years, particularly in Luxembourg.
Mexican-owned
Founded in 2006 as Schneider Foreign Exchange by Sonny Schneider, Nick Edgeley, Will Tracey, Shelton Fray, and Antony North, the company has had an interesting evolution. Initially registered as a money services business by HM Revenue & Customs in the UK, the firm quickly gained recognition. The Financial Conduct Authority granted Schneider Foreign Exchange authorized payment institution status in March 2011. Then in July 2012, the Mexico-based Monex Group acquired the company, rebranding it as Monex Europe Ltd.
The new Luxembourg location is strategically important for the firm’s post-Brexit plans. According to Golergant and Biondi the site will serve as a critical hub for delivering services to corporate and institutional clients across the European Union.