Our B-Corp Journey
Some Background
The currency exchange market got a makeover about 25 years ago in the UK with the emergence of specialist brokerage firms that started offering better rates and personalized service to everyone, not just big corporations. But this new access also highlighted a need: people wanted expert help to understand the complexities of cross-border international payments.
As the currency broker market grew and became an accepted industry, greed started to kick in. Over time the largest brokers were bought out by banks or private equity (PE) firms looking for rapid growth often at the expense of the existing client base. The service in comparison to what the banks were offering remained a valuable commodity so most brokers were able to justify the higher cost to consumers.
Around 15 years ago, as banking technology advanced, a new breed of brokers (often referred to as fintech firms or challenger banks) arrived providing an online ‘self-serve’ model, reducing the costs of the traditional broker model, allowing them to undercut the existing phone broker market in terms of the exchange rates and margins offered, but this came at the expense of personal service.
So the big question for us was, why are consumers being made to choose between the best exchange rates and expert personal service. Is it possible to have both? And the answer is yes.
Being an independent FX broker means we are not beholden to any bank or investment firm. We are in full control of the rates and margins offered meaning we can ensure the exchange rates we offer are always competitive. In addition, we have some of the most experienced brokers in the market place. Our founders, each have more than 20 years experience in FX markets providing the knowledge, guidance, and personal service our clients deserve.
However, this does raise two very important questions.
Firstly, how does a small independent firm keep client funds as safe as a large broker or a traditional bank?
We have carefully selected a number of FX payment providers to work with who are market leaders in providing currency services. Their platforms provide clients with all the technological advantages of a market leading fin-tech whilst keeping their funds safe and secure. However, the exchange rates and service are controlled by us, so we can ensure our clients always receive competitive exchange rates alongside exemplary service.
The second question is how to prove that we will not follow the same well trodden path to corporate greed at our client's expense?
And this is where the B-Corp movement comes in. As a B-Corp-certified business we have made a legal commitment via our articles of association, to stakeholder governance. This means we are required to consider the interests of all stakeholders — customers, employees, suppliers, communities, and the environment — in every decision we make.
In addition to the legal commitment, we have we have also passed a rigorous and comprehensive review of all our business practices as part of the B-Corp Impact Assessment.
As part of our commitment to continuous improvement, we will publish an updated impact assessment annually to highlight the areas we have improved to provide transparency to all our stakeholders.
These commitments, combined with our experienced team and secure payment providers, position us as a trusted and reliable partner for individuals and businesses seeking exceptional payment services. As we continue to grow, we will remain transparent about our impact and dedicated to making a positive contribution to our customers, our employees, and our communities.
The PathFinder Team
+44 (0)1743 290955
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