23rd May 2023, London, UK. Freemarket, a leading fintech platform for regulated B2B cross-border payments and currency exchange announced a growth capital investment from Baird Capital's Global Private Equity Fund. The investment supports Freemarket's continuing fast growth and international expansion, as well as providing a partial cash-out to existing shareholders. Financial details of the transaction were not disclosed.
Founded in 2011, Freemarket provides its customers with reliable and efficient B2B cross-border payments through its propietary technology platform. Freemarket's global banking network and innovative technology platform enables customers to send payments/funds efficiently to over 100 countries in 140 currencies, removing cross-border payments complexities, improving transparency and increasing efficiency.
In 2022, Freemarket ranked #12 in the Sunday Times Hundred* and #25 in the Deloitte Technology Fast 50 program which celebrates and champions the UK's fastest-growing technology businesses. In 2023, Freemarket ranked #81 in the FT1000: Europe's Fastest Growing Companies.
"We are delighted to partner with Baird Capital at this exciting stage in Freemarket's growth journey." said Alex Hunn, Freemarket's Founder and CEO. "Baird Captal's partnership approach, international capabilities, Financial Services sector expertise and cultural alignment made them the obvious partner for us and our clients."
"Alex and team have built a fantastic business. We are excited to partner with them and support Freemarket's ambitious growth plans." said Michael Holgate, Partner with Baird Capital's Global Private Equity team. "Freemarket is a high growth business with a differentiated technology platform operating in a large and resilient global market. The business has many potential growth avenues, and we are delighted to be selected as Freemarket's investment partner."
Holgate has joined Freemarket's board of directors.
Baird Capital was advised by Squire Patton Boggs (Legal), Grant Thornton (Financial, Tax, & Regulatory Diligence), Oliver Wyman (Commercial Diligence) and finnCap (M&A Advisor). Freemarket was advised by Osborne Clarke (Legal).
*The Sunday Times 100, Britain's fastest-growing private companies. The league table takes on the baton from the Sunday Times Fast Track 100 series, which celebrated the country's leading entrepreneurs for 24 years. The 2022 league table is supported by Barclays Private Bank and DHL Express.
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Notes to editors
For media enquiries, please contact: press@wearefreemarket.com
Freemarket website: www.wearefreemarket.com
About Freemarket
Freemarket works with businesses to accelerate their growth by giving them access to cross-border payments and currency exchange optimised for their needs. Freemarket’s platform gives you access to a global bank network and innovative technology in one place, allowing you to streamline your processes, remove complexity and increase efficiency. Freemarket’s board includes Charlotte Crosswell, former CEO of Innovate Finance and Rich Ricci, the former CEO of Barclays Investment Bank. Freemarket is authorised and regulated by the Financial Conduct Authority.
