Travelex seeing rise in cash orders by smartphone

Announcing a 12 per cent rise in earnings to £62.5m for 2012, Travelex said online orders jumped 37 per cent after it rolled out the platform to new markets and upgraded its website to make it easier to use with a mobile device.

Chief executive Peter Jackson said the growth in its online currency business, which allows customers to pick up money in store or through the post, was one of the most significant trends of 2012.

Travelex, the world’s largest non-bank foreign exchange business, has a network of 1,300 stores and 1,100 ATMs.

It rolled out its online platform to 13 new markets last year and opened up a total of 150 new stores and 538 ATMs at airports and tourist attractions across 20 of the roughly 50 countries it has a presence in.

Several new airport wins in fast growing markets such as Dubai and Abu Dhabi during 2012 made up for losing its Gatwick contract late last year.

And Travelex recently became the first UK foreign exchange business to receive a national licence to operate in China last year.

It has been reported that the company’s private equity owner Apax has been approached by a mystery Asian investor to buy the business.

Apax bought the group back in 2005 and reports suggest the private equity firm could consider the deal to help meet a nine billion euro fund-raising commitment.

Travelex and Apax have declined to comment on the spec- ulation.