Knightsbridge Foreign Exchange

From Wikipedia, the free encyclopedia
Knightsbridge Foreign Exchange
IndustryForeign exchange
Founded2009
Headquarters
Toronto, Ontario
,
Canada
Key people
Rahim Madhavji
ServicesCurrency Exchange Services
Websitewww.knightsbridgefx.com

Knightsbridge Foreign Exchange or Knightsbridge FX is a Canadian foreign exchange company in Toronto, Ontario that provides extensive currency exchange services to customers across Canada.[1] Since 2009, the company has processed more than CAD $2 billion in foreign exchange transactions across Canada.[2][3][4]

History[edit]

Founded in 2009 [4], Knightsbridge Foreign Exchange is led by Rahim Madhavji, its co-founder. Prior to founding Knightsbridge FX, Mr. Madhavji worked for TorQuest Partners, where he leveraged buyouts, expansion capital investments, and existing portfolio company investments.[4] Mr. Madhavji has been involved in a number of advisory assignments and he is a frequent guest of different financial shows such as BNN and CTV News.[5][6]

Rahim gained viral attention in 2015 when he authored a blog post about quitting his job at TorQuest Partners to found Knightsbridge FX.[7]

Notable Appearances[edit]

On March 7, 2019, Rahim Madhavji appeared on season 13, episode 20 of the Canadian Broadcasting Corporation’s Dragons’ Den reality television show, in which he made a CAD 1 million-dollar deal with Arlene Dickinson and Michele Romanow for a 30% stake in his company.[8] In 2013 and 2014, PROFIT Magazine recognized Knightsbridge Foreign Exchange in its 14th annual PROFIT HOT 50 as a fast-growing company with year-on-year revenue growth of 564 percent.[9] Additionally, Knightsbridge Foreign Exchange was recognized by PROFIT 500 among Canada's Top-Growing Companies in 2017 and GROWTH 500 in 2018.[10] Knightsbridge Foreign Exchange also ranked #68 among Canada's Top Growing companies in 2019, according to the Globe and Mail.[11] In addition, Knightsbridge Foreign Exchange has also ranked in Canada's Top Growing companies again in 2021 and 2022.[12] [13]

In April 2020, Financial Times recognized Knightsbridge Foreign Exchange as one of the fastest-growing companies in North America.[14]

Transfer Process[edit]

For personal currency exchange, Knightsbridge Foreign Exchange requires users to send money to them via online banking or bank transfer. The company then converts the customer's funds and sends it to the client's bank account, or an international account in the case of client-to-client transfers.

Knightsbridge Foreign Exchange differs from competitor TransferWise in that the latter is a peer-to-peer transfer service.

Operations[edit]

Knightsbridge Foreign Exchange offers currency exchange services in North America, with a guarantee of rates lower than those at traditionally financial institutions. The company is registered and regulated by FINTRAC, a Canadian government agency. In Quebec, Knightsbridge is registered and regulated by the Autorité des marchés financiers (AMF) in Quebec. Knightsbridge FX primarily exchanges a number of currencies for clients in North America.[15] Knightsbridge Foreign Exchange's primary banking partner is Bank of Montreal (BMO).

The company is headquartered in First Canadian Place, a skyscraper in Toronto's Financial District. The building additionally houses the global headquarters of the Bank of Montreal.

Business Model[edit]

Knightsbridge FX claims to offer currency conversion rates lower than traditional financial institutions. While banks typically charge 2% to 3% for currency conversion, Knightsbridge Foreign Exchange advertises rates of half a percent.[16]

References[edit]

  1. ^ "Knightsbridge Foreign Exchange Inc - Company Profile and News". www.bloomberg.com. Retrieved 2020-03-06.
  2. ^ "KnightsbridgeFX Review: Company Profile, History, and More". MarketWatch. Retrieved 2020-03-06.
  3. ^ Exchange, Knightsbridge Foreign (2018-09-14). "KnightsbridgeFX.com ranks on Growth 500's fastest growing Canadian businesses 2018 |". KnightsbridgeFX. Retrieved 2020-03-06.
  4. ^ a b Horwood, Claire (2019-04-03). "Knightsbridge FX money transfers review - 2020 | Finder Canada". finder CA. Retrieved 2020-03-06.
  5. ^ "Canadian dollar near 11-year low". CTVNews. 2015-08-04. Retrieved 2020-03-06.
  6. ^ "Video - BNN - Business News Network". BNN. Retrieved 2020-03-06.
  7. ^ Madhavji, Rahim (2015-03-23). "I Quit a $200,000 Job for My Start-up and My First Year was F#%KED UP. This is my story". Medium. Retrieved 2020-03-06.
  8. ^ "PROFIT 500: Complete Ranking of Canada's Fastest-Growing Companies". www.canadianbusiness.com. Retrieved 2020-03-06.
  9. ^ "Growth 500: The Complete Ranking of Canada's Fastest-Growing Companies - Canadian Business". www.canadianbusiness.com. Retrieved 2020-03-06.
  10. ^ "KnightsbridgeFX Ranks No. 102 on the 2019 Growth 500". onlineprnews.com. Retrieved 2020-03-06.
  11. ^ "Canada's top growing companies". Retrieved 2020-03-06.
  12. ^ "CANADA'S TOP GROWING COMPANIES 2021". The Globe and Mail. September 24, 2021.
  13. ^ "CANADA'S TOP GROWING COMPANIES 2022". The Globe and Mail. September 23, 2022.
  14. ^ Kelly, Maxine (2020-04-06). "FT ranking: the Americas' fastest-growing companies". www.ft.com. Retrieved 2020-04-20.
  15. ^ Exchange, Knightsbridge Foreign. "How to Send a Wire Transfer from Canada to USA | KnightsBridgeFX KnightsbridgeFX". KnightsbridgeFX. Retrieved 2020-03-06.
  16. ^ "How to cut your U.S. dollar exchange costs: Mayers". thestar.com. 2015-09-14. Retrieved 2020-03-06.
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