The foreign exchange service industry in Benelux is dynamic, driven by the need for currency conversion in global trade. Companies range from banks and fintech startups to institutional traders and digital platforms, all facilitating currency exchange and international money transfers. This industry is increasingly embracing blockchain and technology solutions to meet consumer demands and improve transactional efficiency. Emerging trends include the rise of cryptocurrency trading and regulatory challenges, showcasing an evolving marketplace that blends traditional and innovative financial services. The future indicates a shift toward automation, streamlining processes, and enhancing user experiences in cross-border transactions.


The investment scene in Benelux is a tapestry of venture capital, private equity, and corporate investors. Each of these investors varies in size, founding years, and strategic focus. For instance, firms like Flow Traders and Fabric Ventures, established in the early 2000s and 2010s, respectively, have made substantial contributions with multiple deals in 2024. These investors possess different operational scales, ranging from small teams and young firms to large institutions with global reach. Such a variety reflects a healthy investment climate within the foreign exchange service domain, eager to support emerging technologies and innovative business models.


Top 19 Foreign Exchange Service Investors in Benelux


1. Fabric Ventures

  • Website: fabric.vc
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2012
  • Headcount: 11-50
  • Number of deals in 2024: 16
  • LinkedIn: fabricventures

Fabric Ventures is a venture capital firm based in Luxembourg, founded in 2012. The firm focuses on investing in the Open Economy, supporting early-stage companies across various sectors, including finance, gaming, and infrastructure. In 2024, they have made 16 investments, showcasing their active role in the venture capital landscape. Notably, Fabric Ventures has participated in significant transactions such as their investment in Fiat Republic, a UK-based Banking-as-a-Service platform that aims to bridge traditional banking and crypto platforms. This investment, along with others like Nilos and Minteo, highlights their commitment to supporting innovative financial services that are relevant to the foreign exchange sector. Their approach includes providing venture capital, business development support, and community engagement to help startups succeed.


2. Flow Traders

  • Website: flowtraders.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2004
  • Headcount: 501-1000
  • Number of deals in 2024: 18
  • LinkedIn: flow-traders

Flow Traders is a liquidity provider and market maker based in Amsterdam, Netherlands, founded in 2004. The firm specializes in institutional trading and digital assets, offering continuous liquidity across various asset classes. Their clients include institutional investors who depend on Flow Traders for efficient trading solutions and competitive pricing, especially during periods of market volatility. In 2024, Flow Traders participated in a Series A funding round for Crossover Markets Group, a tech firm focused on digital asset solutions, which raised $12 million. They also invested in RULEMATCH during its pre-Series A funding round, further demonstrating their commitment to innovative trading solutions. These transactions highlight Flow Traders' active role in the financial services sector, particularly in areas that intersect with foreign exchange services.


3. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a leading investment firm founded in 2005, specializing in private equity, credit, secondaries, and infrastructure. With approximately €193 billion in assets under management for over 1000 clients, including pension funds and institutional investors, CVC focuses on delivering sustainable value and growth through strategic investments. Notably, CVC has made significant strides in the foreign exchange service sector by acquiring OANDA Corporation, a global online retail trading platform, in May 2018. This acquisition highlights CVC's commitment to expanding its portfolio in the foreign exchange market. Additionally, CVC has engaged in various other investments across different sectors, including financial services, but the OANDA transaction distinctly positions them within the foreign exchange service industry.


4. Maven 11

  • Website: maven11.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2015
  • Headcount: 11-50
  • Number of deals in 2024: 27
  • LinkedIn: maven11

Maven 11 is a venture capital firm based in Amsterdam, specializing in blockchain and distributed ledger technology. Founded in 2015, the firm focuses on providing investment and active support to founders in the crypto space, helping them navigate market complexities. In 2023, they participated in a seed funding round for StablR, a euro stablecoin startup, raising €3.3 million, which highlights their engagement in projects that directly impact the foreign exchange market. They also invested in Chainflip, a decentralized automated market maker protocol, which is relevant to the trading and exchange of cryptocurrencies. Their portfolio includes various other blockchain-related projects, demonstrating their commitment to research and insights into blockchain trends, positioning them as a key player in the investment landscape.


5. Sgh

  • Website: sghcapital.com
  • Type: Venture Capital
  • Headquarters: Luxembourg
  • Founded year: 2015
  • Headcount: 1-10
  • Number of deals in 2024: 3
  • LinkedIn: sghcapital

SGH Capital is a venture capital firm based in Luxembourg, founded in 2015, specializing in early and mid-stage investments in disruptive companies across various sectors, including fintech and blockchain. They provide capital and strategic support to innovative businesses primarily in the US and western Europe. Notably, SGH Capital has participated in significant funding rounds for companies like Archax, a London-based digital assets exchange that raised $28 million in a Series A funding round, and Coinhouse, which raised $4.8 million in a Series A round. These investments highlight SGH's commitment to supporting platforms that are integral to the evolving foreign exchange landscape, particularly in the realm of digital assets and cryptocurrencies.


6. Trgc

  • Website: trgc.io
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 18
  • LinkedIn: token-research-group

TRGC is an investment firm based in Amsterdam, specializing in digital assets and blockchain technology. Founded in 2018, the firm has a hands-on approach to investing, focusing on innovative founders and companies. With over 15 years of industry experience, TRGC provides strategic guidance and support to help businesses achieve their funding and market goals. In 2024, TRGC participated in significant funding rounds, including a $10 million Series A for D2X Group and a $6 million funding round for Apex Fusion. Notably, they were also involved in the funding of Mangata Finance, which raised $4.2 million to enhance liquidity and develop cross-chain solutions, indicating their engagement in projects that could intersect with foreign exchange services.


7. Digital Space Ventures


Digital Space Ventures is a venture capital firm founded in 2015 and based in Luxembourg, specializing in early-stage investments in technology and financial services startups. They provide not only capital but also strategic guidance and operational support to help these companies grow and innovate. Their investment portfolio includes notable transactions such as a Series A investment in Revolut, a leading financial technology company that offers international money transfers and currency exchange services. Additionally, they participated in multiple funding rounds for Paysend, an international remittance platform that facilitates cross-border money transfers, further emphasizing their engagement in the foreign exchange service sector. Digital Space Ventures also led a €3M Series A funding round for Cashboard, a curated marketplace for retail investment, showcasing their broader interest in financial services and technology.


8. Euronext

  • Website: euronext.com
  • Type: Corporate
  • Headquarters: Netherlands
  • Founded year: 2000
  • Headcount: 1001-5000
  • Number of deals in 2024: 4
  • LinkedIn: euronext

Euronext N.V. is a corporate investor based in the Netherlands, founded in 2000, and operates as a stock exchange providing trading and post-trade services for a variety of financial instruments, including equities, ETFs, and derivatives. With a workforce of 1001-5000 employees, Euronext has made significant strides in expanding its market presence through strategic acquisitions. Notably, in 2017, Euronext acquired LCH.Clearnet Group, a move aimed at strengthening its position in the Eurozone market. In 2017, it also acquired the Irish Stock Exchange for approximately $162 million, further solidifying its footprint in European financial markets. In 2020, Euronext made a substantial acquisition of Borsa Italiana for over $5 billion, enhancing its capabilities and market reach. Most recently, in 2024, Euronext acquired Acupay, a company specializing in financial information and cross-border tax relief solutions, which aligns with the complexities of foreign exchange transactions. These acquisitions reflect Euronext's commitment to diversifying its services and enhancing its operational capabilities in the financial sector.


9. Revo Capital

  • Website: revo.vc
  • Type: Venture Capital
  • Headquarters: Amstelveen, North Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 8
  • LinkedIn: revo-capital

Revo Capital is a venture capital firm based in Amstelveen, North Holland, Netherlands, founded in 2013. The firm specializes in investing in early-stage technology startups across Turkey, Eastern Europe, and the Baltics. Revo Capital not only provides capital but also offers growth support services, including strategic guidance, market analysis, and talent acquisition, to help entrepreneurs navigate their business challenges and achieve successful growth. Notably, Revo Capital has been involved in significant transactions within the foreign exchange service context, particularly with TransferGo, which raised a total of $20 million across two Series B rounds in 2018 and 2019, and an additional $10 million in a venture round in 2020. These investments highlight Revo Capital's engagement in the foreign exchange service industry, making it a noteworthy player in this sector.


10. Finch Capital

  • Website: finchcapital.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2013
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: finch-capital

Finch Capital is a venture capital firm based in Amsterdam, Netherlands, founded in 2013. The firm specializes in business and financial technology, providing investment management and advisory services to companies in various sectors, including insurance, payments, and regulatory compliance. Finch Capital aims to help businesses scale sustainably and navigate complex market challenges through strategic partnerships and technology-driven solutions. Notably, they co-led a $53.6 million Series A funding round for NomuPay, an Irish payments start-up, which highlights their active engagement in the payments sector. Additionally, they have invested in Ayoconnect, a company that has raised funds in both Series A and Series B rounds, and in big xyt, which raised over $10 million in a recent venture round. Their investment in SMEO, which offers online factoring services, further demonstrates their commitment to supporting innovative financial solutions. These transactions reflect Finch Capital's focus on the financial technology landscape, making them a relevant player in the foreign exchange service context.


11. Velocity Capital Fintech Ventures


Velocity Capital Fintech Ventures is a venture capital firm based in Bussum, North Holland, Netherlands, founded in 2005. The firm specializes in providing early-stage capital funding and support to fintech founders, helping them navigate challenges and grow their businesses. Velocity Capital operates globally, focusing on innovative financial technology solutions. Notable transactions include investments in Cellulant, a leading Pan-African digital payments service provider, and Gotrade, a platform that allows users to trade stocks and potentially engage in foreign exchange trading. They also invested in Meniga, a digital banking solutions provider, which indicates their interest in companies that may offer foreign exchange services as part of their broader financial offerings. Their investment in Zecco, a trading platform, further highlights their engagement in the financial services sector, which often intersects with foreign exchange activities.


12. Optiver

  • Website: optiver.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1986
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: optiver

Optiver Holding B.V., founded in 1986 and based in Amsterdam, is a corporate trading firm and market maker that specializes in providing liquidity across multiple financial markets. The firm is known for its expertise in trading listed derivatives, equities, ETFs, bonds, and foreign exchange. Optiver serves institutional investors by helping them navigate market inefficiencies and ensuring competitive pricing. In recent years, Optiver has participated in several significant transactions that highlight its engagement in the trading and financial services sector. Notably, they invested in Auros, a crypto trading and market-making firm, and Paradigm, a crypto derivatives firm, showcasing their interest in innovative trading solutions. Additionally, their investment in Equiduct, which aims to expand its market share and product offerings, further emphasizes Optiver's commitment to enhancing trading platforms. These activities underline Optiver's relevance in the foreign exchange service industry, as they are actively involved in trading and market-making across various asset classes, including foreign exchange.


13. Tioga Capital Partners

  • Website: tioga.capital
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 2019
  • Headcount: 1-10
  • Number of deals in 2024: 5
  • LinkedIn: tioga-capital

Tioga Capital Partners is a venture capital firm based in Belgium, founded in 2019. The firm specializes in investing in exceptional Web3 entrepreneurs and blockchain protocols, providing both venture capital investments and strategic support to startups navigating the complexities of the decentralized finance (DeFi) and blockchain sectors. In 2024 alone, Tioga Capital has made five investments, showcasing their active role in the market. Notably, they led a €5M Seed round for D2X Group, an Amsterdam-based fintech company focused on creating a regulated options and futures exchange for digital assets in Europe. This investment highlights their commitment to the foreign exchange service industry. Additionally, Tioga participated in a Series B funding round for Coinhouse, a company that operates in the cryptocurrency space, and in a Series A round for Blockpit, which develops software for crypto tax compliance. These transactions reflect Tioga's strategic focus on the intersection of finance and technology, particularly in areas relevant to foreign exchange services.


14. Ilavska Vuillermoz Capital


Ilavska Vuillermoz Capital is a venture capital firm based in Luxembourg, founded in 2019, specializing in venture capital and impact investing. The firm aims to create positive economic impacts through strategic investments in various companies, partnering with institutional and private investors to provide tailored investment solutions. In 2021, they participated in significant funding rounds for fintech companies such as Qonto, which raised $200,000, and Qwist, which secured over $26 million in Series A funding. They also contributed to the €22 million Series A funding for finleap connect, a company focused on expanding its international presence and product offerings. These transactions highlight Ilavska Vuillermoz Capital's engagement in the fintech sector, which often includes foreign exchange services, making them a relevant player in this space.


15. Prosus Group

  • Website: prosus.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2019
  • Headcount: 10001+
  • Number of deals in 2024: 21
  • LinkedIn: prosus-group

Prosus Group is a global technology investor and operator based in Amsterdam, Netherlands, founded in 2019. The firm focuses on enhancing everyday life through technology and operates in various sectors, including online classifieds, food delivery, payments, and education technology, serving over two billion customers worldwide. Notably, Prosus has made significant investments in the fintech space, such as its participation in BUX, a rapidly growing neo-broker that secured $80 million in funding to expand its trading app, BUX Zero. This investment highlights Prosus's commitment to supporting innovative financial services that may include foreign exchange trading. Additionally, Prosus's investment in Coins.ph, a digital wallet and cryptocurrency exchange, further emphasizes its engagement in the financial technology sector, which is closely related to foreign exchange services.


16. Citius

  • Website: citius.vc
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2018
  • Headcount: 1-10
  • Number of deals in 2024: 1
  • LinkedIn: s7v

Citius is a private equity investment firm based in Luxembourg, founded in 2018. The firm focuses on funding technology-enabled companies, aiming to build long-term relationships with its partners. Citius provides investment management and advisory services to help businesses secure the necessary capital for growth. Notably, Citius participated in the Series A funding of Bnext, raising $25 million in September 2019, and in the Series B funding of Penta, which raised approximately $9.1 million in February 2021. Additionally, Citius was involved in a significant funding round for BUX, a rapidly growing neo-broker, which secured $80 million in April 2021. This investment highlights Citius's commitment to fintech, which often intersects with foreign exchange services, particularly through platforms that facilitate trading and investment in various financial instruments.


17. MiddleGame Ventures


MiddleGame Ventures is a venture capital firm based in Luxembourg, founded in 2016, that specializes in investing in fintech startups. The firm provides capital and expertise to entrepreneurs in the financial services sector, focusing on the digitization of financial services from Seed through Series B stages. Notably, MiddleGame Ventures has participated in significant funding rounds for companies like One Trading, a digital asset exchange that raised €30M to enhance its crypto asset offerings, and Keyrock, a crypto market maker that secured $72 million in a Series B funding round to develop infrastructure and regulatory licenses. These transactions highlight MiddleGame Ventures' commitment to supporting innovative companies in the financial technology landscape, particularly those that intersect with foreign exchange services.


18. IMC Trading

  • Website: imc.com
  • Type: Corporate
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1989
  • Headcount: 1001-5000
  • LinkedIn: imc-financial-markets

IMC Trading, founded in 1989 and based in Amsterdam, North Holland, is a corporate trading firm that specializes in proprietary trading and market making across various financial markets. The firm is known for its advanced technology and algorithmic trading strategies, which enhance market efficiency and provide liquidity and execution services to other financial institutions. In recent years, IMC has participated in several funding rounds for innovative trading platforms, including Thalex, which focuses on stablecoin-settled crypto options and futures, and Sk3w Technologies, which is enhancing data standardization systems. These investments indicate IMC's commitment to innovation in trading technologies, which is relevant to the foreign exchange service industry.


19. ABN AMRO Bank N.V.

  • Website: abnamro.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1991
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: abn-amro

ABN AMRO Bank N.V. is a prominent financial services institution based in Amsterdam, Netherlands, founded in 1991. With over 10,000 employees, the bank provides a comprehensive range of banking products, including personal accounts, loans, mortgages, investment management, and insurance. The bank serves both individual consumers and businesses, helping them manage their finances and achieve their financial goals through various tailored services. Notably, ABN AMRO has been involved in significant transactions that align with the foreign exchange service industry. For instance, they participated in the acquisition of BUX, a rapidly growing neobroker in Europe, which is expected to enhance their retail investment offerings, potentially including foreign exchange services. Additionally, their investment in TradeBridge, which raised over $69 million in debt financing, indicates their engagement in financial technology that could support foreign exchange operations. These activities highlight ABN AMRO's commitment to expanding its financial services portfolio, including those related to foreign exchange.



Foreign Exchange Service Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
Fabric VenturesLuxembourg11-50201216
Flow TradersAmsterdam, North Holland, Netherlands501-1000200418
CvcLuxembourg1001-5000200516
Maven 11Amsterdam, North Holland, Netherlands11-50201527
SghLuxembourg1-1020153
TrgcAmsterdam, North Holland, Netherlands1-10201818
Digital Space VenturesLuxembourg1-1020150
EuronextNetherlands1001-500020004
Revo CapitalAmstelveen, North Holland, Netherlands11-5020138
Finch CapitalAmsterdam, North Holland, Netherlands11-5020132
Velocity Capital Fintech VenturesBussum, North Holland, Netherlands1-1020050
OptiverAmsterdam, North Holland, Netherlands1001-500019861
Tioga Capital PartnersBelgium1-1020195
Ilavska Vuillermoz CapitalLuxembourg11-5020193
Prosus GroupAmsterdam, North Holland, Netherlands10001+201921
CitiusLuxembourg1-1020181
MiddleGame VenturesLuxembourg1-1020164
IMC TradingAmsterdam, North Holland, Netherlands1001-500019890
ABN AMRO Bank N.V.Amsterdam, North Holland, Netherlands10001+19913


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