Custom House (company)

Custom House is a Canadian foreign exchange and money transfers company based in Victoria, British Columbia.[1][2] It was acquired by Western Union in 2009 and now forms part of that company's "Western Union Business Solutions" division.[3] In 2022, Western Union sold its business to business foreign exchange division, which became Convera.[4]

Custom House
Company typePrivate
IndustryFinancial services
Foreign exchange
FoundedVictoria, BC, British Columbia, Canada (1992)
Fateacquired by Western Union
Number of employees

History edit

The company was founded in 1992 as a small tourist currency exchange kiosk titled "Custom House Currency Exchange" in Victoria's old waterfront customs house. In 1993, the company opened its first corporate foreign exchange office.[5]

After expanding in Canada, it began its US operations in 1997 and an Australian operation in 2000. The company was later renamed "Custom House Global Foreign Exchange", then renamed again to "Custom House". It provided small businesses and individuals with services that included wire transfers, foreign currency drafts, and forward exchange contracts.[citation needed]

In 2009, Western Union bought the company for $370 million USD.[6] In 2015, Custom House's founder, Peter Gustavson, incorporated a new foreign exchange and global payment company which its assets were acquired by Global Reach Group in 2020 and subsequently Fleetcor in 2022.[7][8][9]

References edit

  1. ^ Haugeneder, Rudy. "Victoria currency trader becomes a world leader". Victoria Weekend Edition
  2. ^ "LIST OF THE WESTERN UNION COMPANY SUBSIDIARIES". United States Securities and Exchange Commission. Retrieved 19 March 2014.
  3. ^ "Western Union to Acquire Custom House, Ltd". Payment News. Archived from the original on 19 March 2014. Retrieved 19 March 2014.
  4. ^ Webber, Daniel. "Convera's Next Steps: Western Union Business Solutions' Reinvention As A Standalone Global Payments Company". Forbes. Retrieved 2022-10-26.
  5. ^ "Victoria currency exchange house sold to Colorado company for US$370 million". Business in Vancouver.
  6. ^ "Online FX". Western Union Holdings, Inc. Retrieved July 30, 2013. Western Union acquired Custom House, a foreign exchange and international payments company, in 2009 and owns and operates Custom House along with its products and services under the Western Union name.
  7. ^ Duffy, Andrew. "Custom House founder Gustavson returns to currency game". Times Colonist.
  8. ^ "Global Reach Group Expands Into Canada | Finance Magnates". Financial and Business News | Finance Magnates. Retrieved 2022-10-26.
  9. ^ "Fleetcor Technologies (FLT-N) Quote - Press Release". The Globe and Mail. Retrieved 2022-10-26.