France
5 September 2024
We are pleased to announce that Lumon has agreed to acquire Abacus FX Limited (“Abacus”), an international payments specialist based in London, with European distribution capability.
Founded in 2018, Abacus has developed a specialist offering focused on corporate international payments and hedging for small enterprises and SMEs. The company has built a large client base through its footprint across Europe with a presence in London and Portugal, and transacted nearly £700 million of volume over the last-twelve months.
Vic Darvey, CEO of Lumon commented: “We’re delighted to welcome the Abacus team to Lumon. Their knowledge, expertise and focus on delivering exceptional client results is complementary to Lumon’s values and we look forward to working with the team going forward.”
Michael England, Partner at Pollen Street Capital said: “Pollen Street first invested in Lumon in 2018 and have seen the business rapidly accelerate in scale. We are excited to see Lumon agree its sixth acquisition and continue to find successful opportunities across the international payments landscape.”
Eliot Bassett at Abacus FX Limited said: “We’re delighted to agree this transaction with Lumon and Pollen Street. Abacus has grown substantially since its founding and we are looking forward to continuing this growth under new ownership. We are confident that Lumon will be a great fit for our clients and enhance our offering.”
Pollen Street Capital backed Lumon in 2018 and Abacus represents the sixth acquisition under Pollen Street’s ownership. The acquisition, which is complemented by Lumon’s organic growth strategy, will help accelerate growth in Lumon’s corporate division both internationally and in the UK.
