Feeds

eXchange Holdings wants to be known as MoneyExtra.com

It's a consumer finance thing

  • alert
  • submit to reddit

Top 5 reasons to deploy VMware with Tegile

eXchange Holdings is to group all its online personal finance activities under the MoneyExtra brand. At the same time it is changing its name to MoneyExtra.com. The company is to spend up to £18 million in promoting the name over the next year. The news accompanies full year results to 31 December which saw sharply increased pre-tax losses of £14 million (1998: -£2 million). The second half accounted for £11 million of these losses. And most of this was down to the launch of the company's consumer business. eXchange remains cash rich; it ended the year with £61.2 million in the bank, after raising £88m through its IPO and repaying £18.5m of borrowing. When eXchange Holdings IPOed last year, it looked very much like a one-trick b2b pony. The company supplied online computer and compliance services to IFA (independent financial adviser) networks in the UK, and it had Misys, the FTSE-100 listed company, breathing down its neck with a rival service. Since then, the company has diversified through acquisition of moneyworld.co.uk into retail personal finance. eXchange's move may make strategic sense. But this market is even more competitive than the b2b sector and it is going to be tough to make much money as an intermediary drawn from the second division of brand names. eXchange's latest purchase on the block, announced today is Fondex, "Scandinavia's leading online retail investment fund supermarket". This will cost £21.65 million upfront, in new eXChange shares. There is a deferred performance related element worth up to £2.65m in exChange Holdings shares. ®

Internet Security Threat Report 2014

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
DOUBLE BONK: Testy fanbois catch Apple Pay picking pockets
Users wail as tapcash transactions are duplicated
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
YARR! Pirates walk the plank: DMCA magnets sink in Google results
Spaffing copyrighted stuff over the web? No search ranking for you
In the next four weeks, 100 people will decide the future of the web
While America tucks into Thanksgiving turkey, the world will be taking over the net
prev story

Whitepapers

Choosing cloud Backup services
Demystify how you can address your data protection needs in your small- to medium-sized business and select the best online backup service to meet your needs.
Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Storage capacity and performance optimization at Mizuno USA
Mizuno USA turn to Tegile storage technology to solve both their SAN and backup issues.