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Travelex

Travelex International Limited is a foreign exchange company founded by Lloyd Dorfman and headquartered in Peterborough, United Kingdom. Its main businesses are foreign currency exchange, issuing prepaid credit cards for use by travellers, supplying central banks with foreign currency and global remittance. Travelex operates more than 600 stores and 700 ATMs in over 20 countries.

Travelex was founded as Express Exchange by Dorfman and opened its first branch in central London in 1976. By 1978 the company had four central London stores.

The company experienced growth in the 1980s, opening its first international store in 1984 in Rotterdam, and its first store at Heathrow Terminal 4 in 1986. Express Exchange subsequently became Travellers Exchange Corporation — or Travelex — when abbreviated.

Travelex expanded throughout the US and into the APAC region in the 1990s. The company also undertook a series of investments, acquisitions and takeovers during this period, including a takeover of Abbey National's retail forex operation, receiving investment from 3i and the acquisition of Transpay.

On 8 November 2000, it bought Thomas Cook's worldwide foreign exchange business for £440m, which significantly expanded its international operations. Travelex also launched their first stores in the Indian, Chinese and Middle Eastern markets, undertook further acquisitions and launched a new brand identity during the 2000s.

In February 2005, buy-out firm Apax Partners bought a majority stake in the company, but Dorfman retained 30% and continued to run the business.

In 2011 Travelex sold its prepaid card programme management business to MasterCard and its international payments business to Western Union for a combined £900m. In 2011, Travelex also purchased Grupo Confidence, Brazil's largest independent foreign exchange business.

By March 2014, Travelex had more than 1,500 stores and 1,250 ATMs in 27 countries.

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