VCM Global Asset Management (VCM) has made a $30 million investment in MillTechFX, the fintech arm of the Millennium Global Group, to accelerate disruption of the world’s USD6 trillion a day Forex market.
VCM is buying a significant stake after its private equity arm found itself paying steep FX transaction fees on a recent multifamily property acquisition in Germany. Consequently VCM, which is expanding internationally and is looking to make more investments in Europe as well as the Americas, went into the market to find a better solution.
“When we came across MillTechFX with its transparent digital FX platform and access to comparative multi-bank rates in a transparent and easy way, we were so surprised by it that we thought hang on here, this is big, this company is going to challenge the status quo and disrupt the market, we should invest. MillTechFX can solve a lot of companies’ problems, reduce operational burden and save a lot of money for many players out there ranging from institution to corporates and asset managers,” says Tom A Vukota, CEO of VCM, which bought 45 Wyndham branded hotels for USD215 million in the US recently.
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