First Data Corporation, the Atlanta-based company which owns the Western Union money transfer network, is to take a 25% stake in Kerry-based financial services company Fexco. Financial details are not being disclosed.
First Data is also involved in e-commerce and transaction card processing, and Fexco says the investment will give it access to new customers through First Data's global distribution system.
Fexco is already the exclusive provider of Western Union services in Ireland and Britain, and under today's deal will also provide foreign exchange and e-commerce payment services to First Data.
Fexco employs 800 people in Ireland and says today's announcement is expected to lead to further jobs in its Kerry operation.
