The project is believed to be the idea of Sean Cornwell, Travelex’s chief digital officer, the former chief operating officer of Shutl, an e-commerce delivery platform sold to eBay at the end of last year.
Travelex, which is being advised by Rothschild, Goldman Sachs and JP Morgan, is expected to announce its intention to float on the London Stock Exchange within weeks, taking advantage of the continued positive sentiment around new issues.
The initial public offering, when it comes, will allow Apax to sell down some of its holding in the business. The London-based private equity firm bought in to Travelex in 2005 in a deal which valued the company at more than £1bn, including debt.
Apax owns a 50.2pc stake, with Lloyd Dorfman, Travelex’s founder, owning a 35.4pc holding.
Mr Dorfman started the business from a shop in Holborn in 1976, and it has grown to operations in 28 countries with more than 1,500 shops.
As well as its traditional bureau de change operations, Travelex, whose chief executive is Peter Jackson, provides cash via ATMs, its online platform, and through partnerships with banks such as Barclays to provide white-label foreign currency services.
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