Small World

Small World Financial Services is a London-headquartered provider of international payment services, established in 2005 by founders Nick Day, Ricky Knox, and Michael Kent. The company's formation was driven by the goal to simplify cross-border money transfers for consumers and businesses. Through strategic acquisitions, such as Swiss Transfers in 2009 and Choice Money Transfer in 2010, the company expanded its leadership, welcoming Christiano Arnhold Simoes and Kevin Neuschatz. This growth trajectory was significantly funded by private equity, including a major investment from FPE Capital, which helped the company's revenues grow fivefold to over £110m. In March 2018, Equistone Partners Europe acquired a majority stake in the company, with the existing management team reinvesting.

The firm operates on a product-based business model, catering to both individual customers, particularly migrant workers sending remittances, and small to medium-sized enterprises (SMEs) needing to pay foreign suppliers. Revenue is primarily generated from transfer fees, which vary depending on the service utilized. Small World offers a multi-channel platform that includes a proprietary global pay-out network, physical branches, thousands of third-party agents, a website, and a mobile application. This infrastructure allows customers to send money to over 190 countries. The service provides various payment and reception options, including cash pick-up at over 250,000 locations, direct bank account transfers, mobile wallet top-ups, and home delivery.

In early 2023, Small World's parent company, LCC Trans-Sending Limited, was among three firms alleged by the UK's Financial Conduct Authority (FCA) to have engaged in price-fixing on exchange rates for money transfers to Pakistan in 2017. By mid-2024, the company faced significant operational and financial challenges, leading to the abrupt cessation of its services. In June 2024, its parent firm entered special administration, leaving customers unable to access funds and facing uncertainty about repayment. The company is now listed as "in administration."

Keywords: international payments, money transfer, remittance, cross-border payments, financial services, fintech, payment network, cash pickup, foreign exchange, administration